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

FNSIBK513 Mapping and Delivery Guide
Prepare a submission for new business

Version 1.0
Issue Date: May 2024


Qualification -
Unit of Competency FNSIBK513 - Prepare a submission for new business
Description
Employability Skills
Learning Outcomes and Application This unit describes the skills and knowledge required to determine and prepare a submission for new insurance broking business. This unit has application to both life and general insurance brokers, and is applicable to submissions prepared for wholesale and retail clients. It covers the provision of general and personal advice in the context of preparing a submission to retail clients.It applies to individuals who are skilful communicators and use analytical skills and specialist product knowledge to work effectively with 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.

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the insurance broking field of work and include access to:

common office equipment, technology, software and consumables

organisational records

organisational policy and procedures.

Assessors must satisfy NVR/AQTF assessor requirements.
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
  • Establish knowledge level of client using effective communication skills
  • Explain range of general insurance products and broking services available, and fee and charging methodology
  • Advise client about role of broker and principal responsible for adviser’s conduct, and complaint handling processes available to them
  • Identify client’s objectives, risk needs and financial situation
       
Element: Determine nature of submission and resource requirements
  • Determine nature of submission required by prospective client
  • Assess skills required to prepare submission
  • Identify and retain consultants with required skills as needed
  • Identify and establish team and team leader as required
       
Element: Analyse client risk profile to develop product risk profile
  • Complete risk assessment for client in compliance with guidelines
  • Develop risk profile of client using organisational tools
  • Prepare product risk profile from risk analysis
  • Maintain comprehensive records of risk assessment and actions taken
       
Element: Identify appropriate insurance program
  • Determine appropriate insurance or risk management program based on risk assessment and client objectives, risk needs and financial situation
  • Compare proposed program with appropriate checklist and other similar clients, and identify significant changes
  • Confirm program meets needs with client
       
Element: Identify market availability
  • Identify availability of market with suitable terms for client requirements
  • Negotiate required terms with insurers to provide most beneficial outcome for prospective client
       
Element: Make submission to prospective client
  • Obtain letter of appointment that identifies exact nature of appointment as appropriate
  • Provide written submission to client in format required by organisation
  • Identify options that specify benefits and advantages for prospective client
  • Justify proposed recommendations fully and support with relevant information
  • Discuss and clarify concerns or issues with client regarding submission proposal, and obtain confirmation of client’s understanding
  • Complete appropriate documentation
       


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 Establish knowledge level of client using effective communication skills

1.2 Explain range of general insurance products and broking services available, and fee and charging methodology

1.3 Advise client about role of broker and principal responsible for adviser’s conduct, and complaint handling processes available to them

1.4 Identify client’s objectives, risk needs and financial situation

2. Determine nature of submission and resource requirements

2.1 Determine nature of submission required by prospective client

2.2 Assess skills required to prepare submission

2.3 Identify and retain consultants with required skills as needed

2.4 Identify and establish team and team leader as required

3. Analyse client risk profile to develop product risk profile

3.1 Complete risk assessment for client in compliance with guidelines

3.2 Develop risk profile of client using organisational tools

3.3 Prepare product risk profile from risk analysis

3.4 Maintain comprehensive records of risk assessment and actions taken

4. Identify appropriate insurance program

4.1 Determine appropriate insurance or risk management program based on risk assessment and client objectives, risk needs and financial situation

4.2 Compare proposed program with appropriate checklist and other similar clients, and identify significant changes

4.3 Confirm program meets needs with client

5. Identify market availability

5.1 Identify availability of market with suitable terms for client requirements

5.2 Negotiate required terms with insurers to provide most beneficial outcome for prospective client

6. Make submission to prospective client

6.1 Obtain letter of appointment that identifies exact nature of appointment as appropriate

6.2 Provide written submission to client in format required by organisation

6.3 Identify options that specify benefits and advantages for prospective client

6.4 Justify proposed recommendations fully and support with relevant information

6.5 Discuss and clarify concerns or issues with client regarding submission proposal, and obtain confirmation of client’s understanding

6.6 Complete appropriate documentation

Evidence of the of the ability to:

maintain and apply knowledge of insurance products, practices, global markets and exposures to tailor specific advice to clients

undertake risk management data collection and analysis to ensure clients are provided with the appropriate choice of products suitable to their requirements

comply with organisational requirements to prepare and deliver client conceptual and quotation submissions.

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:

research and analyse information relating to the insurance industry and economic and taxation factors impacting on insurance markets or products that is used to set the context for a business submission

explain the evaluation undertaken of a range of insurance products and broking services

explain organisational policy, procedures and standards in the preparation of business submissions

provide an example of the application of the principles of insurance buyer behaviour and marketing to the preparation and presentation of business submission to new and renewing clients

explain the impact of industry compliance requirements and regulatory guidelines in marketing broking services within the context of a business submission

illustrate the application of risk analysis procedures on the development of recommendations.

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 Establish knowledge level of client using effective communication skills

1.2 Explain range of general insurance products and broking services available, and fee and charging methodology

1.3 Advise client about role of broker and principal responsible for adviser’s conduct, and complaint handling processes available to them

1.4 Identify client’s objectives, risk needs and financial situation

2. Determine nature of submission and resource requirements

2.1 Determine nature of submission required by prospective client

2.2 Assess skills required to prepare submission

2.3 Identify and retain consultants with required skills as needed

2.4 Identify and establish team and team leader as required

3. Analyse client risk profile to develop product risk profile

3.1 Complete risk assessment for client in compliance with guidelines

3.2 Develop risk profile of client using organisational tools

3.3 Prepare product risk profile from risk analysis

3.4 Maintain comprehensive records of risk assessment and actions taken

4. Identify appropriate insurance program

4.1 Determine appropriate insurance or risk management program based on risk assessment and client objectives, risk needs and financial situation

4.2 Compare proposed program with appropriate checklist and other similar clients, and identify significant changes

4.3 Confirm program meets needs with client

5. Identify market availability

5.1 Identify availability of market with suitable terms for client requirements

5.2 Negotiate required terms with insurers to provide most beneficial outcome for prospective client

6. Make submission to prospective client

6.1 Obtain letter of appointment that identifies exact nature of appointment as appropriate

6.2 Provide written submission to client in format required by organisation

6.3 Identify options that specify benefits and advantages for prospective client

6.4 Justify proposed recommendations fully and support with relevant information

6.5 Discuss and clarify concerns or issues with client regarding submission proposal, and obtain confirmation of client’s understanding

6.6 Complete appropriate documentation

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
Establish knowledge level of client using effective communication skills 
Explain range of general insurance products and broking services available, and fee and charging methodology 
Advise client about role of broker and principal responsible for adviser’s conduct, and complaint handling processes available to them 
Identify client’s objectives, risk needs and financial situation 
Determine nature of submission required by prospective client 
Assess skills required to prepare submission 
Identify and retain consultants with required skills as needed 
Identify and establish team and team leader as required 
Complete risk assessment for client in compliance with guidelines 
Develop risk profile of client using organisational tools 
Prepare product risk profile from risk analysis 
Maintain comprehensive records of risk assessment and actions taken 
Determine appropriate insurance or risk management program based on risk assessment and client objectives, risk needs and financial situation 
Compare proposed program with appropriate checklist and other similar clients, and identify significant changes 
Confirm program meets needs with client 
Identify availability of market with suitable terms for client requirements 
Negotiate required terms with insurers to provide most beneficial outcome for prospective client 
Obtain letter of appointment that identifies exact nature of appointment as appropriate 
Provide written submission to client in format required by organisation 
Identify options that specify benefits and advantages for prospective client 
Justify proposed recommendations fully and support with relevant information 
Discuss and clarify concerns or issues with client regarding submission proposal, and obtain confirmation of client’s understanding 
Complete appropriate documentation 

Forms

Assessment Cover Sheet

FNSIBK513 - Prepare a submission for new business
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

FNSIBK513 - Prepare a submission for new business

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: