NTISthis.com

Evidence Guide: FNSIBK503B - Provide personal advice in general insurance broking products and 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

 

FNSIBK503B - Provide personal advice in general insurance broking products and services

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

Establish relationship with client

  1. A range of communication and interpersonal skills are used to establish the knowledge level of client and clarify the level of insurance broking advice to be provided
  2. Broker authorisation to deal with the client’s needs is established and referral to appropriate adviser for higher level/specialist advice made, if required
  3. Enquiries are responded to by explaining the range of general insurance products and broking services available and their relevant fee and charging methodology
  4. Role of the broker and the licensee/principal responsible for the adviser’s conduct is advised to the client
A range of communication and interpersonal skills are used to establish the knowledge level of client and clarify the level of insurance broking advice to be provided

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Broker authorisation to deal with the client’s needs is established and referral to appropriate adviser for higher level/specialist advice made, if required

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Enquiries are responded to by explaining the range of general insurance products and broking services available and their relevant fee and charging methodology

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Role of the broker and the licensee/principal responsible for the adviser’s conduct is advised to the client

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify client objectives and risk situation

  1. Regulations, codes and procedures set out in organisation compliance manuals for the personal advice process are complied with including delivery of appropriate disclosure documents and information about complaints handling processes
  2. A range of communication and interpersonal skills are used to establish client objectives and goals
Regulations, codes and procedures set out in organisation compliance manuals for the personal advice process are complied with including delivery of appropriate disclosure documents and information about complaints handling processes

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

A range of communication and interpersonal skills are used to establish client objectives and goals

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Determine submission resource requirements

  1. Nature of submission required by prospective client is determined
  2. Skill requirements to prepare submission are identified
  3. The need for specialist advice or client industry information is sought if required to address issues that professional judgement indicates may require further consideration
  4. Consultants with required skills are identified and retained as required
  5. Team is established with team leader identified as required
Nature of submission required by prospective client is determined

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Skill requirements to prepare submission are identified

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

The need for specialist advice or client industry information is sought if required to address issues that professional judgement indicates may require further consideration

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Consultants with required skills are identified and retained as required

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Team is established with team leader identified as required

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Apply risk assessment methodology

  1. Appropriate risk assessment processes and tools are used to collect relevant personal, financial and business details
  2. Risk assessment is completed in compliance with guidelines
  3. Comprehensive records are maintained of risk assessment and actions taken
Appropriate risk assessment processes and tools are used to collect relevant personal, financial and business details

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Risk assessment is completed in compliance with guidelines

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Comprehensive records are maintained of risk assessment and actions taken

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Analyse client risk information

  1. All information from the client risk assessment process is analysed
  2. Comprehensive records of risks assessed and actions taken are checked to ensure information is current and comprehensive
  3. Required insurance program and/or products are fully identified using an appropriate checklist
  4. Clients are consulted throughout the analysis for further clarification where necessary
  5. Follow up questioning to ensure that the client understood earlier questions and that information received by them is relevant and complete is undertaken
All information from the client risk assessment process is analysed

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Comprehensive records of risks assessed and actions taken are checked to ensure information is current and comprehensive

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Required insurance program and/or products are fully identified using an appropriate checklist

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Clients are consulted throughout the analysis for further clarification where necessary

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Follow up questioning to ensure that the client understood earlier questions and that information received by them is relevant and complete is undertaken

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify appropriate insurance program

  1. Appropriate insurance/risk management program based on risk assessment and client needs is determined
  2. Proposed program is compared with appropriate checklist and other similar clients and significant changes identified
  3. Available options are identified and assessed using information from risk analysis
  4. Relevant product research is conducted
  5. Advice for presentation to the client is prepared in accordance with organisational policy
  6. Checks to ensure the advice has been scaled and suitable to the requirements of the advice situation are made
  7. Checks that restricted words are used appropriately in the delivery of advice are made
  8. Checks are made that the reasoning behind the advice and any conflicts of interest that affect the advice have been disclosed are made
Appropriate insurance/risk management program based on risk assessment and client needs is determined

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Proposed program is compared with appropriate checklist and other similar clients and significant changes identified

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Available options are identified and assessed using information from risk analysis

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Relevant product research is conducted

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Advice for presentation to the client is prepared in accordance with organisational policy

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Checks to ensure the advice has been scaled and suitable to the requirements of the advice situation are made

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Checks that restricted words are used appropriately in the delivery of advice are made

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Checks are made that the reasoning behind the advice and any conflicts of interest that affect the advice have been disclosed are made

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify market availability

  1. Where applicable, availability of a market with suitable terms for the client requirements is identified
  2. Where applicable, indicative terms of cover are sourced with insurers to provide the most beneficial outcome for the prospective client
Where applicable, availability of a market with suitable terms for the client requirements is identified

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Where applicable, indicative terms of cover are sourced with insurers to provide the most beneficial outcome for the prospective client

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Make submission to prospective client

  1. Required written submission is provided to client in format required by the organisation
  2. Options that specify benefits and advantages are identified for the prospective client
  3. Features of the advice are explained to the client in a clear and unambiguous way
  4. Relevant details, terms and conditions of the underlying products/services are explained to the client
  5. Requirements to put the recommended program into effect are explained to the client
  6. Client is provided with written supporting documentation and guided through the key aspects of the documentation
  7. Distribution of relevant disclosure documents is established
Required written submission is provided to client in format required by the organisation

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Options that specify benefits and advantages are identified for the prospective client

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Features of the advice are explained to the client in a clear and unambiguous way

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Relevant details, terms and conditions of the underlying products/services are explained to the client

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Requirements to put the recommended program into effect are explained to the client

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Client is provided with written supporting documentation and guided through the key aspects of the documentation

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Distribution of relevant disclosure documents is established

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:

maintain and apply knowledge of products and specialist knowledge of general insurance products, practices, global markets and exposures

apply knowledge in practical situations to tailor specific advice to the client

comply with industry and organisation obligations and objectives

accurately interpret available information about the client’s risk needs and products

apply discretion and judgement in developing an appropriate solution.

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

Required Skills and Knowledge

Required skills

well-developed communication skills to:

negotiate with clients and others

determine and confirm information, using questioning and active listening techniques

gather information and negotiate to obtain agreed outcomes

liaise with others, share information, listen and understand

use language and concepts appropriate to cultural differences

numeracy and IT skills to:

perform calculations related to achieving required outcomes

use data collection and analysis to identify client needs

use appropriate calculators or statistics to determine insurance cover requirements

identify product information and access appropriate databases and spreadsheets

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

prepare submissions

product research and analysis skills for accessing and interpreting relevant information and formulating recommendations

interpersonal skills

organisational skills, including the ability to plan and sequence work

needs analysis skills.

Required knowledge

core insurance knowledge:

operation of insurance markets: definition of an insurance product, characteristics and participants of the Australian insurance market, the roles played by intermediaries

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

taxation: awareness of taxation issues in relation to the products

advisory functions:

the role of the broker/representative/adviser

participants in the advisory services market

range of services provided

profile and financial information of the client

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

internal and external (FOS) complaints resolution procedures.

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.

Level of insurance broking advice may include:

extent of client’s enquiry, complexity of advice requested and financial literacy of the client.

Disclosure documents and information may include:

financial services guide

product disclosure statement

statement of advice.

Client objectives and goals may include:

business needs

expectations of product coverage

insurer security.

Risk assessment process may include:

amendments

assessor reports

broker slips

checklists

claims history reports

legal cases

pre-underwriting report

previous insurers

proposals

specialist risk reports

surveys.

Significant changes may involve:

complex technical determinations

high monetary impact

important client base.

Scaled and suitable advice:

has a specific definition in the ASIC guidelines on disclosure and conduct of advisers in its regulatory guides

Restricted words may include:

impartial

independent

unbiased.

Terms of cover may include:

deductibles/excesses required

limit of liability/sub-limits

price

scope of cover

security of carrier.

Submission may include:

conceptual quotation

firm quotation

to prospective clients.