Unit of Competency Mapping – Information for Teachers/Assessors – Information for Learners
FNSIBK503B Mapping and Delivery Guide
Provide personal advice in general insurance broking products and services
Version 1.0
Issue Date: April 2024
Qualification | - |
Unit of Competency | FNSIBK503B - Provide personal advice in general insurance broking products and services |
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Description | This unit describes the performance outcomes, skills and knowledge required to advise retail and/or wholesale clients in non-standard general insurance broking products and services.This unit requires the application of risk assessment and analysis skills and product knowledge to enable the preparation of a tailored insurance program for a new broking client or remarketing to a current client. It may be applied in the context of marketing an existing insurance scheme offered by the brokerage or one-off business. In the case of scheme business, Element 7 below is not required to be completed.This unit is applicable to individuals working within insurance broking enterprises and in broking adviser roles subject to licensing regulation by the Australian Securities and Investments Commission (ASIC). It covers the functions undertaken by an insurance broker providing personal advice in Tier 1 retail general insurance.Conditions relating to ASIC training requirements and accreditation should be obtained from ASIC. | ||
Employability Skills | This unit contains employability skills. | ||
Learning Outcomes and Application | For those brokers seeking to meet ASIC training standards:Personal advice is defined by ASIC in its regulatory guide relating to the conduct and training of financial service product advisers. This unit requires the application of skills and knowledge to identify where the consumer is seeking advice based on their personal needs rather than general product advice and to follow the appropriate steps to provide this level of tailored advice. It also requires clarification of the broker’s role in providing this serviceTier 1 general insurance products are defined by ASIC as:personal sickness and accident insurance; and/orgeneral insurance products the licensee deems non-standard or complexPersonal sickness and accident insurance may be complex and the choices a client makes may have an increased potential to impact significantly the client’s financial situation. Similarly, some general insurance products offered to clients are not straightforward or standard. In both cases, consumers place a greater reliance on the broker’s competence for advice on these products and advisor training at the Tier 1 level is required.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. |
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Prerequisites/co-requisites | Not applicable. | ||
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 | |
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Elements of Competency | Performance Criteria | |||||||
Element: Establish relationship with client |
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Element: Identify client objectives and risk situation |
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Element: Determine submission resource requirements |
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Element: Apply risk assessment methodology |
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Element: Analyse client risk information |
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Element: Identify appropriate insurance program |
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Element: Identify market availability |
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Element: Make submission to prospective client |
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