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

FNSIBK604 Mapping and Delivery Guide
Manage a sales plan for insurance broking services

Version 1.0
Issue Date: May 2024


Qualification -
Unit of Competency FNSIBK604 - Manage a sales plan for insurance broking services
Description
Employability Skills
Learning Outcomes and Application This unit describes the specialist skills and knowledge required to develop, implement and review sales and promotional strategies for an insurance broking organisation.It applies to individuals with excellent communication skills and analytical skills who use specialised knowledge and systematic approaches to provide guidance in strategic organisational activity. 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.

Assessor 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: Develop promotional strategy for services
  • Create promotional packages that meet requirements of sales plan, enhance brokerage’s corporate image and comply with all relevant legislative requirements
  • Implement promotional strategy within budget in timeframes specified
       
Element: Manage preparation of distributional channels
  • Identify and obtain required distribution channels
  • Implement training of distribution channels to ensure product knowledge and quality client service is maximised
  • Distribute promotional materials within appropriate timeframes
       
Element: Monitor and review sales plan implementation
  • Establish criteria to measure effectiveness of promotional strategy
  • Establish performance criteria for distribution channels so attainment of forecast sales targets can be monitored
  • Conduct variance analysis on results of planned implementation
  • Make adjustments to promotional strategy or service distribution as necessary to ensure required results are obtained
       


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. Develop promotional strategy for services

1.1 Create promotional packages that meet requirements of sales plan, enhance brokerage’s corporate image and comply with all relevant legislative requirements

1.2 Implement promotional strategy within budget in timeframes specified

2. Manage preparation of distributional channels

2.1 Identify and obtain required distribution channels

2.2 Implement training of distribution channels to ensure product knowledge and quality client service is maximised

2.3 Distribute promotional materials within appropriate timeframes

3. Monitor and review sales plan implementation

3.1 Establish criteria to measure effectiveness of promotional strategy

3.2 Establish performance criteria for distribution channels so attainment of forecast sales targets can be monitored

3.3 Conduct variance analysis on results of planned implementation

3.4 Make adjustments to promotional strategy or service distribution as necessary to ensure required results are obtained

Evidence of the ability to:

develop a promotional strategy to support the brokerage sales plan

develop an effective sales plan to increase the market share of the brokerage

manage implementation of the strategy through effective selection and preparation of distribution channels

evaluate performance of the sales plan and adjust promotional strategies as required.

Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.

To complete the evidence requirements safely and effectively, the individual must:

outline the analysis undertaken of current industry market trends and distribution channels in planning promotional strategies

describe the influence of organisation and/or industry policy wordings on the design of the promotional strategy

explain the key sales and marketing principles used in the design of the sales plan and promotional strategy

explain the process whereby management accountability is taken for compliance with organisational policy and procedures, underwriters’ guidelines and authorities and legislative requirements in the design and execution of the promotional strategy to support the sales plan.

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. Develop promotional strategy for services

1.1 Create promotional packages that meet requirements of sales plan, enhance brokerage’s corporate image and comply with all relevant legislative requirements

1.2 Implement promotional strategy within budget in timeframes specified

2. Manage preparation of distributional channels

2.1 Identify and obtain required distribution channels

2.2 Implement training of distribution channels to ensure product knowledge and quality client service is maximised

2.3 Distribute promotional materials within appropriate timeframes

3. Monitor and review sales plan implementation

3.1 Establish criteria to measure effectiveness of promotional strategy

3.2 Establish performance criteria for distribution channels so attainment of forecast sales targets can be monitored

3.3 Conduct variance analysis on results of planned implementation

3.4 Make adjustments to promotional strategy or service distribution as necessary to ensure required results are obtained

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
Create promotional packages that meet requirements of sales plan, enhance brokerage’s corporate image and comply with all relevant legislative requirements 
Implement promotional strategy within budget in timeframes specified 
Identify and obtain required distribution channels 
Implement training of distribution channels to ensure product knowledge and quality client service is maximised 
Distribute promotional materials within appropriate timeframes 
Establish criteria to measure effectiveness of promotional strategy 
Establish performance criteria for distribution channels so attainment of forecast sales targets can be monitored 
Conduct variance analysis on results of planned implementation 
Make adjustments to promotional strategy or service distribution as necessary to ensure required results are obtained 

Forms

Assessment Cover Sheet

FNSIBK604 - Manage a sales plan for insurance 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

FNSIBK604 - Manage a sales plan for insurance 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: