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Follow the links below to find material targeted to the unit's elements, performance criteria, required skills and knowledge

Elements and Performance Criteria

1. Identify significant risk changes impacting on client portfolio
   • Monitor client requests for program changes to identify significant variations
   • Monitor and analyse external environment against client program to identify major changes to level of risk exposure
   • Undertake objective risk assessment in compliance with guidelines to identify changes to existing level of client exposure
   • Seek specialist advice as required
2. Analyse similar situations to identify precedents that will assist in analysis of complex risk portfolio
   • Maintain comprehensive records of risk assessed and actions taken
3. Advise client on changes to insurance program
   • Provide advice based on objective assessment of situation that takes into account changes in risk context and external environment
   • Present alternative risk management strategies to provide client with viable options for risk treatment
   • Undertake a cost–benefit analysis of options where appropriate
   • Obtain client declarations as required by underwriter/s
   • Identify, record and verify client’s preferred options
4. Negotiate complex changes and/or renewals with insurers
   • Identify suitable market for client requirements and approach selected insurers
   • Obtain client instructions for negotiated outcomes with insurers
   • Negotiate options and alternative portfolio structures with insurers to obtain most suitable program for client
   • Obtain negotiated outcomes that provide level of cover required by client
5. Obtain client instructions for renewal
   • Advise client of outcomes of negotiation with insurers and provide client with opportunity to discuss and question alternatives
   • Explain benefits and disadvantages of available options clearly to client
   • Make fully justified recommendations
   • Clarify and document client instructions
   • Forward renewal notices to client at least fourteen days prior to policy expiry, according to organisational requirements

Performance Evidence

Evidence of the ability to:

synthesise and coordinate knowledge of the industry to monitor the need for new products or changes to product needs of clients

undertake client interviews, gather information and analyse options, based on risk assessment methodologies, for presentation to the client

undertake an assessment of a complex risk portfolio and identify gaps in losses and claims to be addressed

conduct cost–benefit analysis, review of insurance benefits, credit stability assessments, review of claims history and level of supplier service

negotiate effectively with insurers to obtain appropriate and optimal outcomes for the client

obtain and document client instructions for renewal.

Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.

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Knowledge Evidence

To complete the unit requirements safely and effectively, the individual must:

outline methods of analysis of the client’s industry structure and trends

explain the application of relevant legislation and compliance requirements on client management procedures

explain application of company policy, procedures and authorities in developing management plans for clients with complex portfolios and risks

illustrate cost–benefit analysis in the management of complex client portfolios or those with significant risk changes

explain methods for analysing policy wordings

explain the key marketing principles and practices that are applied to the management of complex client portfolios

provide an example of the application of risk assessment and risk management strategies in developing risk management plans for clients with complex risks.

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