Diploma of Life Insurance

This qualification is designed to reflect team leadership or supervisory roles in life insurance in a range of organisations and may meet Australian Securities and Investments Commission (ASIC) requirements for Tier 1 personal advice.


Subjects

Packaging Rules

12 units must be achieved.

3 core units

plus9 elective units

selecting the identified elective unit/s * could meet ASIC accreditation requirements for providing financial product advice - conditions relating to ASIC accreditation should be obtained from ASIC

elective units may be selected from Group A, B or C

A maximum of 2 elective units may be selected from units aligned to Diploma qualifications in any endorsed Training Package or from relevant units in similarly aligned accredited courses

One (1) elective unit may be selected from units aligned to Certificate IV qualifications in any endorsed Training Package or from relevant units in similarly aligned accredited courses.

Elective units must be relevant to the work outcome, local industry requirements and the qualification level.

Units selected from other Training Packages or accredited courses must not duplicate units selected from or available within the FNS10 Financial Services or BSB07 Business Services Training Packages.

Core units of competency:

add topic BSBOHS404B Contribute to the implementation of strategies to control OHS risk

add topic FNSINC401A Apply principles of professional practice to work in the financial services industry

add topic FNSINC402A Develop and maintain in-depth knowledge of products and services used by an organisation or sector

Elective units of competency:

Group A (ASIC Tier 1)

add topic FNSCUS506A Record and implement client instructions*

add topic FNSINC501A Conduct product research to support recommendations*

add topic FNSASICM503A Provide Tier 1 personal advice in life insurance*

add topic FNSASICP503A Provide Tier 1 general advice in life insurance*

Group B (Manage distribution - recommended)

add topic FNSILD501A Prepare a distribution plan

add topic FNSILD502A Resource a distribution plan

add topic FNSILD503A Establish services to provide advice

add topic FNSILD504A Implement and manage the distribution plan

Group C (Manage underwriting - recommended)

add topic FNSILF401A Contribute to the life risk underwriting process

add topic FNSILF501A Assess extraordinary risks

Note: Certain elective units may be required to progress to membership of relevant professional organisations. Learners should establish such requirements where they apply in order to make appropriate choices.


Pathways...

    Qualification Pathway

    Preferred pathways for candidates entering this qualification include:

    FNS41510 Certificate IV in Life Insurance

    The primary pathway from this qualification is employment in life insurance in areas such as:

    managing distribution

    managing underwriting

    providing advice.

    Possible work functions may include:

    assessing risk

    determining and managing resources for distribution plan

    developing plans to take products and services to the market

    providing advice in accordance with ASIC regulations.

    An Australian Apprenticeship pathway may be possible for this qualification depending on the State or Territory training authority declaration policy.

    A further learning pathway could be study in relevant higher education programs. Learners should establish relevant qualifications and any credit arrangements that may apply in order to make appropriate elective choices in this qualification.


Entry Requirements

Not applicable.


Licensing Information

Not applicable.


Employability Skills

QUALIFICATION SUMMARY

Employability Skill

Industry/enterprise requirements for this qualification include:

Communication

building trust and a rapport with clients

developing and writing reports to specifications

interpreting client requirements and tailoring products or services to meet their needs

preparing and presenting correspondence in appropriate electronic format

the ability to negotiate solutions with clients and colleagues

using effective telephone techniques

using excellent customer service skills and maintaining an ongoing relationship with clients

Teamwork

coaching and mentoring staff to reach minimum customer service standards

contributing to team cohesion and developing team plans

managing workplace relationships including counselling staff as required

monitoring performance and conducting performance appraisals

negotiating and agreeing with staff on performance standards

providing feedback, support and encouragement to team members

Problem solving

checking the accuracy of calculations

collecting, comparing and contrasting data

comparing products and services in order to offer clients different options

determining the viability of new opportunities

identifying OHS hazards and risk control

resolving poor performance issues within scope of responsibility

using problem solving tools and techniques

working proactively with management to resolve workplace issues

Initiative and enterprise

applying referral skills

applying the learning of ergonomics to develop improved processes

building and implementing reward and recognition strategies for customer loyalty

continually reviewing and applying emerging industry trends to product and services knowledge

exploiting business opportunities

identifying and investigating risk as it relates to new business

Planning and organising

contributing to the planning process by researching and validating information

maintaining systems, records and reporting procedures

planning for the business including establishing KPIs and monitoring staff performance

planning work considering resources, time and other constraints

using organisational skills to locate information on statutory and legislative requirements

Self-management

acting as a role model for others

taking to management about concerns with own level of responsibility

understanding and acting upon compliance matters

working ethically and complying with all industry codes of practice and legislative requirements

Learning

developing and monitoring an organisational training plan and individual training plans

encouraging continuous education and professional development

facilitating internal and external training

identifying and documenting training needs for ongoing compliance

seeking specialist financial advice on behalf of clients as required

Technology

conducting effective web searches

operating computers and using word processing, spreadsheet and database skills to produce workplace documentation

using business technology to access, organise and monitor information

using corporate software templates

using research data devices and telecommunication devices and equipment