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

FNSILF403 Mapping and Delivery Guide
Develop and maintain in-depth knowledge of products and services used by the life insurance sector

Version 1.0
Issue Date: May 2024


Qualification -
Unit of Competency FNSILF403 - Develop and maintain in-depth knowledge of products and services used by the life insurance sector
Description
Employability Skills
Learning Outcomes and Application This unit describes the skills and knowledge required to provide appropriate and accurate information on life insurance products and services offered by the organisation.It applies to individuals who provide information on life insurance products to clients while adhering to applicable compliance requirements.No licensing, legislative or certification requirements apply to this unit at the time of publication.
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 life insurance field of work and include access to:

office equipment, technology, software and consumables

organisational records, 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: Identify products and services used by organisation
  • Identify life insurance products and services offered by organisation and determine purpose of each
  • Identify characteristics of product and service including their strengths, weaknesses, terms and conditions and, where applicable, communicate this information to clients
  • Access organisation’s promotional strategy for products and services and apply in business activities
       
Element: Identify compliance implications of product
  • Establish and document compliance implications
  • Provide clients with all necessary information and documentation as per compliance requirements
       
Element: Determine appropriate users for products and services
  • Identify and document function of each product and service, and client needs it satisfies
  • Research client characteristics that best suit each product
  • Compare organisation’s products and services against those of competitors, to establish most effective approach for matching products to client needs
  • Evaluate products and services sales strategy that best meets client needs while taking into account competitor practices
       
Element: Maintain product knowledge
  • Regularly review relevant products and services to identify changes to terms and conditions and apply this information in daily work
  • Implement systems for updating and maintaining knowledge of products and services
  • Review and use information on emerging trends affecting financial services industry to supplement product and service knowledge
       


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. Identify products and services used by organisation

1.1 Identify life insurance products and services offered by organisation and determine purpose of each

1.2 Identify characteristics of product and service including their strengths, weaknesses, terms and conditions and, where applicable, communicate this information to clients

1.3 Access organisation’s promotional strategy for products and services and apply in business activities

2. Identify compliance implications of product

2.1 Establish and document compliance implications

2.2 Provide clients with all necessary information and documentation as per compliance requirements

3. Determine appropriate users for products and services

3.1 Identify and document function of each product and service, and client needs it satisfies

3.2 Research client characteristics that best suit each product

3.3 Compare organisation’s products and services against those of competitors, to establish most effective approach for matching products to client needs

3.4 Evaluate products and services sales strategy that best meets client needs while taking into account competitor practices

4. Maintain product knowledge

4.1 Regularly review relevant products and services to identify changes to terms and conditions and apply this information in daily work

4.2 Implement systems for updating and maintaining knowledge of products and services

4.3 Review and use information on emerging trends affecting financial services industry to supplement product and service knowledge

Evidence of the ability to:

access sources of information in relation to life insurance products

establish a system for updating and maintaining knowledge of products and services

undertake research on competitor offerings and highlight difference in organisation’s offerings

gather information on client needs and match offerings based on the needs.

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:

outline the compliance implications of legislation and regulation in life insurance

explain the key features, purpose, application and benefits of the following life insurance products:

basic term life insurance (death cover)

total and permanent disablement cover

disability income cover

trauma cover

life insurance annuities

life insurance investments

endowment policies

whole of life policies

identify the life insurance organisations and other competitive products and services

explain the benefits of each of the following sources of current information on products:

company websites

industry seminars

professional membership bodies

professional development and learning management systems

consumer reports

financial reviews

conferences

promotional events.

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. Identify products and services used by organisation

1.1 Identify life insurance products and services offered by organisation and determine purpose of each

1.2 Identify characteristics of product and service including their strengths, weaknesses, terms and conditions and, where applicable, communicate this information to clients

1.3 Access organisation’s promotional strategy for products and services and apply in business activities

2. Identify compliance implications of product

2.1 Establish and document compliance implications

2.2 Provide clients with all necessary information and documentation as per compliance requirements

3. Determine appropriate users for products and services

3.1 Identify and document function of each product and service, and client needs it satisfies

3.2 Research client characteristics that best suit each product

3.3 Compare organisation’s products and services against those of competitors, to establish most effective approach for matching products to client needs

3.4 Evaluate products and services sales strategy that best meets client needs while taking into account competitor practices

4. Maintain product knowledge

4.1 Regularly review relevant products and services to identify changes to terms and conditions and apply this information in daily work

4.2 Implement systems for updating and maintaining knowledge of products and services

4.3 Review and use information on emerging trends affecting financial services industry to supplement product and service knowledge

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
Identify life insurance products and services offered by organisation and determine purpose of each 
Identify characteristics of product and service including their strengths, weaknesses, terms and conditions and, where applicable, communicate this information to clients 
Access organisation’s promotional strategy for products and services and apply in business activities 
Establish and document compliance implications 
Provide clients with all necessary information and documentation as per compliance requirements 
Identify and document function of each product and service, and client needs it satisfies 
Research client characteristics that best suit each product 
Compare organisation’s products and services against those of competitors, to establish most effective approach for matching products to client needs 
Evaluate products and services sales strategy that best meets client needs while taking into account competitor practices 
Regularly review relevant products and services to identify changes to terms and conditions and apply this information in daily work 
Implement systems for updating and maintaining knowledge of products and services 
Review and use information on emerging trends affecting financial services industry to supplement product and service knowledge 

Forms

Assessment Cover Sheet

FNSILF403 - Develop and maintain in-depth knowledge of products and services used by the life insurance sector
Assessment task 1: [title]

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I declare that the assessment tasks submitted for this unit are my own work.

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Result: Competent Not yet competent

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Assessment Record Sheet

FNSILF403 - Develop and maintain in-depth knowledge of products and services used by the life insurance sector

Student name:

Student ID:

Assessment task 1: [title] Result: Competent Not yet competent

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Feedback to student:

 

 

 

 

 

 

 

 

Overall assessment result: Competent Not yet competent

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