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Evidence Guide: FNSILF403A - 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!

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FNSILF403A - 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 the products and services used by the organisation

  1. Company products and services used by organisation are identified and the purpose of each determined
  2. Product and service characteristics are identified and their strengths, weaknesses, terms, and conditions understood and communicated to clients, where applicable
  3. Organisation’s promotional strategy for products and services is accessed and applied in business activities
Company products and services used by organisation are identified and the purpose of each determined

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Product and service characteristics are identified and their strengths, weaknesses, terms, and conditions understood and communicated to clients, where applicable

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Organisation’s promotional strategy for products and services is accessed and applied in business activities

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify compliance implications of product

  1. Compliance implications are established and documented
  2. Client is provided with all necessary information and documentation as per compliance requirements
Compliance implications are established and documented

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Client is provided with all necessary information and documentation as per compliance requirements

Completed
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Determine the appropriate users for products and services

  1. Function of each product and service and the customer needs it satisfies are identified and documented
  2. Customer characteristics that best suit each product are researched
  3. Products and services used by the organisation are compared with the products of competitors as a basis for selecting the most effective approach to matching the products to customer needs
  4. Approaches to selling the products and services, keeping in mind competitors, are evaluated and useful approaches to meeting customer needs are determined
Function of each product and service and the customer needs it satisfies are identified and documented

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Customer characteristics that best suit each product are researched

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Products and services used by the organisation are compared with the products of competitors as a basis for selecting the most effective approach to matching the products to customer needs

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Approaches to selling the products and services, keeping in mind competitors, are evaluated and useful approaches to meeting customer needs are determined

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Maintain product knowledge

  1. Relevant products and services are reviewed regularly and any changes to terms and conditions identified and applied in daily work
  2. Systems for keeping up with changes and maintaining up-to-date knowledge about relevant products and services are put in place
  3. Emerging trends affecting the financial industry are continuously reviewed and applied to product and service knowledge
Relevant products and services are reviewed regularly and any changes to terms and conditions identified and applied in daily work

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Systems for keeping up with changes and maintaining up-to-date knowledge about relevant products and services are put in place

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Emerging trends affecting the financial industry are continuously reviewed and applied to product and service knowledge

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

Evidence Guide

The evidence guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, range statement and the Assessment Guidelines for the Training Package.

Overview of assessment

Critical aspects for assessment and evidence required to demonstrate competency in this unit

Evidence of the ability to:

demonstrate understand and maintain knowledge of the features and benefits of a range of life insurance products

apply product knowledge to a range of client groups and situations

access sources of information in relation to life insurance products

explain features and benefits of life insurance products.

Context of and specific resources for assessment

Assessment must ensure:

competency is demonstrated in the context of the work environment and conditions specified in the range statement either in a relevant workplace or a closely simulated work environment

access to and the use of a range of common office equipment, technology, software and consumables

access to organisational records

access to organisational policies and procedures.

Method of assessment

A range of assessment methods should be used to assess practical skills and knowledge. The following examples are appropriate for this unit:

evaluating an integrated activity which combines the elements of competency for the unit or a cluster of related units of competency

simulated tasks involving preparation of reports from supplied data

verbal or written questioning on underpinning knowledge and skills

evaluating samples of work.

Guidance information for assessment

Required Skills and Knowledge

Required skills

communication skills to:

determine and confirm customer requirements

liaise with others, share information, listen and understand

use language and concepts appropriate to cultural differences

communicating the benefits of products and services in a way that informs the market

prepare responses to meet client enquiries

literacy skills to read documents and complete forms and transaction records accurately

numeracy and IT skills to:

access and use computer-based service systems

access and use internet information

organisational skills, including the ability to plan and sequence work

problem solving skills to address customer service issues

research and analysis skills to:

understand market and consumer trends, matching relevant products that meet these needs,

identify different types of customers in the relevant market

reading skills to:

read and understand product information documents

read and interpret compliance guidance

teamwork skills to work cooperatively with others

technology skills to:

utilise customer management and recording systems

undertake market and consumer research

writing skills to:

accurately record information

document compliance related information.

Required knowledge

compliance implications of legislation and regulation in Life Insurance

life insurance products, including:

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

life insurance organisations and other competitive products and services

sources of current information on products, including:

company websites

industry seminars

professional membership bodies

professional development and learning management systems

consumer reports

financial reviews

conferences

promotional events.

Range Statement

The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that may be present with training and assessment (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) may also be included.

Product and service characteristics may include:

interest rates

flexibility

time limits

fees

transferability.

Promotional strategy may include:

marketing and promotional plans

strategic plans.

Compliance implications may include:

Financial Services Reform Act (FSRA) requirements

product disclosure statements

industry code of practice requirements

relevant acts and legislation.

Customer characteristics may include:

age

marital status

income

profession

geographic location.

Emerging trends may include:

changes in the economic climate

changes in the political/international climate

new technologies

financial market changes

interest rate changes

valuation of currency.