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Evidence Guide: FNSIBK402 - Implement new or renewed insurance program for insurance broking clients

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

 

FNSIBK402 - Implement new or renewed insurance program for insurance broking clients

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

Establish relationship with client

  1. Use appropriate communication skills to establish client’s knowledge level and type of advice required
  2. Respond to enquiries for advice on new or renewed insurance program by explaining range of insurance products and broking services available, associated fees and charging methodologies, role of adviser or principal responsible for adviser’s conduct and procedures for complaints handling
Use appropriate communication skills to establish client’s knowledge level and type of advice required

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Respond to enquiries for advice on new or renewed insurance program by explaining range of insurance products and broking services available, associated fees and charging methodologies, role of adviser or principal responsible for adviser’s conduct and procedures for complaints handling

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify client objectives and risk situation

  1. Complete risk assessment in compliance with brokerage guidelines to gather appropriate client information and determine client risk profile
  2. Confirm effective dates for insurance changes with client
  3. Maintain comprehensive records of risks assessed and actions taken
  4. Check and review records regularly to ensure information is current
Complete risk assessment in compliance with brokerage guidelines to gather appropriate client information and determine client risk profile

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Confirm effective dates for insurance changes with client

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Maintain comprehensive records of risks assessed and actions taken

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Check and review records regularly to ensure information is current

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Analyse changes to client’s insurance program

  1. Identify and record in writing all required changes using information gathered
  2. Compare new and additional risks with current insurance program so that discrepancies are clear
  3. Consult with client throughout analysis and seek advice about required changes without delay
  4. Determine need for specialist advice and refer client to appropriate adviser for higher level or specialist advice if required
  5. Obtain client declarations as required by underwriter
Identify and record in writing all required changes using information gathered

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Compare new and additional risks with current insurance program so that discrepancies are clear

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Consult with client throughout analysis and seek advice about required changes without delay

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Determine need for specialist advice and refer client to appropriate adviser for higher level or specialist advice if required

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Obtain client declarations as required by underwriter

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Negotiate program changes with insurers as required

  1. Obtain terms to meet client requirements
  2. 4.2 Clarify terms required for renewal and change of client's insurance with insurers
Obtain terms to meet client requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

4.2 Clarify terms required for renewal and change of client's insurance with insurers

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Communicate options to client and obtain instructions

  1. Advise clients about outcomes of negotiation with insurers to enable informed decisions to be made
  2. Clarify options for client that specify client benefits and disadvantages
  3. Present justified recommendations clearly to clients, responding to questions as required
  4. Obtain client instructions to enable precise action to be taken
  5. Forward renewal notices to client at least 14 days before policy expiry according to organisational timeframe requirements
Advise clients about outcomes of negotiation with insurers to enable informed decisions to be made

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Clarify options for client that specify client benefits and disadvantages

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Present justified recommendations clearly to clients, responding to questions as required

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Obtain client instructions to enable precise action to be taken

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Forward renewal notices to client at least 14 days before policy expiry according to organisational timeframe requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Provide ongoing service where requested by client

  1. Agree on type and form of ongoing service with client
  2. Explain fees and costs of ongoing services and confirm client understanding
  3. Provide ongoing service as requested by client
Agree on type and form of ongoing service with client

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Explain fees and costs of ongoing services and confirm client understanding

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Provide ongoing service as requested by client

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Analyse changes to client’s insurance program

  1. Identify and record in writing all required changes using information gathered
  2. Compare new and additional risks with current insurance program so that discrepancies are clear
  3. Consult with client throughout analysis and seek advice about required changes without delay
  4. Determine need for specialist advice and refer client to appropriate adviser for higher level or specialist advice if required
  5. Obtain client declarations as required by underwriter
Identify and record in writing all required changes using information gathered

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Compare new and additional risks with current insurance program so that discrepancies are clear

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Consult with client throughout analysis and seek advice about required changes without delay

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Determine need for specialist advice and refer client to appropriate adviser for higher level or specialist advice if required

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Obtain client declarations as required by underwriter

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

Evidence Guide

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

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

1. Establish relationship with client

1.1 Use appropriate communication skills to establish client’s knowledge level and type of advice required

1.2 Respond to enquiries for advice on new or renewed insurance program by explaining range of insurance products and broking services available, associated fees and charging methodologies, role of adviser or principal responsible for adviser’s conduct and procedures for complaints handling

2. Identify client objectives and risk situation

2.1 Complete risk assessment in compliance with brokerage guidelines to gather appropriate client information and determine client risk profile

2.2 Confirm effective dates for insurance changes with client

2.3 Maintain comprehensive records of risks assessed and actions taken

2.4 Check and review records regularly to ensure information is current

3. Analyse changes to client’s insurance program

3.1 Identify and record in writing all required changes using information gathered

3.2 Compare new and additional risks with current insurance program so that discrepancies are clear

3.3 Consult with client throughout analysis and seek advice about required changes without delay

3.4 Determine need for specialist advice and refer client to appropriate adviser for higher level or specialist advice if required

3.5 Obtain client declarations as required by underwriter

4. Negotiate program changes with insurers as required

4.1 Obtain terms to meet client requirements

4.2 Clarify terms required for renewal and change of client's insurance with insurers

5. Communicate options to client and obtain instructions

5.1 Advise clients about outcomes of negotiation with insurers to enable informed decisions to be made

5.2 Clarify options for client that specify client benefits and disadvantages

5.3 Present justified recommendations clearly to clients, responding to questions as required

5.4 Obtain client instructions to enable precise action to be taken

5.5 Forward renewal notices to client at least 14 days before policy expiry according to organisational timeframe requirements

6. Provide ongoing service where requested by client

6.1 Agree on type and form of ongoing service with client

6.2 Explain fees and costs of ongoing services and confirm client understanding

6.3 Provide ongoing service as requested by client

Required Skills and Knowledge

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

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

1. Establish relationship with client

1.1 Use appropriate communication skills to establish client’s knowledge level and type of advice required

1.2 Respond to enquiries for advice on new or renewed insurance program by explaining range of insurance products and broking services available, associated fees and charging methodologies, role of adviser or principal responsible for adviser’s conduct and procedures for complaints handling

2. Identify client objectives and risk situation

2.1 Complete risk assessment in compliance with brokerage guidelines to gather appropriate client information and determine client risk profile

2.2 Confirm effective dates for insurance changes with client

2.3 Maintain comprehensive records of risks assessed and actions taken

2.4 Check and review records regularly to ensure information is current

3. Analyse changes to client’s insurance program

3.1 Identify and record in writing all required changes using information gathered

3.2 Compare new and additional risks with current insurance program so that discrepancies are clear

3.3 Consult with client throughout analysis and seek advice about required changes without delay

3.4 Determine need for specialist advice and refer client to appropriate adviser for higher level or specialist advice if required

3.5 Obtain client declarations as required by underwriter

4. Negotiate program changes with insurers as required

4.1 Obtain terms to meet client requirements

4.2 Clarify terms required for renewal and change of client's insurance with insurers

5. Communicate options to client and obtain instructions

5.1 Advise clients about outcomes of negotiation with insurers to enable informed decisions to be made

5.2 Clarify options for client that specify client benefits and disadvantages

5.3 Present justified recommendations clearly to clients, responding to questions as required

5.4 Obtain client instructions to enable precise action to be taken

5.5 Forward renewal notices to client at least 14 days before policy expiry according to organisational timeframe requirements

6. Provide ongoing service where requested by client

6.1 Agree on type and form of ongoing service with client

6.2 Explain fees and costs of ongoing services and confirm client understanding

6.3 Provide ongoing service as requested by client

Evidence of the ability to:

collect information about a client’s risk needs using appropriate brokerage risk assessment tools and guidelines

undertake an assessment of client’s risks

conduct research to identify appropriate products and undertake a product comparison and cost–benefit analysis to support recommendations

use effective communication skills in working with clients and product providers to ensure appropriate insurance program solution is attained.

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

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

outline the application of company or organisational policy, procedures and authorities relating to implementing new or renewed insurance programs for broking clients

describe the analysis and application of information on insurance industry trends and developments in the advisory process

outline the analysis of insurance product types and company or industry policy wordings in developing recommendations for broking clients

identify and outline the relevant generic knowledge requirements as identified by the regulator for advice to retail clients.