Elements and Performance Criteria
- Identify products and services used by organisation
- Identify life insurance products and services offered by organisation and determine purpose of each
- Identify characteristics of product and service including their strengths, weaknesses, terms and conditions and, where applicable, communicate this information to clients
- Access organisation’s promotional strategy for products and services and apply in business activities
- Identify compliance implications of product
- Determine appropriate users for products and services
- Identify and document function of each product and service, and client needs it satisfies
- Research client characteristics that best suit each product
- Compare organisation’s products and services against those of competitors, to establish most effective approach for matching products to client needs
- Evaluate products and services sales strategy that best meets client needs while taking into account competitor practices
- Maintain product knowledge
- Regularly review relevant products and services to identify changes to terms and conditions and apply this information in daily work
- Implement systems for updating and maintaining knowledge of products and services
- Review and use information on emerging trends affecting financial services industry to supplement product and service knowledge