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Evidence Guide: FNSIBK515 - Monitor broking client requirements and establish loss control programs

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

 

FNSIBK515 - Monitor broking client requirements and establish loss control programs

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

Establish communication protocols with client

  1. Apply brokerage service guidelines to determine level of client contact required
  2. Formalise communications where interests of broker and client need to be protected
  3. Focus communications on ongoing review of client requirements
  4. Establish regular communications within guidelines based on client needs
Apply brokerage service guidelines to determine level of client contact required

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Formalise communications where interests of broker and client need to be protected

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Focus communications on ongoing review of client requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Establish regular communications within guidelines based on client needs

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Gather and review client information

  1. Identify categories of information relevant to broking services provided
  2. Monitor business environment to identify need to amend information services
  3. Establish methods to select and filter information in efficient manner
  4. Determine, gather and review information relevant to client
Identify categories of information relevant to broking services provided

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Monitor business environment to identify need to amend information services

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Establish methods to select and filter information in efficient manner

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Determine, gather and review information relevant to client

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Establish loss reporting program

  1. Determine content and format of information required to analyse and report loss
  2. Assign responsibility for establishing and maintaining loss reporting program so that accurate, comprehensive and reliable records are maintained
  3. Record loss information accurately and without delay in established format
Determine content and format of information required to analyse and report loss

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assign responsibility for establishing and maintaining loss reporting program so that accurate, comprehensive and reliable records are maintained

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Record loss information accurately and without delay in established format

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Determine suitable action on loss reports

  1. Assess loss reports in relation to client program to ensure all insured losses are identified
  2. Refer insured losses to insurers within policy requirements
Assess loss reports in relation to client program to ensure all insured losses are identified

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Refer insured losses to insurers within policy requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify loss trends

  1. Undertake analysis of loss information using valid and reliable statistical techniques
  2. Apply standard industry procedures to review loss trend information for client impact
Undertake analysis of loss information using valid and reliable statistical techniques

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Apply standard industry procedures to review loss trend information for client impact

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Formulate and recommend loss control program

  1. Identify significance of analysis for client program so areas of effective loss control measures can be specified
  2. Identify options to reduce incidence and frequency of loss to protect client interests
  3. Document client loss control programs clearly with reasons for recommendations made
Identify significance of analysis for client program so areas of effective loss control measures can be specified

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify options to reduce incidence and frequency of loss to protect client interests

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Document client loss control programs clearly with reasons for recommendations made

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 communication protocols with client

1.1 Apply brokerage service guidelines to determine level of client contact required

1.2 Formalise communications where interests of broker and client need to be protected

1.3 Focus communications on ongoing review of client requirements

1.4 Establish regular communications within guidelines based on client needs

2. Gather and review client information

2.1 Identify categories of information relevant to broking services provided

2.2 Monitor business environment to identify need to amend information services

2.3 Establish methods to select and filter information in efficient manner

2.4 Determine, gather and review information relevant to client

3. Establish loss reporting program

3.1 Determine content and format of information required to analyse and report loss

3.2 Assign responsibility for establishing and maintaining loss reporting program so that accurate, comprehensive and reliable records are maintained

3.3 Record loss information accurately and without delay in established format

4. Determine suitable action on loss reports

4.1 Assess loss reports in relation to client program to ensure all insured losses are identified

4.2 Refer insured losses to insurers within policy requirements

5. Identify loss trends

5.1 Undertake analysis of loss information using valid and reliable statistical techniques

5.2 Apply standard industry procedures to review loss trend information for client impact

6. Formulate and recommend loss control program

6.1 Identify significance of analysis for client program so areas of effective loss control measures can be specified

6.2 Identify options to reduce incidence and frequency of loss to protect client interests

6.3 Document client loss control programs clearly with reasons for recommendations made

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 communication protocols with client

1.1 Apply brokerage service guidelines to determine level of client contact required

1.2 Formalise communications where interests of broker and client need to be protected

1.3 Focus communications on ongoing review of client requirements

1.4 Establish regular communications within guidelines based on client needs

2. Gather and review client information

2.1 Identify categories of information relevant to broking services provided

2.2 Monitor business environment to identify need to amend information services

2.3 Establish methods to select and filter information in efficient manner

2.4 Determine, gather and review information relevant to client

3. Establish loss reporting program

3.1 Determine content and format of information required to analyse and report loss

3.2 Assign responsibility for establishing and maintaining loss reporting program so that accurate, comprehensive and reliable records are maintained

3.3 Record loss information accurately and without delay in established format

4. Determine suitable action on loss reports

4.1 Assess loss reports in relation to client program to ensure all insured losses are identified

4.2 Refer insured losses to insurers within policy requirements

5. Identify loss trends

5.1 Undertake analysis of loss information using valid and reliable statistical techniques

5.2 Apply standard industry procedures to review loss trend information for client impact

6. Formulate and recommend loss control program

6.1 Identify significance of analysis for client program so areas of effective loss control measures can be specified

6.2 Identify options to reduce incidence and frequency of loss to protect client interests

6.3 Document client loss control programs clearly with reasons for recommendations made

Evidence of the ability to:

assess and record current and new risks to the portfolio by applying a systematic, methodological approach to monitoring situations in the context of product market developments and industry trends

comply with broking and communication protocols and practices

analyse loss experience of client and make recommendations for appropriate action to cover identified losses

analyse data relating to loss incidents to determine loss trends and make recommendations to improve loss controls

develop a service level agreement (SLA) suitable for broking clients requiring loss control programs.

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:

explain the analysis and evaluation process used to identify potential changes to client portfolios

provide a detailed analysis of loss control techniques applied to managing client risks

outline the application of insurance survey requirements to monitor the requirements of clients with potential risk changes, including those relating to workplace safety

explain approach to analysing policy wordings in relation to client losses

evaluate the impact of industry or company compliance requirements on dealing with client losses

outline company policy, procedures and authorities that are applied in loss analysis and reporting.