Release 

Comments 

Release 1

This version first released with FNS Financial Services Training Package Version 5.0.

ELEMENT 

PERFORMANCE CRITERIA 

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Determine insurance program requirements

1.1 Establish client’s knowledge level and type of advice required

1.2 Identify client’s objectives according to organisational policies and procedures

1.3 Respond to enquiries for advice on new or renewed insurance program and explain program components

2. Evaluate client objectives and risk situation

2.1 Gather client information according to organisational procedures to determine client risk profile

2.2 Complete risk assessment in compliance with brokerage guidelines and applicable legislative and regulatory requirements

2.3 Confirm effective dates for insurance changes with client

2.4 Maintain comprehensive records of risks assessed and actions taken according to regulatory requirements and organisational procedures

2.5 Check and review records regularly to ensure information is current

3. Analyse required changes to client’s insurance program

3.1 Research and recommend appropriate products based on product comparison and cost-benefit analysis

3.2 Identify and record required changes to program using information gathered

3.3 Compare new and additional risks with current insurance program so that discrepancies are clear

3.4 Consult client throughout analysis and seek advice about required changes within required timeframe

3.5 Determine need for specialist advice and refer client to appropriate adviser for higher level or specialist advice if required and according to organisational policies and procedures

3.6 Obtain client declarations as required by underwriter

4. Negotiate any program changes with insurers

4.1 Obtain terms to meet client requirements

4.2 Clarify terms required for renewal and change of client’s insurance with insurers

5. Communicate options to client and obtain instructions

5.1 Advise clients about outcomes of negotiation with insurers to enable informed decisions

5.2 Clarify options for client that specify client benefits and disadvantages

5.3 Present justified recommendations clearly to clients, responding to questions as required

5.4 Obtain client instructions to enable precise action to be taken

5.5 Forward renewal notices to client according to organisational timeframe requirements

6. Agree to arrangements for providing ongoing service

6.1 Explain fees and costs of ongoing service and confirm client understanding

6.2 Agree to type and form of ongoing service to be provided

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

S KILL 

DESCRIPTION 

Numeracy

• Performs calculations to determine cost-benefit analyses, insurance requirements and fees according to organisational methodologies

Oral communication

• Uses language suitable to audience and purpose to convey information and requirements
• Uses active listening and questioning techniques to confirm understanding

Reading

• Gathers, interprets and analyses information from a range of sources and identifies key information, including organisational and industry policy wording

Writing

• Records and completes organisational documentation and correspondence using clear language and correct spelling, grammar and terminology
• Writes, edits and proofreads own documents to ensure clarity of meaning, and accuracy and consistency of information

Planning and organising

• Takes responsibility for planning, sequencing and prioritising tasks and own workload to meet organisational requirements
• Applies systematic and analytical decision-making processes to make informed recommendations in relation to risk assessment

Self-Management

• Takes personal responsibility for following policies, procedures and legislative requirements
• Selects and uses appropriate techniques when communicating with clients and insurers in a range of contexts

Teamwork

• Uses collaboration techniques to negotiate agreed outcomes

Technology

• Uses digital technologies to access, enter and store information

Release 

Comments 

Release 1

This version first released with FNS Financial Services Training Package Version 5.0.