This unit applies to job roles involving specialist knowledge and functions in a range of insurance sectors and may be applied within organisations of various sizes and across a range of customer bases.

ELEMENT

PERFORMANCE CRITERIA

1. Provide feedback on and/or confirm authorities and guidelines

1.1. Draft authorities and guidelines are read and interpreted

1.2. Practical application of authorities and guidelines are identified through market testing to determine the need for variance

1.3. The final form of the authorities and guidelines are negotiated with relevant parties to ensure they accommodate variations in workplace requirements and are within organisation policy and procedures

1.4. Authorised authorities and guidelines are obtained and confirmed in writing

2. Determine allocation of authorities and guidelines

2.1. Criteria to be used as a basis for allocation are determined

2.2. Allocation is consistent with existing or updated distribution agreements

2.3. Allocations are determined within industry code of practice and relevant legislative requirements

2.4. Allocation enables the achievement of the desired result in accordance with the business plan

3. Negotiate variations to allocated authorities and guidelines

3.1. Variations are negotiated where the opportunities to maximise or adjust business returns are identified

3.2. Negotiation is based on all relevant information

3.3. Outcome of negotiation is accepted by the parties

4. Allocate authorities and guidelines

4.1. Allocations are advised in writing in a clear, concise and timely manner

4.2. Training is provided as appropriate and its effectiveness assessed

4.3. Allocation of authorities and guidelines are recorded promptly and accurately to ensure records are current

4.4. Understanding of authorities and guidelines is verified and recorded where appropriate

4.5. Variations to authorities and guidelines are updated in accordance with organisation policy to ensure currency of operational procedures

4.6. Implementation procedures are undertaken within relevant industry code of practice and legislative requirements

5. Monitor and review authorities and guidelines compliance

5.1. Submissions received are checked for compliance with authorities and guidelines

5.2. Business trends and compliance variations are monitored to determine the effectiveness of authorities and guidelines

5.3. Non-compliance with authorities and guidelines is rectified promptly to maintain business plan objectives

6. Evaluate effectiveness of authorities and guidelines

6.1. Market trends are identified to ensure evaluation is based on reliable information

6.2. Trends are assessed to quantify the impact on expected business

6.3. Allocations are revised in accordance with changes to code of practice, legislative and organisation policy requirements

Required skills

highly developed communication skills to:

determine and confirm information, using questioning and active listening as required

relate effectively to customers

liaise with others, share information, listen and understand

use language and concepts appropriate to cultural differences

well-developed 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

well-developed literacy skills to read and interpret documentation from a variety of sources and record and consolidate relevant related information

learning skills to maintain knowledge of changes to compliance legislation and requirements

problem solving skills to identify any issues that have the potential to impact on work outcomes and to develop options to resolve these issues when they arise

self-management skills for complying with ethical, legal and procedural requirements research and analysis skills for accessing and interpreting relevant information

organisational skills, including the ability to plan and sequence work

Required knowledge

organisation and industry products and services

organisation distribution requirements and channels

organisation income and expenditure forecasting

organisation marketing, administration, systems, performance measures and training needs

organisation resources and budgeting

regulatory and legislative framework

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:

accurately apply the criteria for selection of distribution authorities

monitor and evaluate the effectiveness of the distribution authorities based on the organisation's policies.

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 organisation 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.

Authorities may include:

hazard/risk limits

monetary limits.

Guidelines may include:

conditions of business

criteria and requirements

rules for acceptance.

Variance may include:

authority levels

product delivery method to underwriter

type of hazards/risk

underwriting procedures.

Allocation criteria may include:

business arrangements

focus of market

level of expertise

quality of similar existing business

relationship marketing

volume of business.

Distribution agreements may include:

agency agreements

binder agreements

broker agreements

underwriting agreements.

Legislative requirements may include:

anti-discrimination legislation

Australian Accounting Standards

Australian Prudential Regulation Authority (APRA)

business names legislation

Consumer Credit Code

Corporations Act (including Accounting Standards)

Electronic Funds Transfer (EFT) Code of Conduct

Finance Code

Financial Services Reform Act (FSRA)

Financial Transaction Reports Act

industry codes of practice

Insurance (Agents and Brokers) Act

Insurance Contracts Act

legislation covering competition, prudential regulation

occupational health and safety (OHS) legislation

Privacy Act

taxation law

Trade Practices Act.

Variations may be:

negotiated with members of the distribution channel (both internal and external) to agreed authorities and guidelines.

Unit sector

Insurance services

This unit contains employability skills.