Unit of Competency Mapping – Information for Teachers/Assessors – Information for Learners

FNSASIC305 Mapping and Delivery Guide
Provide Tier 2 personal advice in general insurance

Version 1.0
Issue Date: May 2024


Qualification -
Unit of Competency FNSASIC305 - Provide Tier 2 personal advice in general insurance
Description
Employability Skills
Learning Outcomes and Application This unit describes the skills and knowledge required to assess a client’s insurance needs and accurately advise customers about financial products and services at the Australian Securities and Investments Commission (ASIC) Tier 2 level.It applies to individuals whose roles as non-broker insurance advisers require proficient communication and well-developed interpersonal skills and substantial generic, insurance core and specialist general insurance product knowledge to provide advice on standard retail general insurance products to clients.Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Refer to the FNS Implementation Guide Companion Volume or the relevant regulator for specific guidance on requirements.
Duration and Setting X weeks, nominally xx hours, delivered in a classroom/online/blended learning setting.
Prerequisites/co-requisites
Competency Field
Development and validation strategy and guide for assessors and learners Student Learning Resources Handouts
Activities 		Slides
PPT 		Assessment 1 Assessment 2 Assessment 3 Assessment 4
Elements of Competency Performance Criteria              
Element: Establish relationship with client
  • Use range of communication and interpersonal skills relevant to knowledge level of client
  • Respond to enquiries by explaining range of general insurance products and services available and their relevant fees and charging methodology
  • Inform client about role of adviser and licensee or principal responsible for adviser’s conduct
  • Inform client about procedures for complaints handling
       
Element: Identify client objectives and risk situation
  • Use range of communication and interpersonal skills to establish client objectives and goals
  • Ensure appropriate risk assessment processes and tools are used to collect relevant personal, financial and business details
       
Element: Analyse client risk information
  • Analyse all information from risk assessment process
  • Make sure that specialist advice is sought if required to address issues that professional judgement indicates may require further consideration
  • Ensure that clients are consulted throughout analysis for further clarification where necessary
       
Element: Identify appropriate risk solution
  • Identify and assess available options using information from risk analysis
  • Conduct relevant product research
  • Prepare statement of advice for presentation to client
  • Confirm that client is referred to appropriate adviser for higher level or specialist advice if required
       
Element: Present appropriate solutions to client
  • Ensure that features of statement of advice are explained to client in clear and unambiguous way
  • Disclose impact of key aspects of recommendations, including possible risks, in clear and concise manner to client
       
Element: Negotiate effectively
  • Discuss and clarify any concerns and/or issues client has regarding proposed insurance plan, policy and/or transaction
  • Obtain from client and confirm preferred insurance plan, policy and/or transaction
       
Element: Coordinate implementation of agreed solution
  • Seek agreement from client about proposed insurance plan, policy and/or transaction, including all associated fees and costs
  • Ensure that timeframes for execution and processing are clearly explained to client
       
Element: Complete and maintain necessary documentation
  • Confirm that proposal and other documents are completed and, where appropriate, are signed off by client
  • Ensure that signed agreement and copies of appropriate documentation are exchanged
  • Create and update client records
       
Element: Provide ongoing service where requested by client
  • Ensure that type and form of ongoing service, including review of insurance plan, policy and/or transaction, is agreed with client
  • Clearly explain fees and costs for defined ongoing services and confirm client understands all details
  • Provide ongoing service as required
       


Evidence Required

List the assessment methods to be used and the context and resources required for assessment. Copy and paste the relevant sections from the evidence guide below and then re-write these in plain English.

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Establish relationship with client

1.1 Use range of communication and interpersonal skills relevant to knowledge level of client

1.2 Respond to enquiries by explaining range of general insurance products and services available and their relevant fees and charging methodology

1.3 Inform client about role of adviser and licensee or principal responsible for adviser’s conduct

1.4 Inform client about procedures for complaints handling

2. Identify client objectives and risk situation

2.1 Use range of communication and interpersonal skills to establish client objectives and goals

2.2 Ensure appropriate risk assessment processes and tools are used to collect relevant personal, financial and business details

3. Analyse client risk information

3.1 Analyse all information from risk assessment process

3.2 Make sure that specialist advice is sought if required to address issues that professional judgement indicates may require further consideration

3.3 Ensure that clients are consulted throughout analysis for further clarification where necessary

4. Identify appropriate risk solution

4.1 Identify and assess available options using information from risk analysis

4.2 Conduct relevant product research

4.3 Prepare statement of advice for presentation to client

4.4 Confirm that client is referred to appropriate adviser for higher level or specialist advice if required

5. Present appropriate solutions to client

5.1 Ensure that features of statement of advice are explained to client in clear and unambiguous way

5.2 Disclose impact of key aspects of recommendations, including possible risks, in clear and concise manner to client

6. Negotiate effectively

6.1 Discuss and clarify any concerns and/or issues client has regarding proposed insurance plan, policy and/or transaction

6.2 Obtain from client and confirm preferred insurance plan, policy and/or transaction

7. Coordinate implementation of agreed solution

7.1 Seek agreement from client about proposed insurance plan, policy and/or transaction, including all associated fees and costs

7.2 Ensure that timeframes for execution and processing are clearly explained to client

8. Complete and maintain necessary documentation

8.1 Confirm that proposal and other documents are completed and, where appropriate, are signed off by client

8.2 Ensure that signed agreement and copies of appropriate documentation are exchanged

8.3 Create and update client records

9. Provide ongoing service where requested by client

9.1 Ensure that type and form of ongoing service, including review of insurance plan, policy and/or transaction, is agreed with client

9.2 Clearly explain fees and costs for defined ongoing services and confirm client understands all details

9.3 Provide ongoing service as required

Evidence of the ability to:

work effectively with clients to analyse their objectives and risk situation

interpret available information about the client’s risk needs and products in preparing an appropriate solution

provide accurate advice and complete all required documentation to implement the solution, complying with organisational procedures and industry regulations.

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

To complete the unit requirements safely and effectively, the individual must satisfy knowledge requirements relevant to the products and activities in which advice is given. They must:

explain the legal environment including disclosure and compliance covering:

role of the broker, representative and/or adviser

relevant legal principles relating to the Corporations Act, Financial Services Reform Act (FSRA), Competition and Consumer Act, Insurance Contracts Act and Australian Securities and Investments Commission (ASIC) Act

relationship between ethics and regulatory requirements including good faith and utmost good faith

full disclosure of remuneration and fees and any other conflicts of interest which may influence the adviser's recommendation

general insurance industry code of practice and organisational codes of conduct

complaints resolution procedures (internal and external)

ASIC guidelines on adviser conduct and training

summarise the characteristics and participants of Australian insurance markets and the roles played by intermediaries

identify insurance products including:

definition of an insurance product

conditions, exclusions and level of coverage of risk transfer products

types of insurance products

pricing of risk products

discuss taxation issues relating to insurance products

explain advisory functions including:

role of the representative, broker or adviser

participants in the insurance advisory services market

range of services provided

profile and financial information of the client

appropriateness of a risk assessment

summarise the specific product knowledge for the general insurance products in which advice is given including:

types of general insurance products and policies

standard cover (and deviations)

policy wordings

taxes and charges

insurance claims

premium rating and risk selection

reporting

product development

underwriting

explain terms and conditions of retail general insurance products used by the adviser.

Submission Requirements

List each assessment task's title, type (eg project, observation/demonstration, essay, assignment, checklist) and due date here

Assessment task 1: [title]      Due date:

(add new lines for each of the assessment tasks)

Assessment Tasks

Copy and paste from the following data to produce each assessment task. Write these in plain English and spell out how, when and where the task is to be carried out, under what conditions, and what resources are needed. Include guidelines about how well the candidate has to perform a task for it to be judged satisfactory.

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Establish relationship with client

1.1 Use range of communication and interpersonal skills relevant to knowledge level of client

1.2 Respond to enquiries by explaining range of general insurance products and services available and their relevant fees and charging methodology

1.3 Inform client about role of adviser and licensee or principal responsible for adviser’s conduct

1.4 Inform client about procedures for complaints handling

2. Identify client objectives and risk situation

2.1 Use range of communication and interpersonal skills to establish client objectives and goals

2.2 Ensure appropriate risk assessment processes and tools are used to collect relevant personal, financial and business details

3. Analyse client risk information

3.1 Analyse all information from risk assessment process

3.2 Make sure that specialist advice is sought if required to address issues that professional judgement indicates may require further consideration

3.3 Ensure that clients are consulted throughout analysis for further clarification where necessary

4. Identify appropriate risk solution

4.1 Identify and assess available options using information from risk analysis

4.2 Conduct relevant product research

4.3 Prepare statement of advice for presentation to client

4.4 Confirm that client is referred to appropriate adviser for higher level or specialist advice if required

5. Present appropriate solutions to client

5.1 Ensure that features of statement of advice are explained to client in clear and unambiguous way

5.2 Disclose impact of key aspects of recommendations, including possible risks, in clear and concise manner to client

6. Negotiate effectively

6.1 Discuss and clarify any concerns and/or issues client has regarding proposed insurance plan, policy and/or transaction

6.2 Obtain from client and confirm preferred insurance plan, policy and/or transaction

7. Coordinate implementation of agreed solution

7.1 Seek agreement from client about proposed insurance plan, policy and/or transaction, including all associated fees and costs

7.2 Ensure that timeframes for execution and processing are clearly explained to client

8. Complete and maintain necessary documentation

8.1 Confirm that proposal and other documents are completed and, where appropriate, are signed off by client

8.2 Ensure that signed agreement and copies of appropriate documentation are exchanged

8.3 Create and update client records

9. Provide ongoing service where requested by client

9.1 Ensure that type and form of ongoing service, including review of insurance plan, policy and/or transaction, is agreed with client

9.2 Clearly explain fees and costs for defined ongoing services and confirm client understands all details

9.3 Provide ongoing service as required

Copy and paste from the following performance criteria to create an observation checklist for each task. When you have finished writing your assessment tool every one of these must have been addressed, preferably several times in a variety of contexts. To ensure this occurs download the assessment matrix for the unit; enter each assessment task as a column header and place check marks against each performance criteria that task addresses.

Observation Checklist

Tasks to be observed according to workplace/college/TAFE policy and procedures, relevant legislation and Codes of Practice Yes No Comments/feedback
Use range of communication and interpersonal skills relevant to knowledge level of client 
Respond to enquiries by explaining range of general insurance products and services available and their relevant fees and charging methodology 
Inform client about role of adviser and licensee or principal responsible for adviser’s conduct 
Inform client about procedures for complaints handling 
Use range of communication and interpersonal skills to establish client objectives and goals 
Ensure appropriate risk assessment processes and tools are used to collect relevant personal, financial and business details 
Analyse all information from risk assessment process 
Make sure that specialist advice is sought if required to address issues that professional judgement indicates may require further consideration 
Ensure that clients are consulted throughout analysis for further clarification where necessary 
Identify and assess available options using information from risk analysis 
Conduct relevant product research 
Prepare statement of advice for presentation to client 
Confirm that client is referred to appropriate adviser for higher level or specialist advice if required 
Ensure that features of statement of advice are explained to client in clear and unambiguous way 
Disclose impact of key aspects of recommendations, including possible risks, in clear and concise manner to client 
Discuss and clarify any concerns and/or issues client has regarding proposed insurance plan, policy and/or transaction 
Obtain from client and confirm preferred insurance plan, policy and/or transaction 
Seek agreement from client about proposed insurance plan, policy and/or transaction, including all associated fees and costs 
Ensure that timeframes for execution and processing are clearly explained to client 
Confirm that proposal and other documents are completed and, where appropriate, are signed off by client 
Ensure that signed agreement and copies of appropriate documentation are exchanged 
Create and update client records 
Ensure that type and form of ongoing service, including review of insurance plan, policy and/or transaction, is agreed with client 
Clearly explain fees and costs for defined ongoing services and confirm client understands all details 
Provide ongoing service as required 

Forms

Assessment Cover Sheet

FNSASIC305 - Provide Tier 2 personal advice in general insurance
Assessment task 1: [title]

Student name:

Student ID:

I declare that the assessment tasks submitted for this unit are my own work.

Student signature:

Result: Competent Not yet competent

Feedback to student

 

 

 

 

 

 

 

 

Assessor name:

Signature:

Date:

Assessment Record Sheet

FNSASIC305 - Provide Tier 2 personal advice in general insurance

Student name:

Student ID:

Assessment task 1: [title] Result: Competent Not yet competent

(add lines for each task)

Feedback to student:

 

 

 

 

 

 

 

 

Overall assessment result: Competent Not yet competent

Assessor name:

Signature:

Date:

Student signature:

Date: