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Evidence Guide: FNSILF403 - Develop and maintain in-depth knowledge of products and services used by the life insurance sector

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

 

FNSILF403 - Develop and maintain in-depth knowledge of products and services used by the life insurance sector

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

Identify products and services used by organisation

  1. Identify life insurance products and services offered by organisation and determine purpose of each
  2. Identify characteristics of product and service including their strengths, weaknesses, terms and conditions and, where applicable, communicate this information to clients
  3. Access organisation’s promotional strategy for products and services and apply in business activities
Identify life insurance products and services offered by organisation and determine purpose of each

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify characteristics of product and service including their strengths, weaknesses, terms and conditions and, where applicable, communicate this information to clients

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Access organisation’s promotional strategy for products and services and apply in business activities

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify compliance implications of product

  1. Establish and document compliance implications
  2. Provide clients with all necessary information and documentation as per compliance requirements
Establish and document compliance implications

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Provide clients with all necessary information and documentation as per compliance requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Determine appropriate users for products and services

  1. Identify and document function of each product and service, and client needs it satisfies
  2. Research client characteristics that best suit each product
  3. Compare organisation’s products and services against those of competitors, to establish most effective approach for matching products to client needs
  4. Evaluate products and services sales strategy that best meets client needs while taking into account competitor practices
Identify and document function of each product and service, and client needs it satisfies

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Research client characteristics that best suit each product

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Compare organisation’s products and services against those of competitors, to establish most effective approach for matching products to client needs

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Evaluate products and services sales strategy that best meets client needs while taking into account competitor practices

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Maintain product knowledge

  1. Regularly review relevant products and services to identify changes to terms and conditions and apply this information in daily work
  2. Implement systems for updating and maintaining knowledge of products and services
  3. Review and use information on emerging trends affecting financial services industry to supplement product and service knowledge
Regularly review relevant products and services to identify changes to terms and conditions and apply this information in daily work

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Implement systems for updating and maintaining knowledge of products and services

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Review and use information on emerging trends affecting financial services industry to supplement product and service knowledge

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 products and services used by organisation

1.1 Identify life insurance products and services offered by organisation and determine purpose of each

1.2 Identify characteristics of product and service including their strengths, weaknesses, terms and conditions and, where applicable, communicate this information to clients

1.3 Access organisation’s promotional strategy for products and services and apply in business activities

2. Identify compliance implications of product

2.1 Establish and document compliance implications

2.2 Provide clients with all necessary information and documentation as per compliance requirements

3. Determine appropriate users for products and services

3.1 Identify and document function of each product and service, and client needs it satisfies

3.2 Research client characteristics that best suit each product

3.3 Compare organisation’s products and services against those of competitors, to establish most effective approach for matching products to client needs

3.4 Evaluate products and services sales strategy that best meets client needs while taking into account competitor practices

4. Maintain product knowledge

4.1 Regularly review relevant products and services to identify changes to terms and conditions and apply this information in daily work

4.2 Implement systems for updating and maintaining knowledge of products and services

4.3 Review and use information on emerging trends affecting financial services industry to supplement product and service knowledge

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 products and services used by organisation

1.1 Identify life insurance products and services offered by organisation and determine purpose of each

1.2 Identify characteristics of product and service including their strengths, weaknesses, terms and conditions and, where applicable, communicate this information to clients

1.3 Access organisation’s promotional strategy for products and services and apply in business activities

2. Identify compliance implications of product

2.1 Establish and document compliance implications

2.2 Provide clients with all necessary information and documentation as per compliance requirements

3. Determine appropriate users for products and services

3.1 Identify and document function of each product and service, and client needs it satisfies

3.2 Research client characteristics that best suit each product

3.3 Compare organisation’s products and services against those of competitors, to establish most effective approach for matching products to client needs

3.4 Evaluate products and services sales strategy that best meets client needs while taking into account competitor practices

4. Maintain product knowledge

4.1 Regularly review relevant products and services to identify changes to terms and conditions and apply this information in daily work

4.2 Implement systems for updating and maintaining knowledge of products and services

4.3 Review and use information on emerging trends affecting financial services industry to supplement product and service knowledge

Evidence of the ability to:

access sources of information in relation to life insurance products

establish a system for updating and maintaining knowledge of products and services

undertake research on competitor offerings and highlight difference in organisation’s offerings

gather information on client needs and match offerings based on the needs.

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 the compliance implications of legislation and regulation in life insurance

explain the key features, purpose, application and benefits of the following life insurance products:

basic term life insurance (death cover)

total and permanent disablement cover

disability income cover

trauma cover

life insurance annuities

life insurance investments

endowment policies

whole of life policies

identify the life insurance organisations and other competitive products and services

explain the benefits of each of the following sources of current information on products:

company websites

industry seminars

professional membership bodies

professional development and learning management systems

consumer reports

financial reviews

conferences

promotional events.