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

FNSISV301 Mapping and Delivery Guide
Evaluate risk for renewal business

Version 1.0
Issue Date: May 2024


Qualification -
Unit of Competency FNSISV301 - Evaluate risk for renewal business
Description
Employability Skills
Learning Outcomes and Application This unit describes the skills and knowledge required to evaluate the risk for renewal business, including gathering the risk information, and reviewing and assessing it against appropriate risk criteria such as underwriting risk.It applies to individuals carrying out insurance broking roles in a range of insurance sectors within organisations of various sizes and across a range of customer bases.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 services field of work and include access to:

organisational records

organisational policy and procedures

a range of common technology and software.

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: Obtain information on risk
  • Gather information in accordance with organisational guidelines on changes in risk since initial acceptance, if required
  • Identify claims on risk
  • Gather information on customer history, if applicable
  • Commission surveys or reports, if applicable to risk
  • Use exception reporting, if applicable
  • Adhere to legislative and compliance requirements in all cases
       
Element: Review risk information
  • Review information to determine its relevance and reliability
  • Check and document any claims on risk
  • Check compliance with risk management conditions
       
Element: Assess information against established risk criteria
  • Check risk acceptance criteria, including net retentions, for any changes over past period
  • Compare and assess risk information against risk acceptance criteria and procedures
  • Liaise with other internal departments to assess impact on business, if applicable
  • Document risk assessment data according to organisational policy and procedures
       


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. Obtain information on risk

1.1 Gather information in accordance with organisational guidelines on changes in risk since initial acceptance, if required

1.2 Identify claims on risk

1.3 Gather information on customer history, if applicable

1.4 Commission surveys or reports, if applicable to risk

1.5 Use exception reporting, if applicable

1.6 Adhere to legislative and compliance requirements in all cases

2. Review risk information

2.1 Review information to determine its relevance and reliability

2.2 Check and document any claims on risk

2.3 Check compliance with risk management conditions

3. Assess information against established risk criteria

3.1 Check risk acceptance criteria, including net retentions, for any changes over past period

3.2 Compare and assess risk information against risk acceptance criteria and procedures

3.3 Liaise with other internal departments to assess impact on business, if applicable

3.4 Document risk assessment data according to organisational policy and procedures

Evidence of the ability to:

identify and evaluate risks for renewal business following relevant legal obligations and organisational procedures

maintain and apply knowledge of relevant organisational products and services

investigate risk as it relates to renewal business in accordance with underwriting and organisational guidelines

accurately document risk assessment data in accordance with organisational procedures and relevant underwriting guidelines.

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:

define organisational or industry sector policy wording

identify organisational policy, procedures, underwriting guidelines and authorities

explain key features of organisational products

identify key features of relevant legislation, regulatory guidelines and industry sector codes of practice relating to risk in business renewal

outline interim cover as it relates to expiry of contracts and cancellations

outline reinsurance, treaty and facultative policies

identify risk prevention methods and application.

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. Obtain information on risk

1.1 Gather information in accordance with organisational guidelines on changes in risk since initial acceptance, if required

1.2 Identify claims on risk

1.3 Gather information on customer history, if applicable

1.4 Commission surveys or reports, if applicable to risk

1.5 Use exception reporting, if applicable

1.6 Adhere to legislative and compliance requirements in all cases

2. Review risk information

2.1 Review information to determine its relevance and reliability

2.2 Check and document any claims on risk

2.3 Check compliance with risk management conditions

3. Assess information against established risk criteria

3.1 Check risk acceptance criteria, including net retentions, for any changes over past period

3.2 Compare and assess risk information against risk acceptance criteria and procedures

3.3 Liaise with other internal departments to assess impact on business, if applicable

3.4 Document risk assessment data according to organisational policy and procedures

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
Gather information in accordance with organisational guidelines on changes in risk since initial acceptance, if required 
Identify claims on risk 
Gather information on customer history, if applicable 
Commission surveys or reports, if applicable to risk 
Use exception reporting, if applicable 
Adhere to legislative and compliance requirements in all cases 
Review information to determine its relevance and reliability 
Check and document any claims on risk 
Check compliance with risk management conditions 
Check risk acceptance criteria, including net retentions, for any changes over past period 
Compare and assess risk information against risk acceptance criteria and procedures 
Liaise with other internal departments to assess impact on business, if applicable 
Document risk assessment data according to organisational policy and procedures 

Forms

Assessment Cover Sheet

FNSISV301 - Evaluate risk for renewal 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

FNSISV301 - Evaluate risk for renewal 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: