Unit of Competency Mapping – Information for Teachers/Assessors – Information for Learners
FNSIBK402B Mapping and Delivery Guide
Provide personal advice in general insurance broking products and services
Version 1.0
Issue Date: June 2024
Qualification | - |
Unit of Competency | FNSIBK402B - Provide personal advice in general insurance broking products and services |
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Description | This unit is designed for insurance brokers advising retail and wholesale consumers and current clients in standard general insurance products.The broker advisory process involves reviewing a current insurance program to determine gaps, or scope of the existing policy coverage in order to develop an appropriate insurance plan for the consumer/client. This unit requires skills to access and review risk information and apply knowledge of insurance products to identify and advise on changes to an insurance program with a new business or renewal client.This unit is applicable to individuals working within insurance broking enterprises and in broking adviser job roles subject to licensing regulation by the Australian Securities and Investments Commission (ASIC).Conditions relating to ASIC training requirements and accreditation should be obtained from ASIC. | ||
Employability Skills | This unit contains employability skills. | ||
Learning Outcomes and Application | For those brokers seeking to meet ASIC training standards:Personal advice is defined by ASIC in its regulatory guide relating to the conduct and training of financial service product advisers. This unit requires the application of skills and knowledge to identify where the consumer is seeking advice based on their personal needs rather than general product advice and to follow the appropriate steps to provide this level of tailored advice. It also requires clarification of the broker’s role in providing this service.Tier 2 products are defined by ASIC as general insurance products other than personal sickness and accident. These products:Do not have any investment componentAre subject to standard terms and conditions except for previously disclosed variations Are of a limited life (e.g. 12 months);Travel insurance products, including where the product covers losses rising due to sickness or accident while travelling; andConsumer credit insurance, including where the product covers consumer credit liabilities that cannot be paid due to sickness or accident.This unit applies to insurance broking roles and may be applied within organisations of various sizes and across a range of customer bases. | ||
Duration and Setting | X weeks, nominally xx hours, delivered in a classroom/online/blended learning setting. |
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Prerequisites/co-requisites | Not applicable. | ||
Competency Field |
Development and validation strategy and guide for assessors and learners | Student Learning Resources | Handouts Activities |
Slides PPT |
Assessment 1 | Assessment 2 | Assessment 3 | Assessment 4 | |
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Elements of Competency | Performance Criteria | |||||||
Element: Establish relationship with client |
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Element: Identify client objectives and risk situation |
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Element: Analyse client risk information |
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Element: Identify changes to insurance program |
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Element: Present appropriate solutions to the client |
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Element: Negotiate program changes with insurers as required |
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