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

FNSIBK509A Mapping and Delivery Guide
Identify and advise on significant risk changes to broking client insurances

Version 1.0
Issue Date: May 2024


Qualification -
Unit of Competency FNSIBK509A - Identify and advise on significant risk changes to broking client insurances
Description This unit describes the performance outcomes, skills and knowledge required to identify additional exposures and advise broking clients on required changes to their insurance and implementing their instructions, and is undertaken in advance of the renewal or remarketing of the portfolio.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: Identify significant risk changes to insurance program
  • Significant risk changes are identified against existing level of client exposure
  • Objective risk assessment is undertaken
  • Existing business is reviewed in line with significant risk changes
       
Element: Prepare advice to client
  • Advice is provided that is based on objective assessment of situation
       
Element: Negotiate with insurers on behalf of client
  • Suitable markets for client requirements are identified
  • Terms and conditions are negotiated with insurer to protect client's business
       
Element: Communicate options to client and obtain client instructions
  • Alternative risk management strategies are presented to provide client with viable options
  • Cost-benefit analysis of options is undertaken where appropriate
  • Client is provided with the opportunity to discuss and question alternatives
  • Clear and concise formal instructions are obtained
  • Client instructions are documented and confirmed to protect interests of client and broker
       


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:

demonstrate a sound appreciation of the principles and practice of cost-benefit analysis, insurance benefits, credit stability assessment, history of risk, claims history and level of supplier service

synthesise and coordinate all these aspects of the industry to monitor and provide advice on new insurance arrangements

proactively anticipate customer requirements and recommend the appropriate products.

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

well-developed communication skills to:

determine and confirm information, using questioning and active listening techniques

write clear and accurate reports

make effective presentations

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

use version control software

access and update records electronically

access web-based information services

well-developed literacy skills to read and interpret documentation from a variety of sources and record and consolidate relevant related information and maintain currency of industry products and services knowledge

research and analysis skills for accessing and interpreting relevant information

interpersonal skills

organisational skills, including the ability to plan and sequence work

data analysis and interpretation skills

Required knowledge

industry compliance requirements

industry market position relative to product/line of business

IT and communications systems

marketing principles

organisation policy and procedures

relevant common law, legal systems and procedures

risk management strategies

the insurance market and policies

underwriting guidelines and authorities

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.

Significant risk changes may involve:

complex technical determinations

high monetary impact

important client base.

Negotiations will usually involve:

developed interpersonal skills and analytical abilities.

Alternative risk management strategies may include:

risk transfer.

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
Significant risk changes are identified against existing level of client exposure 
Objective risk assessment is undertaken 
Existing business is reviewed in line with significant risk changes 
Advice is provided that is based on objective assessment of situation 
Suitable markets for client requirements are identified 
Terms and conditions are negotiated with insurer to protect client's business 
Alternative risk management strategies are presented to provide client with viable options 
Cost-benefit analysis of options is undertaken where appropriate 
Client is provided with the opportunity to discuss and question alternatives 
Clear and concise formal instructions are obtained 
Client instructions are documented and confirmed to protect interests of client and broker 

Forms

Assessment Cover Sheet

FNSIBK509A - Identify and advise on significant risk changes to broking client insurances
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

FNSIBK509A - Identify and advise on significant risk changes to broking client insurances

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: