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Evidence Guide: FNSIBK406 - Deliver professional insurance broking services

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

 

FNSIBK406 - Deliver professional insurance broking services

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

Respond to client enquiries for broking services

  1. Establish relationship with client and identify nature of broking services required to satisfy enquiry
  2. Clarify information and research activities required to prepare appropriate and timely response
  3. Determine relevant legislative and organisational requirements to be met in dealing with enquiry
  4. Collect and process information and prepare response
  5. Communicate information to client in suitable format that minimises need for follow up action
  6. Update organisational records to satisfy organisational policy and guidelines
Establish relationship with client and identify nature of broking services required to satisfy enquiry

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Clarify information and research activities required to prepare appropriate and timely response

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Determine relevant legislative and organisational requirements to be met in dealing with enquiry

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Collect and process information and prepare response

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Communicate information to client in suitable format that minimises need for follow up action

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Update organisational records to satisfy organisational policy and guidelines

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Provide insurance program for broking client

  1. Determine client’s insurance needs by undertaking assessment of client’s objectives and current risk situation
  2. Identify changes to client’s current insurance program by thorough analysis of information collected and discussions with client
  3. Negotiate with insurers as required to obtain terms for renewal and change of client’s insurances as required
  4. Communicate outcomes of negotiations and detailed information on options available to client
  5. Make recommendations to client and obtain client instructions to enable precise actions to be taken
Determine client’s insurance needs by undertaking assessment of client’s objectives and current risk situation

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify changes to client’s current insurance program by thorough analysis of information collected and discussions with client

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Negotiate with insurers as required to obtain terms for renewal and change of client’s insurances as required

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Communicate outcomes of negotiations and detailed information on options available to client

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Make recommendations to client and obtain client instructions to enable precise actions to be taken

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Place client insurances and confirm cover with client

  1. Notify details of cover required to insurers and obtain confirmation of interim cover in response to client instructions
  2. Check interim cover for accuracy and completeness, and confirm with client
  3. Complete required documentation accurately, and confirm premiums and statutory imposts prior to issuing instructions for completion of cover to insurer
  4. Check insurer’s documentation for omissions and errors prior to making record of confirmed insurance cover
  5. Remit premiums to insurers in accordance with organisational guidelines and legislative requirements
  6. Update relevant files and records
Notify details of cover required to insurers and obtain confirmation of interim cover in response to client instructions

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Check interim cover for accuracy and completeness, and confirm with client

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Complete required documentation accurately, and confirm premiums and statutory imposts prior to issuing instructions for completion of cover to insurer

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Check insurer’s documentation for omissions and errors prior to making record of confirmed insurance cover

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Remit premiums to insurers in accordance with organisational guidelines and legislative requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Update relevant files and records

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Provide a claims service to broking client

  1. Register client’s claim in accordance with organisational guidelines
  2. Advise insurers and obtain necessary claims documentation
  3. Provide assistance to clients to provide accurate and complete information on claims documentation when required
  4. Request reinstatement of sum insured from insurer where required and advise client of reinstatement
  5. Review terms and conditions of policy and advise clients of claims administration process and their legislative rights and obligations
  6. Assist client to appoint independent claims service providers where required
  7. Maintain contact with all insurer and independent service providers to ensure reports and issues dealt with promptly
  8. Notify client of insurer’s terms of settlement and provide recommendations for client review
  9. Remit settlement funds to client according to organisational procedures, and update files and records promptly
Register client’s claim in accordance with organisational guidelines

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Advise insurers and obtain necessary claims documentation

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Provide assistance to clients to provide accurate and complete information on claims documentation when required

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Request reinstatement of sum insured from insurer where required and advise client of reinstatement

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Review terms and conditions of policy and advise clients of claims administration process and their legislative rights and obligations

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assist client to appoint independent claims service providers where required

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Maintain contact with all insurer and independent service providers to ensure reports and issues dealt with promptly

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Notify client of insurer’s terms of settlement and provide recommendations for client review

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Remit settlement funds to client according to organisational procedures, and update files and records promptly

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Provide ongoing services where requested by client

  1. Respond to client requests in line with organisational service standards to maximise business retention
  2. Offer additional benefits to clients based on review of client information and external conditions
Respond to client requests in line with organisational service standards to maximise business retention

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Offer additional benefits to clients based on review of client information and external conditions

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. Respond to client enquiries for broking services

1.1 Establish relationship with client and identify nature of broking services required to satisfy enquiry

1.2 Clarify information and research activities required to prepare appropriate and timely response

1.3 Determine relevant legislative and organisational requirements to be met in dealing with enquiry

1.4 Collect and process information and prepare response

1.5 Communicate information to client in suitable format that minimises need for follow up action

1.6 Update organisational records to satisfy organisational policy and guidelines

2. Provide insurance program for broking client

2.1 Determine client’s insurance needs by undertaking assessment of client’s objectives and current risk situation

2.2 Identify changes to client’s current insurance program by thorough analysis of information collected and discussions with client

2.3 Negotiate with insurers as required to obtain terms for renewal and change of client’s insurances as required

2.4 Communicate outcomes of negotiations and detailed information on options available to client

2.5 Make recommendations to client and obtain client instructions to enable precise actions to be taken

3. Place client insurances and confirm cover with client

3.1 Notify details of cover required to insurers and obtain confirmation of interim cover in response to client instructions

3.2 Check interim cover for accuracy and completeness, and confirm with client

3.3 Complete required documentation accurately, and confirm premiums and statutory imposts prior to issuing instructions for completion of cover to insurer

3.4 Check insurer’s documentation for omissions and errors prior to making record of confirmed insurance cover

3.5 Remit premiums to insurers in accordance with organisational guidelines and legislative requirements

3.6 Update relevant files and records

4. Provide a claims service to broking client

4.1 Register client’s claim in accordance with organisational guidelines

4.2 Advise insurers and obtain necessary claims documentation

4.3 Provide assistance to clients to provide accurate and complete information on claims documentation when required

4.4 Request reinstatement of sum insured from insurer where required and advise client of reinstatement

4.5 Review terms and conditions of policy and advise clients of claims administration process and their legislative rights and obligations

4.6 Assist client to appoint independent claims service providers where required

4.7 Maintain contact with all insurer and independent service providers to ensure reports and issues dealt with promptly

4.8 Notify client of insurer’s terms of settlement and provide recommendations for client review

4.9 Remit settlement funds to client according to organisational procedures, and update files and records promptly

5. Provide ongoing services where requested by client

5.1 Respond to client requests in line with organisational service standards to maximise business retention

5.2 Offer additional benefits to clients based on review of client information and external conditions

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. Respond to client enquiries for broking services

1.1 Establish relationship with client and identify nature of broking services required to satisfy enquiry

1.2 Clarify information and research activities required to prepare appropriate and timely response

1.3 Determine relevant legislative and organisational requirements to be met in dealing with enquiry

1.4 Collect and process information and prepare response

1.5 Communicate information to client in suitable format that minimises need for follow up action

1.6 Update organisational records to satisfy organisational policy and guidelines

2. Provide insurance program for broking client

2.1 Determine client’s insurance needs by undertaking assessment of client’s objectives and current risk situation

2.2 Identify changes to client’s current insurance program by thorough analysis of information collected and discussions with client

2.3 Negotiate with insurers as required to obtain terms for renewal and change of client’s insurances as required

2.4 Communicate outcomes of negotiations and detailed information on options available to client

2.5 Make recommendations to client and obtain client instructions to enable precise actions to be taken

3. Place client insurances and confirm cover with client

3.1 Notify details of cover required to insurers and obtain confirmation of interim cover in response to client instructions

3.2 Check interim cover for accuracy and completeness, and confirm with client

3.3 Complete required documentation accurately, and confirm premiums and statutory imposts prior to issuing instructions for completion of cover to insurer

3.4 Check insurer’s documentation for omissions and errors prior to making record of confirmed insurance cover

3.5 Remit premiums to insurers in accordance with organisational guidelines and legislative requirements

3.6 Update relevant files and records

4. Provide a claims service to broking client

4.1 Register client’s claim in accordance with organisational guidelines

4.2 Advise insurers and obtain necessary claims documentation

4.3 Provide assistance to clients to provide accurate and complete information on claims documentation when required

4.4 Request reinstatement of sum insured from insurer where required and advise client of reinstatement

4.5 Review terms and conditions of policy and advise clients of claims administration process and their legislative rights and obligations

4.6 Assist client to appoint independent claims service providers where required

4.7 Maintain contact with all insurer and independent service providers to ensure reports and issues dealt with promptly

4.8 Notify client of insurer’s terms of settlement and provide recommendations for client review

4.9 Remit settlement funds to client according to organisational procedures, and update files and records promptly

5. Provide ongoing services where requested by client

5.1 Respond to client requests in line with organisational service standards to maximise business retention

5.2 Offer additional benefits to clients based on review of client information and external conditions

Evidence of the ability to:

provide responses to a range of enquiries to satisfy client needs and achieve organisational outcomes

use organisational tools to collect, analyse and record information to provide broking services, including risk assessments and insurance claims

access and complete documentation

prepare timely, well-presented and accurate information to insurers and clients.

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 organisational policy, procedures and authorities for broking and dealing with client enquiries, particularly those leading to the provision of personal advice

describe the application of service processes and standards that the adviser takes responsibility for in relation to information collection and risk assessment, placing client insurances, providing claims assistance and undertaking post-sales client contact

describe the application of insurance and risk plans for typical retail and/or commercial client situations and risk profiles

summarise the key requirements of relevant legislation and industry codes of practice requirements that the adviser takes responsibility for in the provision of insurance broking services

describe the analysis of a range of insurance product or policy types, and their terms and conditions and cost and fee structures, for use in providing advice to retail clients.