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Evidence Guide: FNSIBK524 - Manage complex risk portfolios for insurance 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

 

FNSIBK524 - Manage complex risk portfolios for insurance broking clients

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

Identify significant risk changes impacting client portfolio

  1. Identify significant variations in client’s insurance program by monitoring client requested changes
  2. Identify major changes to level of risk exposure by monitoring and analysing external environment against client program
  3. Undertake risk assessment in compliance with organisational policies and procedures
  4. Seek specialist advice as required and according to organisational procedures
  5. Identify precedents through analysis of similar situations
  6. Maintain records of risks assessed and actions taken
Identify significant variations in client’s insurance program by monitoring client requested changes

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify major changes to level of risk exposure by monitoring and analysing external environment against client program

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Undertake risk assessment in compliance with organisational policies and procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Seek specialist advice as required and according to organisational procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify precedents through analysis of similar situations

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Maintain records of risks assessed and actions taken

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Advise client on changes to insurance program

  1. Provide advice based on assessment of current insurance program that considers changes in risk context and external environment
  2. Present alternative risk management strategies
  3. Undertake a cost-benefit analysis of program options
  4. Identify, record and verify client’s preferred program options
  5. Obtain client declarations, as required by insurers
Provide advice based on assessment of current insurance program that considers changes in risk context and external environment

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Present alternative risk management strategies

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Undertake a cost-benefit analysis of program options

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify, record and verify client’s preferred program options

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Obtain client declarations, as required by insurers

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Negotiate complex changes and renewals with insurers

  1. Identify suitable market for client requirements and approach selected insurers according to organisational procedures
  2. Obtain client instructions for negotiated outcomes with insurers
  3. Negotiate options and alternative portfolio structures with insurers
  4. Obtain negotiated outcomes that provide level of cover required by client
Identify suitable market for client requirements and approach selected insurers according to organisational procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Obtain client instructions for negotiated outcomes with insurers

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Negotiate options and alternative portfolio structures with insurers

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Obtain negotiated outcomes that provide level of cover required by client

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Obtain client instructions and arrange changes to insurance program

  1. Advise client on outcomes of negotiation with insurers and provide client with opportunity to discuss and question alternatives
  2. Explain benefits and disadvantages of available options to client and make recommendations
  3. Clarify and document client instructions and communicate change instructions to insurers
  4. Issue insurance documents within required timeframes and according to organisational requirements
Advise client on outcomes of negotiation with insurers and provide client with opportunity to discuss and question alternatives

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Explain benefits and disadvantages of available options to client and make recommendations

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Clarify and document client instructions and communicate change instructions to insurers

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Issue insurance documents within required timeframes and according to organisational requirements

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:

manage a complex risk portfolio for at least two different insurance broking clients.

In the course of the above, the candidate must:

synthesise and coordinate knowledge of the industry to monitor client’s need for portfolio changes

undertake client interviews, gather information and analyse options based on risk assessment methodologies, for presentation to the client

review insurance benefits, credit stability assessments, claims history, and level of supplier service.

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 and compliance requirements relating to client management procedures

organisational policies, procedures and authorities in developing management plans for clients with complex portfolios and risks

risk assessment methods and risk management strategies required to develop risk management plans for clients with complex risks

techniques to interpret and analyse client’s needs, including key trends and structure of client’s industry and insurance market

key marketing principles and practices applied when managing complex client portfolios

range of insurance products on the market, including knowledge of complex products

key aspects of cost-benefit analysis used in managing complex client risk portfolios and risk portfolios with high risk volatility

insurance fundamentals and methods to interpret, comprehend and apply policy wording

precedents and previous organisational results for changes in complex risk portfolios.