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Evidence Guide: FNSASICY513 - Provide advice in insurance broking

Student: __________________________________________________

Signature: _________________________________________________

Tips for gathering evidence to demonstrate your skills

The important thing to remember when gathering evidence is that the more evidence the better - that is, the more evidence you gather to demonstrate your skills, the more confident an assessor can be that you have learned the skills not just at one point in time, but are continuing to apply and develop those skills (as opposed to just learning for the test!). Furthermore, one piece of evidence that you collect will not usualy demonstrate all the required criteria for a unit of competency, whereas multiple overlapping pieces of evidence will usually do the trick!

From the Wiki University

 

FNSASICY513 - Provide advice in insurance broking

What evidence can you provide to prove your understanding of each of the following citeria?

Prepare to provide advice in insurance broking

  1. Identify client enquiry and inform client about role of adviser and licensee or principal responsible for adviser’s conduct
  2. Establish client’s objectives and goals and obtain personal, financial and business details to identify client’s needs
  3. Respond to enquiries about insurance broking products and services by explaining range of products and services available and their relevant fee and charging methodology
  4. Establish risk profile in relation to client’s business activities according to organisational procedures
Identify client enquiry and inform client about role of adviser and licensee or principal responsible for adviser’s conduct

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Establish client’s objectives and goals and obtain personal, financial and business details to identify client’s needs

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Respond to enquiries about insurance broking products and services by explaining range of products and services available and their relevant fee and charging methodology

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Establish risk profile in relation to client’s business activities according to organisational procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Analyse client’s objectives, needs, financial situation and risk profile to develop appropriate strategies and solutions

  1. Assess client needs taking into account client’s information, product expectations and specific needs
  2. Consult client throughout analysis for further clarification where necessary
  3. Analyse need for higher level or specialist advice and ensure client is referred to appropriate adviser if required
  4. Assess and confirm risk profile of client, demonstrating ASIC-identified generic and specialist knowledge relevant to products and services being offered
  5. Determine appropriate strategy to provide for identified needs and outcomes, based on analysis of products and services, client risk profile and assessment of client needs
  6. Conduct relevant research, analysis and product modelling, and draft appropriate solution and plan, policy or transaction for presentation to client
Assess client needs taking into account client’s information, product expectations and specific needs

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Consult client throughout analysis for further clarification where necessary

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Analyse need for higher level or specialist advice and ensure client is referred to appropriate adviser if required

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assess and confirm risk profile of client, demonstrating ASIC-identified generic and specialist knowledge relevant to products and services being offered

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Determine appropriate strategy to provide for identified needs and outcomes, based on analysis of products and services, client risk profile and assessment of client needs

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Conduct relevant research, analysis and product modelling, and draft appropriate solution and plan, policy or transaction for presentation to client

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Present appropriate strategies and solutions to client and negotiate financial plan, policy or transaction

  1. Apply appropriate knowledge for product or service offered when presenting outcomes of analysis
  2. Clearly and unambiguously explain proposed transaction to client
  3. Reinforce required details, terms and conditions of product or service
  4. Disclose impacts and possible risks of solution in clear and concise manner
  5. Provide supporting written documentation and guide client through key aspects of documentation
  6. Discuss and clarify concerns and issues that client has regarding proposed plan, policy or transaction
  7. Confirm that client understands proposed plan, policy or transaction
Apply appropriate knowledge for product or service offered when presenting outcomes of analysis

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Clearly and unambiguously explain proposed transaction to client

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Reinforce required details, terms and conditions of product or service

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Disclose impacts and possible risks of solution in clear and concise manner

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Provide supporting written documentation and guide client through key aspects of documentation

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Discuss and clarify concerns and issues that client has regarding proposed plan, policy or transaction

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Confirm that client understands proposed plan, policy or transaction

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Agree to plan, policy or transaction and complete documentation

  1. Obtain client’s formal agreement to confirmed plan, policy or transaction
  2. Explain and confirm client understanding of fees, cost structures and timeframes for execution and processing of agreed plan, policy or transaction
  3. Obtain signed proposal and statutory and transactional documents required from client
  4. Exchange copies of signed agreement and other required documentation according to organisational procedures
Obtain client’s formal agreement to confirmed plan, policy or transaction

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Explain and confirm client understanding of fees, cost structures and timeframes for execution and processing of agreed plan, policy or transaction

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Obtain signed proposal and statutory and transactional documents required from client

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Exchange copies of signed agreement and other required documentation according to organisational procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Agree to and implement arrangements for providing ongoing service

  1. Agree to type and form of client-preferred ongoing service to be provided
  2. Clearly explain fees and costs for ongoing and specifically defined services, and confirm client understanding
  3. Implement arrangements for agreed ongoing service according to organisational policies and procedures
Agree to type and form of client-preferred ongoing service to be provided

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Clearly explain fees and costs for ongoing and specifically defined services, and confirm client understanding

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Implement arrangements for agreed ongoing service according to organisational policies and procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

Required Skills and Knowledge

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:

provide advice in insurance broking to at least three different clients.

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 and organisational compliance requirements in relation to advice, including:

legislation affecting the provision of general and personal advice, including relevant regulatory guidelines on conduct and disclosure

roles and responsibilities of different advisers within the organisation

organisational policies and guidelines relating to provision of advice and communication

legal environment, including disclosure and compliance covering:

role of the representative or adviser and applicable fiduciary duty obligations

relationship between ethics and regulatory requirements, including good faith, faith, utmost good faith, full disclosure of remuneration and fees, and any other conflicts of interest which may influence the adviser’s recommendation

required industry standards and codes of practice

regulators’ guidelines, including Australian Securities and Investments Commission (ASIC) Regulatory Guides applicable to the insurance broking sector and advisory role of a broker and Australian Financial Services (AFS) licensing

internal and external complaints resolution procedures

legal principles relating to legislation and regulations that impact on the general insurance and general insurance broking sector, including the Corporations Act, ASIC Act, Insurance Contracts Act, privacy regulations, Competition and Consumer Act

broking practices in respect to assisting clients with insurance claims

methods for assessing insurable risk exposures

organisational procedures for delivering insurance broking services

impact of economic environment on general insurance sector

operation of insurance markets, including:

definition of insurance product and service

characteristics and participants of the Australian insurance market

roles played by intermediaries

key features of general insurance products and services, including retail and wholesale products and:

conditions, exclusions and levels of coverage of risk transfer products

pricing

aspects of ongoing service provision, including:

reporting on performance

review of plan, policy or transaction

available ways of communication

taxation issues in relation to insurance products and markets

advisory functions, including:

roles and responsibilities of insurance adviser, broker or agent

role of licensee or principal responsible for adviser’s conduct, including procedures for complaints handling and circumstances in which they should be applied

participants in the insurance advisory services market

relationship between industry sectors.