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Evidence Guide: FNSIBK302A - Provide general advice in general insurance broking products and services (Tier 2)

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

 

FNSIBK302A - Provide general advice in general insurance broking products and services (Tier 2)

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

Deal with initial client enquiry for general insurance

  1. Client enquiries are attended to in a timely and courteous manner
  2. A range of communication and interpersonal skills are used to clarify the general insurance products and broking services the client is requesting to be provided
  3. Active listening skills are demonstrated in dealing with client enquiries and help and assistance is provided to ensure the full and accurate completion of initial documentation where required.
  4. The role of the broker and licensee/principal responsible for the adviser's conduct is explained to the client
  5. The range of products of interest to the client are analysed to determine their categorisation as areas of general advice in line with legislation and organisation policy.
  6. Clients are informed that general advice will be provided to them in relation to the products of interest and that only personal information for underwriting and calculating the cost of the product will be sought
  7. An explanation of the relevant fees and charging methodology is provided
  8. The client is referred to appropriate specialist personnel within the brokerage where required advice is deemed to fall outside the category of general advice
Client enquiries are attended to in a timely and courteous manner

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

A range of communication and interpersonal skills are used to clarify the general insurance products and broking services the client is requesting to be provided

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Active listening skills are demonstrated in dealing with client enquiries and help and assistance is provided to ensure the full and accurate completion of initial documentation where required.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

The role of the broker and licensee/principal responsible for the adviser's conduct is explained to the client

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

The range of products of interest to the client are analysed to determine their categorisation as areas of general advice in line with legislation and organisation policy.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Clients are informed that general advice will be provided to them in relation to the products of interest and that only personal information for underwriting and calculating the cost of the product will be sought

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

An explanation of the relevant fees and charging methodology is provided

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

The client is referred to appropriate specialist personnel within the brokerage where required advice is deemed to fall outside the category of general advice

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Prepare general advice to client

  1. The correct disclosure documentation is provided in accordance with legislation and organisational policy.
  2. A general advice warning is given to the clientclient in line with legislative and organisation policy
  3. Special communication needs of clients or clients are considered in delivering general advice warning
The correct disclosure documentation is provided in accordance with legislation and organisational policy.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

A general advice warning is given to the clientclient in line with legislative and organisation policy

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Special communication needs of clients or clients are considered in delivering general advice warning

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Provide general advice

  1. The product advice is given to the client in a clear and unambiguous way avoiding jargon and in a language appropriate to the receiver and using organisational tools
  2. Product and industry knowledge appropriate for advice offered is demonstrated when providing advice to the client
  3. Product advice is explained and discussed with the client in language that avoids giving the impression the adviser has considered the client's personal circumstances in providing the advice
  4. Client is requested to consider the appropriateness of the advice in the light of their own circumstances
  5. Client is advised to read the product disclosure statement before making a decision.
The product advice is given to the client in a clear and unambiguous way avoiding jargon and in a language appropriate to the receiver and using organisational tools

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Product and industry knowledge appropriate for advice offered is demonstrated when providing advice to the client

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Product advice is explained and discussed with the client in language that avoids giving the impression the adviser has considered the client's personal circumstances in providing the advice

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Client is requested to consider the appropriateness of the advice in the light of their own circumstances

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Client is advised to read the product disclosure statement before making a decision.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

Evidence Guide

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:

apply broking advisory procedures to provide appropriate general advice in general insurance broking products and services.

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.

Guidance information for assessment

Required Skills and Knowledge

Required skills

communication skills to:

determine and confirm information, using questioning and active listening techniques

liaise with others, share information, listen and understand

Interpersonal communication including questioning techniques to gather information and explain products in language that avoids unnecessary industry specific jargon

use language and concepts appropriate to cultural differences

numeracy and IT skills to:

perform calculations related to achieving required outcomes

use IT calculators to determine insurance premiums

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

research and analysis skills for accessing and interpreting relevant information

effective interpersonal skills

organisational skills, including the ability to plan and sequence work

Required knowledge

core insurance knowledge:

characteristics and participants of the Australian insurance market

types of general insurance products, conditions, inclusions and exclusions, levels of coverage and pricing

advisory functions:

the role of the broker/representative/adviser

participants in the advisory services market

range of services provided

appropriateness of a risk assessment

legal environment - disclosure and compliance:

the role of the broker/representative/adviser

relevant legal principles (e.g. Corporations Act, Financial Services Reform Act (FSRA), Trade Practices Act)

the relationship between ethics and regulatory requirements (e.g. good faith, utmost good faith)

full disclosure of remuneration/fees and any other conflicts of interest which may influence the adviser's recommendation

Insurance Brokers Code of Practice and organisational codes of conduct

complaints resolution procedures (internal and external)

ASIC guidelines on adviser conduct and training

specialist knowledge of insurance broking products and services provided:

types of general insurance products/policies

standard cover (and deviations)

policy wordings

taxes and charges

insurance claims

premium rating/risk selection

reporting

product development

underwriting

binder products

legislative and organisational compliance requirements in relation to advice

relevant legislation and ASIC advisory guides relating to the provision of general and personal advice

the role of different advisers within the brokerage

brokerage policy and guidelines related to the provision of general advice

details of relevant marketing and disclosure documents, including product disclosure statements and marketing brochures on the relevant products

Range Statement

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.

Client enquiries may include:

electronic communication

face-to-face enquiries

telephone enquiries

written communication.

Initial documentation may include:

computer and manual application forms

Legislation and organisation policy may include:

ASIC Act and its regulatory guides

brokerage guidelines, operating and policy manuals

General insurance Brokers code of Practice.

Disclosure documentation may include:

financial services guide

product disclosure statement.

General advice warning:

has a specific definition under the Financial Services Reform Act.

Special communication needs may include

people with a disability or from different cultural backgrounds.