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

FNSIBK601A Mapping and Delivery Guide
Develop guidelines for broking services

Version 1.0
Issue Date: April 2024


Qualification -
Unit of Competency FNSIBK601A - Develop guidelines for broking services
Description This unit describes the performance outcomes, skills and knowledge required to develop and implement policies and procedures and business practices in a broking organisation. It may be applied in combination with other broking management units to meet ASIC educational standards for responsible managers.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 FNSIBK503A Provide personal advice in general insurance broking products and services (Tier 1) FNSIBK602A Implement broking service support systems
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 opportunities and constraints for the provision of broking services
  • Business operations are reviewed to ensure compliance with relevant legislation
  • Availability of suitable products/suppliers is identified market wide
  • Resource limitations are identified
       
Element: Establish client risk assessment methodology
  • Risk exposure review documentation is developed to enable effective analysis of client risks
  • Notices/instructions are developed to ensure full disclosures are made in compliance with relevant legislation and underwriting requirements
  • Resource and expertise requirements are identified to ensure required additional or specialist support is obtained
       
Element: Establish client contact criteria
  • Measures to determine levels of client contact are determined
  • Responses to deal with contingent demand requirements are determined
       
Element: Determine procedures for documentation
  • Documented distribution procedures are established in compliance with relevant legislation and underwriter requirements
  • Appropriate types and levels of documentation for client service are determined
       


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:

apply extensive industry knowledge of products, practices, global markets and exposuresto determine business directions and suitable options

develop and coordinate a plan.

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

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

well-developed literacy skills to read and interpret documentation from a variety of sources and record and consolidate relevant related information

research and analysis skills for accessing and interpreting relevant information

organisational skills, including the ability to plan and sequence work

high level management and interpersonal skills

sales and marketing skills

Required knowledge

exposures

industry compliance requirements

industry market position relative to product/line of business

insurance markets

IT and communications systems

legislative and regulatory body requirements

marketing principles and practice

organisation or industry policy wording

relevant common law, legal systems and procedures

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.

Relevant legislation includes:

Agents and Brokers Act

Carriers Act

Compulsory Third Party Motor Vehicles Act

Credit Act

Insurance Act, as amended

Insurance Contracts Act

Local Government Act

Marine Insurance Act

Trade Practices Act

workers compensation Acts.

Resource limitations may be:

equipment and facilities

financial

geographical

technical expertise.

Risk exposure review documents may include

declarations

disclosure information

questionnaires

risk checklists.

Types of client risks may be all exposures applicable to relevant clients such as:

casualty

consequential loss

employee benefits

intangible

liability

property

tangible.

Disclosure requirements may relate to:

any other material facts

business activity

convictions

insurance history.

Specialists may include:

accountants

consultants

engineers

insurance organisation representatives

legal professionals

risk managers

surveyors

valuers.

Measures used to determine client contact levels include:

financial returns

location

market niche

size.

Contact methods can include:

correspondence

direct mail

facsimile

newsletters

personal contact

telephone.

Contingent demands may occur when:

business development occurs

claims are made

risk changes.

Documentation can include:

billing

claim statistics

closings to underwriters

declarations

endorsements

new business reports

policies

proposals

remittance to underwriters

renewal certificates

renewal reports

risk reviews

service manuals.

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
Business operations are reviewed to ensure compliance with relevant legislation 
Availability of suitable products/suppliers is identified market wide 
Resource limitations are identified 
Risk exposure review documentation is developed to enable effective analysis of client risks 
Notices/instructions are developed to ensure full disclosures are made in compliance with relevant legislation and underwriting requirements 
Resource and expertise requirements are identified to ensure required additional or specialist support is obtained 
Measures to determine levels of client contact are determined 
Responses to deal with contingent demand requirements are determined 
Documented distribution procedures are established in compliance with relevant legislation and underwriter requirements 
Appropriate types and levels of documentation for client service are determined 

Forms

Assessment Cover Sheet

FNSIBK601A - Develop guidelines for broking services
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

FNSIBK601A - Develop guidelines for broking services

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: