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Evidence Guide: FNSIBK513 - Prepare a submission for new business

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

 

FNSIBK513 - Prepare a submission for new business

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

Establish relationship with client

  1. Establish knowledge level of client using effective communication skills
  2. Explain range of general insurance products and broking services available, and fee and charging methodology
  3. Advise client about role of broker and principal responsible for adviser’s conduct, and complaint handling processes available to them
  4. Identify client’s objectives, risk needs and financial situation
Establish knowledge level of client using effective communication skills

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Explain range of general insurance products and broking services available, and fee and charging methodology

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Advise client about role of broker and principal responsible for adviser’s conduct, and complaint handling processes available to them

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify client’s objectives, risk needs and financial situation

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Determine nature of submission and resource requirements

  1. Determine nature of submission required by prospective client
  2. Assess skills required to prepare submission
  3. Identify and retain consultants with required skills as needed
  4. Identify and establish team and team leader as required
Determine nature of submission required by prospective client

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assess skills required to prepare submission

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify and retain consultants with required skills as needed

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify and establish team and team leader as required

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Analyse client risk profile to develop product risk profile

  1. Complete risk assessment for client in compliance with guidelines
  2. Develop risk profile of client using organisational tools
  3. Prepare product risk profile from risk analysis
  4. Maintain comprehensive records of risk assessment and actions taken
Complete risk assessment for client in compliance with guidelines

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Develop risk profile of client using organisational tools

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Prepare product risk profile from risk analysis

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Maintain comprehensive records of risk assessment and actions taken

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify appropriate insurance program

  1. Determine appropriate insurance or risk management program based on risk assessment and client objectives, risk needs and financial situation
  2. Compare proposed program with appropriate checklist and other similar clients, and identify significant changes
  3. Confirm program meets needs with client
Determine appropriate insurance or risk management program based on risk assessment and client objectives, risk needs and financial situation

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Compare proposed program with appropriate checklist and other similar clients, and identify significant changes

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Confirm program meets needs with client

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify market availability

  1. Identify availability of market with suitable terms for client requirements
  2. Negotiate required terms with insurers to provide most beneficial outcome for prospective client
Identify availability of market with suitable terms for client requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Negotiate required terms with insurers to provide most beneficial outcome for prospective client

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Make submission to prospective client

  1. Obtain letter of appointment that identifies exact nature of appointment as appropriate
  2. Provide written submission to client in format required by organisation
  3. Identify options that specify benefits and advantages for prospective client
  4. Justify proposed recommendations fully and support with relevant information
  5. Discuss and clarify concerns or issues with client regarding submission proposal, and obtain confirmation of client’s understanding
  6. Complete appropriate documentation
Obtain letter of appointment that identifies exact nature of appointment as appropriate

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Provide written submission to client in format required by organisation

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify options that specify benefits and advantages for prospective client

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Justify proposed recommendations fully and support with relevant information

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Discuss and clarify concerns or issues with client regarding submission proposal, and obtain confirmation of client’s understanding

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Complete appropriate documentation

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 Establish knowledge level of client using effective communication skills

1.2 Explain range of general insurance products and broking services available, and fee and charging methodology

1.3 Advise client about role of broker and principal responsible for adviser’s conduct, and complaint handling processes available to them

1.4 Identify client’s objectives, risk needs and financial situation

2. Determine nature of submission and resource requirements

2.1 Determine nature of submission required by prospective client

2.2 Assess skills required to prepare submission

2.3 Identify and retain consultants with required skills as needed

2.4 Identify and establish team and team leader as required

3. Analyse client risk profile to develop product risk profile

3.1 Complete risk assessment for client in compliance with guidelines

3.2 Develop risk profile of client using organisational tools

3.3 Prepare product risk profile from risk analysis

3.4 Maintain comprehensive records of risk assessment and actions taken

4. Identify appropriate insurance program

4.1 Determine appropriate insurance or risk management program based on risk assessment and client objectives, risk needs and financial situation

4.2 Compare proposed program with appropriate checklist and other similar clients, and identify significant changes

4.3 Confirm program meets needs with client

5. Identify market availability

5.1 Identify availability of market with suitable terms for client requirements

5.2 Negotiate required terms with insurers to provide most beneficial outcome for prospective client

6. Make submission to prospective client

6.1 Obtain letter of appointment that identifies exact nature of appointment as appropriate

6.2 Provide written submission to client in format required by organisation

6.3 Identify options that specify benefits and advantages for prospective client

6.4 Justify proposed recommendations fully and support with relevant information

6.5 Discuss and clarify concerns or issues with client regarding submission proposal, and obtain confirmation of client’s understanding

6.6 Complete appropriate documentation

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 Establish knowledge level of client using effective communication skills

1.2 Explain range of general insurance products and broking services available, and fee and charging methodology

1.3 Advise client about role of broker and principal responsible for adviser’s conduct, and complaint handling processes available to them

1.4 Identify client’s objectives, risk needs and financial situation

2. Determine nature of submission and resource requirements

2.1 Determine nature of submission required by prospective client

2.2 Assess skills required to prepare submission

2.3 Identify and retain consultants with required skills as needed

2.4 Identify and establish team and team leader as required

3. Analyse client risk profile to develop product risk profile

3.1 Complete risk assessment for client in compliance with guidelines

3.2 Develop risk profile of client using organisational tools

3.3 Prepare product risk profile from risk analysis

3.4 Maintain comprehensive records of risk assessment and actions taken

4. Identify appropriate insurance program

4.1 Determine appropriate insurance or risk management program based on risk assessment and client objectives, risk needs and financial situation

4.2 Compare proposed program with appropriate checklist and other similar clients, and identify significant changes

4.3 Confirm program meets needs with client

5. Identify market availability

5.1 Identify availability of market with suitable terms for client requirements

5.2 Negotiate required terms with insurers to provide most beneficial outcome for prospective client

6. Make submission to prospective client

6.1 Obtain letter of appointment that identifies exact nature of appointment as appropriate

6.2 Provide written submission to client in format required by organisation

6.3 Identify options that specify benefits and advantages for prospective client

6.4 Justify proposed recommendations fully and support with relevant information

6.5 Discuss and clarify concerns or issues with client regarding submission proposal, and obtain confirmation of client’s understanding

6.6 Complete appropriate documentation

Evidence of the of the ability to:

maintain and apply knowledge of insurance products, practices, global markets and exposures to tailor specific advice to clients

undertake risk management data collection and analysis to ensure clients are provided with the appropriate choice of products suitable to their requirements

comply with organisational requirements to prepare and deliver client conceptual and quotation submissions.

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:

research and analyse information relating to the insurance industry and economic and taxation factors impacting on insurance markets or products that is used to set the context for a business submission

explain the evaluation undertaken of a range of insurance products and broking services

explain organisational policy, procedures and standards in the preparation of business submissions

provide an example of the application of the principles of insurance buyer behaviour and marketing to the preparation and presentation of business submission to new and renewing clients

explain the impact of industry compliance requirements and regulatory guidelines in marketing broking services within the context of a business submission

illustrate the application of risk analysis procedures on the development of recommendations.