Release 

Comments 

Release 1

This version first released with FNS Financial Services Training Package Version 1.0.

ELEMENT 

PERFORMANCE CRITERIA 

Elements describe the essential outcomes.

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

1. Advise clients on varying characteristics of personal injury management insurance

1.1 Identify characteristics of personal injury management insurance

1.2 Determine strengths, weaknesses, terms and conditions of personal injury management insurance and communicate to clients where applicable

1.3 Access and apply appropriate promotional strategy in business activities

2. Determine compliance implications of personal injury management insurance for client

2.1 Establish and document compliance implications

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

3. Review and update current information about personal injury management insurance

3.1 Review relevant personal injury management insurance regularly, identify any changes to terms and conditions and apply in daily work

3.2 Establish systems for keeping up with changes and maintaining up-to-date knowledge about relevant personal injury management insurance

3.3 Continually review emerging trends affecting industry and apply to knowledge of personal injury management insurance

4. Maintain knowledge of personal injury management premium systems

4.1 Demonstrate knowledge of factors affecting industry classification rates and how industry classification rates are set and allocated to employer

4.2 Update knowledge of premium formula, impact of its elements on employer premium and actuarial reasoning behind formula

4.3 Maintain knowledge of alternate premium options and when and why employer could use them

Skill 

Performance Criteria 

Description 

Learning

3.1-3.3

• Develops and uses personal organisational systems to gather and organise information
• Systematically and proactively sources and incorporates new information to improve own work practices

Reading

1.1, 1.3, 2.1, 3.1, 4.1-4.3

• Analyses and interprets complex textual information from a range of sources, and manages and incorporates specific aspects of information to meet requirements

Writing

1.2, 1.3, 2.1, 2.2, 3.3

• Uses language, concepts and terminology appropriate to the audience and purpose to convey and clarify explicit information and requirements
• Completes documentation accurately, following organisational procedures and protocols

Oral Communication

1.2, 1.3, 2.2

• Participates in verbal exchanges using active listening and questioning to convey and clarify information
• Clearly and effectively presents complex information using language, tone and pace appropriate to the audience and purpose

Numeracy

1.1, 1.2, 3.3, 4.1-4.2

• Interprets, classifies and orders numerical information, formulas and trend data to meet requirements

Navigate the world of work

2.2, 3.1-3.3, 4.1-4.3

• Uses a broad range of strategies to maintain currency of knowledge
• Works within legislative and regulatory requirements in providing advice to clients

Get the work done

1.1-1.3, 2.1, 3.2

• Organises, plans and sequences work activities, including research, to inform and assess advice provided to clients
• Uses a range of digitally based technologies to access, extract and share relevant information to achieve required outcomes

Code and title 

current version 

Code and title 

previous version 

Comments 

Equivalence status 

FNSPIM406 Develop and maintain knowledge of personal injury management insurance

FNSPIM406A Develop and maintain knowledge of personal injury management insurance

Updated to meet Standards for Training Packages

Equivalent unit

Release 

Comments 

Release 1

This version first released with FNS Financial Services Training Package Version 1.0.