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

FNSIBK403A Mapping and Delivery Guide
Implement an agreed insurance program for a broking client

Version 1.0
Issue Date: May 2024


Qualification -
Unit of Competency FNSIBK403A - Implement an agreed insurance program for a broking client
Description This unit describes the performance outcomes, skills and knowledge required to complete an agreed insurance transaction. It encompasses placing a client's insurance with an insurer, confirming that a client's insurance has been placed with an insurer, agreeing ongoing services with the client, and accurate record keeping.This unit is applicable to individuals working within enterprises and job roles subject to licensing, legislative, regulatory or certification requirements including legislation administered by the Australian Securities and Investments Commission (ASIC).
Employability Skills This unit contains employability skills.
Learning Outcomes and Application This unit applies to insurance broking roles and may be applied within organisations of various sizes and across a range of customer bases.
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: Obtain confirmation of interim cover
  • Renewal notices are forwarded to client at least fourteen days before policy expiry
  • Documentation is arranged to be completed where required prior to expiry of interim cover
  • Insurer is notified of details of cover required immediately instructions are received from client
  • Formal evidence of interim cover is sought within relevant legislative, underwriting and business policy requirements
  • Interim cover details are checked for accuracy and completeness
  • Instructions for completion of cover are provided to insurer within required timeframes to ensure policy can be issued
  • Confirmation of correct interim cover is forwarded to insurers according to organisation operating guidelines
  • Required documentation is accurately completed according to organisation operating guidelines and relevant legislation
       
Element: Confirm insurance cover with client
  • Fees and premiums are monitored and collected according to organisation operating guidelines
  • Client documentation is checked for omissions and errors and adjusted by client where necessary
  • Premium and statutory imposts are accurately calculated as required
  • Original documentary evidence of cover is provided to client
       
Element: Complete required documentation
  • Receipt of documentation is checked regularly to ensure timely delivery to meet client requirements
  • Insurer documentation is checked for omissions and errors
  • Insurer documentation is recorded upon receipt as required by business policy and guidelines
       
Element: Remit premium to insurers
  • Premiums are remitted to insurers in compliance with legislative requirements and credit term arrangements in place with the insurer
       
Element: Update relevant files and records
  • Business records are updated without delay to comply with business guidelines and procedures
  • Client records on disclosure documents provided are maintained
       
Element: Provide ongoing service where requested by client
  • Type and form of ongoing service including review of insurance plan/policy/transaction is agreed with the client
  • Fees and costs for defined ongoing services are clearly explained and confirmation of understanding gained from the client
  • Ongoing service is provided 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.

The Evidence Guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, range statement and the Assessment Guidelines for the Training Package.

Overview of assessment

Critical aspects for assessment and evidence required to demonstrate competency in this unit

Evidence of the ability to:

follow required procedures.

Context of and specific resources for assessment

Assessment must ensure:

competency is demonstrated in the context of the work environment and conditions specified in the range statement either in a relevant workplace or a closely simulated work environment

access to and the use of a range of common office equipment, technology, software and consumables

access to organisation records

access to organisational policies and procedures.

Method of assessment

A range of assessment methods should be used to assess practical skills and knowledge. The following examples, in combination, are appropriate for this unit:

evaluating an integrated activity, which combines the elements of competency for the unit, or a cluster of related units of competency

observing processes and procedures in workplaces

verbal or written questioning on underpinning knowledge and skills

evaluating samples of work

accessing and validating third party reports

setting and reviewing workplace projects and business simulations or scenarios.

Guidance information for assessment

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.

Required skills

communication skills to:

determine and confirm information, using questioning and active listening techniques

liaise with others, share information, listen and understand

use language and concepts appropriate to cultural differences

numeracy and IT skills to:

perform calculations related to achieving required outcomes

use computer applications (word processing, spreadsheet, database, specific purpose computer systems) to assist in achieving required outcomes

access and update records electronically

access web-based information services

literacy skills to:

read and interpret documentation from a variety of sources and record and consolidate relevant related information

interpret administration methods and coordinate delivery of documentation

research and analysis skills for accessing and interpreting relevant information

interpersonal skills

organisational skills, including the ability to plan and sequence work

Required knowledge

organisation policy, procedures and authorities

industry compliance requirements

The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that may be present with training and assessment (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) may also be included.

Interim cover may be evidenced by:

binder

electronic transfer

facsimile

obtaining cover note number by telephone

placing slips.

Documentation may include:

additional questionnaires

certificates of insurance

confirmation of advices

correspondence

endorsements

policy documents

product disclosure statements

renewal certificates

replacement policy forms.

Relevant legislation includes:

Financial Services Reform Act

Insurance Brokers Code of Practice

Insurance Contracts Act and regulations.

Premiums may be:

invoices paid by the insured

refunds in part of full paid by the insurer.

Client documentation may include:

binder

premium closing by electronic or manual methods

proposal forms.

Business records may be:

electronic

manual.

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
Renewal notices are forwarded to client at least fourteen days before policy expiry 
Documentation is arranged to be completed where required prior to expiry of interim cover 
Insurer is notified of details of cover required immediately instructions are received from client 
Formal evidence of interim cover is sought within relevant legislative, underwriting and business policy requirements 
Interim cover details are checked for accuracy and completeness 
Instructions for completion of cover are provided to insurer within required timeframes to ensure policy can be issued 
Confirmation of correct interim cover is forwarded to insurers according to organisation operating guidelines 
Required documentation is accurately completed according to organisation operating guidelines and relevant legislation 
Fees and premiums are monitored and collected according to organisation operating guidelines 
Client documentation is checked for omissions and errors and adjusted by client where necessary 
Premium and statutory imposts are accurately calculated as required 
Original documentary evidence of cover is provided to client 
Receipt of documentation is checked regularly to ensure timely delivery to meet client requirements 
Insurer documentation is checked for omissions and errors 
Insurer documentation is recorded upon receipt as required by business policy and guidelines 
Premiums are remitted to insurers in compliance with legislative requirements and credit term arrangements in place with the insurer 
Business records are updated without delay to comply with business guidelines and procedures 
Client records on disclosure documents provided are maintained 
Type and form of ongoing service including review of insurance plan/policy/transaction is agreed with the client 
Fees and costs for defined ongoing services are clearly explained and confirmation of understanding gained from the client 
Ongoing service is provided as required 

Forms

Assessment Cover Sheet

FNSIBK403A - Implement an agreed insurance program for a broking client
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

FNSIBK403A - Implement an agreed insurance program for a broking client

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: