List the assessment methods to be used and the context and resources required for assessment. Copy and paste the relevant sections from the evidence guide below and then re-write these in plain English.
ELEMENT | PERFORMANCE CRITERIA |
Elements describe the essential outcomes. | Performance criteria describe the performance needed to demonstrate achievement of the element. |
1. Establish relationship with client | 1.1 Establish knowledge level of client using effective communication skills 1.2 Explain range of general insurance products and broking services available, and fee and charging methodology 1.3 Advise client about role of broker and principal responsible for adviser’s conduct, and complaint handling processes available to them 1.4 Identify client’s objectives, risk needs and financial situation |
2. Determine nature of submission and resource requirements | 2.1 Determine nature of submission required by prospective client 2.2 Assess skills required to prepare submission 2.3 Identify and retain consultants with required skills as needed 2.4 Identify and establish team and team leader as required |
3. Analyse client risk profile to develop product risk profile | 3.1 Complete risk assessment for client in compliance with guidelines 3.2 Develop risk profile of client using organisational tools 3.3 Prepare product risk profile from risk analysis 3.4 Maintain comprehensive records of risk assessment and actions taken |
4. Identify appropriate insurance program | 4.1 Determine appropriate insurance or risk management program based on risk assessment and client objectives, risk needs and financial situation 4.2 Compare proposed program with appropriate checklist and other similar clients, and identify significant changes 4.3 Confirm program meets needs with client |
5. Identify market availability | 5.1 Identify availability of market with suitable terms for client requirements 5.2 Negotiate required terms with insurers to provide most beneficial outcome for prospective client |
6. Make submission to prospective client | 6.1 Obtain letter of appointment that identifies exact nature of appointment as appropriate 6.2 Provide written submission to client in format required by organisation 6.3 Identify options that specify benefits and advantages for prospective client 6.4 Justify proposed recommendations fully and support with relevant information 6.5 Discuss and clarify concerns or issues with client regarding submission proposal, and obtain confirmation of client’s understanding 6.6 Complete appropriate documentation |
Evidence of the of the ability to:
maintain and apply knowledge of insurance products, practices, global markets and exposures to tailor specific advice to clients
undertake risk management data collection and analysis to ensure clients are provided with the appropriate choice of products suitable to their requirements
comply with organisational requirements to prepare and deliver client conceptual and quotation submissions.
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:
research and analyse information relating to the insurance industry and economic and taxation factors impacting on insurance markets or products that is used to set the context for a business submission
explain the evaluation undertaken of a range of insurance products and broking services
explain organisational policy, procedures and standards in the preparation of business submissions
provide an example of the application of the principles of insurance buyer behaviour and marketing to the preparation and presentation of business submission to new and renewing clients
explain the impact of industry compliance requirements and regulatory guidelines in marketing broking services within the context of a business submission
illustrate the application of risk analysis procedures on the development of recommendations.
Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the insurance broking field of work and include access to:
common office equipment, technology, software and consumables
organisational records
organisational policy and procedures.
Assessors must satisfy NVR/AQTF assessor requirements.