Application
This unit describes skills and knowledge required to apply industry and legislative requirements, guidelines and standards, and organisational policies and procedures in a daily work context in an insurance broking business.
The unit applies to those working with retail products or retail clients in an insurance broking environment.
Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Users are advised to check with the relevant state and territory regulatory authorities to confirm those requirements.
Elements and Performance Criteria
1. Manage client and regulatory information | 1.1 Collect and analyse information according to required legislation, regulations and codes of practice and other relevant industry guidelines and standards 1.2 Monitor changes to operational and regulatory requirements and update reference material according to organisational policies and procedures |
2. Apply professional work practices | 2.1 Clarify and refine work practices in regard to legislation, regulations and codes of practice within required timeframes 2.2 Guide ethical approach to workplace practices and decisions applying required codes of practice 2.3 Obtain assistance from appropriate personnel to clarify work practices and obtain required information when necessary and according to organisational policies and procedures |
3. Meet regulatory requirements | 3.1 Follow established work, health and safety procedures and contribute to eliminating work hazards and reducing risk in work environment 3.2 Comply with legislative requirements and codes of practice relating to retail clients and retail products when completing work tasks and documentation 3.3 Confirm compliance with codes of practice in respect to retail clients and retail products |
Evidence of Performance
The candidate must demonstrate the ability to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including evidence of the ability to:
follow operational procedures to meet compliance requirements regarding insurance contracts on at least three different occasions.
Evidence of Knowledge
The candidate must be able to demonstrate knowledge to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including knowledge of:
legislative requirements and regulatory guidelines and codes of practice relevant to retail insurance products and retail clients and their application to the insurance broking role, including:
relevant sections of:
Corporations Act
Privacy Act and its data breach provisions
Insurance Contracts Act, and regulations in respect to insurance contracts
work health and safety requirements
organisational policies and procedures relating to meeting compliance requirements in insurance broking, and their role in compliance
roles and responsibilities of insurance broker and associated job roles, including underwriters, loss adjusters, risk surveyors, and risk managers
processes for monitoring changes to operational and regulatory requirements
key components of accepted codes of practice relating to broking role, including those relating to:
maintaining confidentiality
duty of care
ethical behaviours
non-discriminatory practices
conflict of interest
compliance with reasonable direction
key features of information management systems and software used to meet compliance requirements.
Assessment Conditions
Skills in this unit must be demonstrated in a workplace or simulated environment where the conditions are typical of those in a working environment in this industry.
This includes access to:
organisational equipment, technology, software and consumables
organisational records
legislation, regulations and codes of practice relevant to retail insurance products and retail clients.
Assessors of this unit must satisfy the requirements for assessors in applicable vocational education and training legislation, frameworks and/or standards.
Foundation Skills
Learning | Develops and uses personal organisational systems to gather and organise information Identifies and accepts opportunities to maintain vocational currency and further develop subject matter knowledge |
Oral communication | Articulates clearly using language suitable to audience and purpose to seek or share information Uses active listening and questioning techniques to confirm understanding |
Reading | Interprets information from a range of sources and identifies key information |
Writing | Completes organisational documentation using clear language and correct spelling, grammar and terminology |
Self-management | Takes responsibility for planning, sequencing and prioritising tasks and own workload for efficiency and effectiveness |
Teamwork | Selects and uses appropriate conventions and protocols when communicating with others in a range of contexts |
Technology | Uses digital technologies and suitable software to access, enter and store information |
Sectors
Insurance broking