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Evidence Guide: FNSIBK508 - Implement changes to broking client's insurance program

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

 

FNSIBK508 - Implement changes to broking client's insurance program

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

Identify required risk changes to insurance program

  1. Establish all required changes using appropriate checklist or questionnaire
  2. Determine alternative risk management strategies to provide client with viable options
  3. Review current insurance program to determine whether existing cover can be endorsed or whether new cover/s are required
  4. Seek instructions from client about required changes without delay
Establish all required changes using appropriate checklist or questionnaire

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Determine alternative risk management strategies to provide client with viable options

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Review current insurance program to determine whether existing cover can be endorsed or whether new cover/s are required

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Seek instructions from client about required changes without delay

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Negotiate change with insurers

  1. Establish availability of market with suitable terms for client requirements
  2. Negotiate all terms required for change with suppliers to provide most beneficial outcome for client
Establish availability of market with suitable terms for client requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Negotiate all terms required for change with suppliers to provide most beneficial outcome for client

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Communicate options for changes to client

  1. Advise client about outcomes of negotiations with insurers to enable informed decision to be made
  2. Identify options for client that specify benefits and disadvantages
  3. Justify all recommendations
Advise client about outcomes of negotiations with insurers to enable informed decision to be made

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify options for client that specify benefits and disadvantages

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Justify all recommendations

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Obtain client instructions for program amendments

  1. Communicate options for changes clearly so that client can make informed decisions on program changes
  2. Obtain clear and concise client instructions to enable precise action to be taken
  3. Record client instructions according to operating procedures to ensure information is current
  4. Confirm all client instructions to protect interests of both broker and client
  5. Complete relevant documentation
Communicate options for changes clearly so that client can make informed decisions on program changes

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Obtain clear and concise client instructions to enable precise action to be taken

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Record client instructions according to operating procedures to ensure information is current

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Confirm all client instructions to protect interests of both broker and client

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Complete relevant documentation

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Provide ongoing service where requested by client

  1. Agree with client type and form of ongoing service, including reporting on performance and review of insurance program
  2. Explain any fees and costs for ongoing and specifically defined services, and confirm client’s understanding
  3. Schedule and provide ongoing service as required
Agree with client type and form of ongoing service, including reporting on performance and review of insurance program

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Explain any fees and costs for ongoing and specifically defined services, and confirm client’s understanding

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Schedule and provide ongoing service as required

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. Identify required risk changes to insurance program

1.1 Establish all required changes using appropriate checklist or questionnaire

1.2 Determine alternative risk management strategies to provide client with viable options

1.3 Review current insurance program to determine whether existing cover can be endorsed or whether new cover/s are required

1.4 Seek instructions from client about required changes without delay

2. Negotiate change with insurers

2.1 Establish availability of market with suitable terms for client requirements

2.2 Negotiate all terms required for change with suppliers to provide most beneficial outcome for client

3. Communicate options for changes to client

3.1 Advise client about outcomes of negotiations with insurers to enable informed decision to be made

3.2 Identify options for client that specify benefits and disadvantages

3.3 Justify all recommendations

4. Obtain client instructions for program amendments

4.1 Communicate options for changes clearly so that client can make informed decisions on program changes

4.2 Obtain clear and concise client instructions to enable precise action to be taken

4.3 Record client instructions according to operating procedures to ensure information is current

4.4 Confirm all client instructions to protect interests of both broker and client

4.5 Complete relevant documentation

5. Provide ongoing service where requested by client

5.1 Agree with client type and form of ongoing service, including reporting on performance and review of insurance program

5.2 Explain any fees and costs for ongoing and specifically defined services, and confirm client’s understanding

5.3 Schedule and provide ongoing service as required

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. Identify required risk changes to insurance program

1.1 Establish all required changes using appropriate checklist or questionnaire

1.2 Determine alternative risk management strategies to provide client with viable options

1.3 Review current insurance program to determine whether existing cover can be endorsed or whether new cover/s are required

1.4 Seek instructions from client about required changes without delay

2. Negotiate change with insurers

2.1 Establish availability of market with suitable terms for client requirements

2.2 Negotiate all terms required for change with suppliers to provide most beneficial outcome for client

3. Communicate options for changes to client

3.1 Advise client about outcomes of negotiations with insurers to enable informed decision to be made

3.2 Identify options for client that specify benefits and disadvantages

3.3 Justify all recommendations

4. Obtain client instructions for program amendments

4.1 Communicate options for changes clearly so that client can make informed decisions on program changes

4.2 Obtain clear and concise client instructions to enable precise action to be taken

4.3 Record client instructions according to operating procedures to ensure information is current

4.4 Confirm all client instructions to protect interests of both broker and client

4.5 Complete relevant documentation

5. Provide ongoing service where requested by client

5.1 Agree with client type and form of ongoing service, including reporting on performance and review of insurance program

5.2 Explain any fees and costs for ongoing and specifically defined services, and confirm client’s understanding

5.3 Schedule and provide ongoing service as required

Evidence of the ability to:

review existing client portfolio and client insurance history to identify gaps in the portfolio and recommend strategies to cater to client needs

develop a communication strategy that demonstrates gathering and analysis of information, and development of options, and shows how a recommendation for a chosen line of action is justified.

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 application of the principles and practice of cost–benefit analysis in recommending changes to client insurance programs

provide analysis of product offerings available in the market to cater for the varying needs of broking clients that covers evaluation of insurance benefits and supplier services

evaluate the organisation’s policy and procedures that cater to the improvement of service to broking clients

summarise the various risk management strategies available to service broking clients

explain the responsibility for compliance with legislative requirements in recommending changes to insurance programs.