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

FNSILF403A 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 FNSILF403A - Develop and maintain in-depth knowledge of products and services used by the Life Insurance sector
Description This unit covers the development of an in-depth knowledge of the products and services provided by the Life Insurance sector and where they may be applied to address customers’ needs.
Employability Skills This unit contains employability skills.
Learning Outcomes and Application This unit applies to those engaged in providing a range of products and services information and advice in the Life Insurance environment.
Duration and Setting X weeks, nominally xx hours, delivered in a classroom/online/blended learning setting.
Prerequisites/co-requisites Not applicable.
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 the products and services used by the organisation
  • Company products and services used by organisation are identified and the purpose of each determined
  • Product and service characteristics are identified and their strengths, weaknesses, terms, and conditions understood and communicated to clients, where applicable
  • Organisation’s promotional strategy for products and services is accessed and applied in business activities
       
Element: Identify compliance implications of product
  • Compliance implications are established and documented
  • Client is provided with all necessary information and documentation as per compliance requirements
       
Element: Determine the appropriate users for products and services
  • Function of each product and service and the customer needs it satisfies are identified and documented
  • Customer characteristics that best suit each product are researched
  • Products and services used by the organisation are compared with the products of competitors as a basis for selecting the most effective approach to matching the products to customer needs
  • Approaches to selling the products and services, keeping in mind competitors, are evaluated and useful approaches to meeting customer needs are determined
       
Element: Maintain product knowledge
  • Relevant products and services are reviewed regularly and any changes to terms and conditions identified and applied in daily work
  • Systems for keeping up with changes and maintaining up-to-date knowledge about relevant products and services are put in place
  • Emerging trends affecting the financial industry are continuously reviewed and applied to 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.

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 understand and maintain knowledge of the features and benefits of a range of life insurance products

apply product knowledge to a range of client groups and situations

access sources of information in relation to life insurance products

explain features and benefits of life insurance 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 organisational 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 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

simulated tasks involving preparation of reports from supplied data

verbal or written questioning on underpinning knowledge and skills

evaluating samples of work.

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

communication skills to:

determine and confirm customer requirements

liaise with others, share information, listen and understand

use language and concepts appropriate to cultural differences

communicating the benefits of products and services in a way that informs the market

prepare responses to meet client enquiries

literacy skills to read documents and complete forms and transaction records accurately

numeracy and IT skills to:

access and use computer-based service systems

access and use internet information

organisational skills, including the ability to plan and sequence work

problem solving skills to address customer service issues

research and analysis skills to:

understand market and consumer trends, matching relevant products that meet these needs,

identify different types of customers in the relevant market

reading skills to:

read and understand product information documents

read and interpret compliance guidance

teamwork skills to work cooperatively with others

technology skills to:

utilise customer management and recording systems

undertake market and consumer research

writing skills to:

accurately record information

document compliance related information.

Required knowledge

compliance implications of legislation and regulation in Life Insurance

life insurance products, including:

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

life insurance organisations and other competitive products and services

sources of current information on products, including:

company websites

industry seminars

professional membership bodies

professional development and learning management systems

consumer reports

financial reviews

conferences

promotional events.

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.

Product and service characteristics may include:

interest rates

flexibility

time limits

fees

transferability.

Promotional strategy may include:

marketing and promotional plans

strategic plans.

Compliance implications may include:

Financial Services Reform Act (FSRA) requirements

product disclosure statements

industry code of practice requirements

relevant acts and legislation.

Customer characteristics may include:

age

marital status

income

profession

geographic location.

Emerging trends may include:

changes in the economic climate

changes in the political/international climate

new technologies

financial market changes

interest rate changes

valuation of currency.

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
Company products and services used by organisation are identified and the purpose of each determined 
Product and service characteristics are identified and their strengths, weaknesses, terms, and conditions understood and communicated to clients, where applicable 
Organisation’s promotional strategy for products and services is accessed and applied in business activities 
Compliance implications are established and documented 
Client is provided with all necessary information and documentation as per compliance requirements 
Function of each product and service and the customer needs it satisfies are identified and documented 
Customer characteristics that best suit each product are researched 
Products and services used by the organisation are compared with the products of competitors as a basis for selecting the most effective approach to matching the products to customer needs 
Approaches to selling the products and services, keeping in mind competitors, are evaluated and useful approaches to meeting customer needs are determined 
Relevant products and services are reviewed regularly and any changes to terms and conditions identified and applied in daily work 
Systems for keeping up with changes and maintaining up-to-date knowledge about relevant products and services are put in place 
Emerging trends affecting the financial industry are continuously reviewed and applied to product and service knowledge 

Forms

Assessment Cover Sheet

FNSILF403A - Develop and maintain in-depth knowledge of products and services used by the Life Insurance sector
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

FNSILF403A - 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

(add lines for each task)

Feedback to student:

 

 

 

 

 

 

 

 

Overall assessment result: Competent Not yet competent

Assessor name:

Signature:

Date:

Student signature:

Date: