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Evidence Guide: FNSIBK518 - Implement changes to insurance programs of broking clients

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

 

FNSIBK518 - Implement changes to insurance programs of broking clients

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

Identify required risk changes to insurance program

  1. Establish required changes to program using checklist or questionnaire
  2. Identify alternative risk management strategies to provide client with viable options
  3. Review current insurance program to determine whether existing cover can be endorsed and whether new covers are required
  4. Seek instructions from client about required changes according to organisational procedures
Establish required changes to program using checklist or questionnaire

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify 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 and whether new covers are required

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Seek instructions from client about required changes according to organisational procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Negotiate change with insurers

  1. Establish availability of market with terms relevant to client requirements
  2. Negotiate terms required for change with suppliers
  3. Identify options for client according to client requirements
  4. Communicate negotiation outcome, and benefits and disadvantages of identified options
Establish availability of market with terms relevant to client requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Negotiate terms required for change with suppliers

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify options for client according to client requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Communicate negotiation outcome, and benefits and disadvantages of identified options

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Obtain client instructions for program amendments

  1. Assist client to make decisions on program changes according to legislative requirements
  2. Record agreed client instructions on changes according to organisational procedures to ensure information is current
  3. Confirm client instructions and protect interests of both broker and client
  4. Complete required documentation according to organisational procedures
Assist client to make decisions on program changes according to legislative requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Record agreed client instructions on changes according to organisational procedures to ensure information is current

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Confirm client instructions and protect interests of both broker and client

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Complete required documentation according to organisational procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Agree to arrangements for providing ongoing service

  1. Agree to type and form of ongoing service with client
  2. Explain fees and costs for ongoing and specifically defined services, and confirm client understanding
  3. Implement procedures and schedule for agreed ongoing service according to organisational policies and procedures
Agree to type and form of ongoing service with client

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Implement procedures and schedule for agreed ongoing service according to organisational policies and procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

Required Skills and Knowledge

The candidate must demonstrate the ability to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including evidence of the ability to:

implement changes to broking client’s insurance program for at least two different clients.

In the course of the above, the candidate must:

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

undertake risk assessment to ensure changed insurance program is suitable

develop a communication strategy that demonstrates gathering and analysis of information and development of options, and shows justification for recommended lines of action.

The candidate must be able to demonstrate knowledge to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including knowledge of:

legislative requirements relating to implementing changes to broking clients’ insurance programs

organisational policies and procedures relating to improving service to broking clients

principles and methods of cost-benefit analysis in recommending changes to client insurance programs

available communication strategies relevant to recommendation of changes to insurance programs

commercial and financial lines product knowledge and offerings available in the market

key features of risk-management strategies available to broking clients

aspects of ongoing service provision, including:

reporting on performance

review of insurance program.