This unit applies to insurance broking roles and may be applied within organisations of various sizes and across a range of customer bases.

ELEMENT

PERFORMANCE CRITERIA

1. Obtain confirmation of interim cover

1.1. Renewal notices are forwarded to client at least fourteen days before policy expiry

1.2. Documentation is arranged to be completed where required prior to expiry of interim cover

1.3. Insurer is notified of details of cover required immediately instructions are received from client

1.4. Formal evidence of interim cover is sought within relevant legislative, underwriting and business policy requirements

1.5. Interim cover details are checked for accuracy and completeness

1.6. Instructions for completion of cover are provided to insurer within required timeframes to ensure policy can be issued

1.7. Confirmation of correct interim cover is forwarded to insurers according to organisation operating guidelines

1.8. Required documentation is accurately completed according to organisation operating guidelines and relevant legislation

2. Confirm insurance cover with client

2.1. Fees and premiums are monitored and collected according to organisation operating guidelines

2.2. Client documentation is checked for omissions and errors and adjusted by client where necessary

2.3. Premium and statutory imposts are accurately calculated as required

2.4. Original documentary evidence of cover is provided to client

3. Complete required documentation

3.1. Receipt of documentation is checked regularly to ensure timely delivery to meet client requirements

3.2. Insurer documentation is checked for omissions and errors

3.3. Insurer documentation is recorded upon receipt as required by business policy and guidelines

4. Remit premium to insurers

4.1. Premiums are remitted to insurers in compliance with legislative requirements and credit term arrangements in place with the insurer

5. Update relevant files and records

5.1. Business records are updated without delay to comply with business guidelines and procedures

5.2. Client records on disclosure documents provided are maintained

6. Provide ongoing service where requested by client

6.1. Type and form of ongoing service including review of insurance plan/policy/transaction is agreed with the client

6.2. Fees and costs for defined ongoing services are clearly explained and confirmation of understanding gained from the client

6.3. Ongoing service is provided as required

Required skills

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

literacy skills to:

read and interpret documentation from a variety of sources and record and consolidate relevant related information

interpret administration methods and coordinate delivery of documentation

research and analysis skills for accessing and interpreting relevant information

interpersonal skills

organisational skills, including the ability to plan and sequence work

Required knowledge

organisation policy, procedures and authorities

industry compliance requirements

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:

follow required procedures.

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

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.

Interim cover may be evidenced by:

binder

electronic transfer

facsimile

obtaining cover note number by telephone

placing slips.

Documentation may include:

additional questionnaires

certificates of insurance

confirmation of advices

correspondence

endorsements

policy documents

product disclosure statements

renewal certificates

replacement policy forms.

Relevant legislation includes:

Financial Services Reform Act

Insurance Brokers Code of Practice

Insurance Contracts Act and regulations.

Premiums may be:

invoices paid by the insured

refunds in part of full paid by the insurer.

Client documentation may include:

binder

premium closing by electronic or manual methods

proposal forms.

Business records may be:

electronic

manual.

Unit sector

Insurance broking

This unit contains employability skills.