FNSISV302
Process alteration to insurance policy


Application

This unit describes the skills and knowledge required to process alterations, including underwriters’ terms and conditions to insurance policies, recording the changes and issuing documents to customers.

It applies to individuals employed 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.


Elements and Performance Criteria

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Receive alteration advice from customer

1.1 Gather policy information accurately and promptly, and record according to organisational procedures

1.2 Review underwriter’s terms and conditions

1.3 Review policy alteration to ensure it meets legislative and organisational requirements

1.4 Accept alteration if policy meets legislative and organisational requirements

2. Issue policy alteration advice

2.1 Process policy alteration information according to operating procedures

2.2 Check policy alteration for accuracy and omissions according to operating procedures

2.3 Update information systems accurately

2.4 Despatch completed documents to the customer within timelines and in accordance with operating procedures

2.5 Process or refund all monies received in accordance with operating procedures and legislative requirements

2.6 File relevant documentation accurately in accordance with operating procedures

2.7 Notify customer of any new terms that differ from the customer’s request

Evidence of Performance

Evidence of the ability to:

process alterations to insurance contracts across a representative range of products, customers and conditions in accordance with organisational operating procedures and legislative requirements

check policy alterations and issue in accordance with legislative requirements and organisational operating guidelines

undertake timely and relevant updating of organisational information systems

accurately handle receipts and refunds in relation to policy alterations.

Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.


Evidence of Knowledge

To complete the unit requirements safely and effectively, the individual must:

identify relevant legislation and regulatory requirements for adjustments to insurance policies

outline organisational and departmental policy, procedures and authorities as they relate to altering insurance policies

explain the importance of wording of insurance policies in keeping with the organisation or industry sector

summarise the industry sector compliance requirements in relation to policy alterations

list the organisation’s range of insurance products.


Assessment Conditions

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 for insurance policies

a range of common technology and software

an appropriate work environment and conditions.

Assessors must satisfy NVR/AQTF assessor requirements.


Foundation Skills

This section describes language, literacy, numeracy and employment skills incorporated in the performance criteria that are required for competent performance.

Skill

Performance Criteria

Description

Reading

1.1, 1.2, 1.3, 1.4, 2.1, 2.2, 2.5, 2.6

Analyses and consolidates information and data from a range of sources, against defined criteria and requirements, and checks for accuracy and completeness

Writing

1.1, 1.4, 2.3, 2.5, 2.7

Accurately records and completes organisational documents and correspondence using clear language and correct spelling, grammar and terminology

Oral Communication

1.1, 2.7

Interacts effectively in verbal exchanges, using active listening and questioning to convey and clarify information

Numeracy

2.1, 2.5

Performs basic mathematical calculations to assess financial information, statistics and other numeric data

Navigate the world of work

1.1, 1.3, 1.4, 2.1, 2.2, 2.4, 2.5, 2.6

Complies with legal and regulatory requirements, and organisational policy and procedures

Interact with others

2.4, 2.7

Uses a limited range of accepted practices for communicating in a work environment

Get the work done

1.4, 2.1, 2.4, 2.5, 2.6

Plans and implements routine tasks and workload, making limited decisions on sequencing, timing and collaboration, and seeking assistance in setting priorities

Makes low-impact decisions within familiar situations, based on a range of predefined or routine solutions

Uses digital technologies to access, enter and store information required to complete work tasks


Sectors

Insurance services