Application
This unit describes skills and knowledge required to apply industry and organisational procedures, guidelines, policy and standards in a daily work context within an insurance broking business to meet compliance requirements in line with industry regulations and legislation.
It applies to individuals who use learning opportunities to maintain and transfer knowledge into practice to carry out roles in organisations of various sizes and across a range of customer bases.
Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Refer to the FNS Implementation Guide Companion Volume or the relevant regulator for specific guidance on requirements.
Elements and Performance Criteria
ELEMENT | PERFORMANCE CRITERIA |
Elements describe the essential outcomes. | Performance criteria describe the performance needed to demonstrate achievement of the element. |
1. Manage information | 1.1 Collect and analyse information on relevant legislation, regulations and codes of practice and other relevant industry guidelines and standards 1.2 Maintain and observe an up-to-date checklist of legislative and regulatory operational requirements 1.3 Update reference material on a regular basis as amendments to legislative and regulatory requirements occur |
2. Apply professional work practices | 2.1 Clarify and refine work practices regularly in light of up-to-date information on relevant legislation, regulations and codes of practice 2.2 Apply knowledge of organisational philosophy, values, standards and objectives to work practices 2.3 Use relevant codes of practice to guide an ethical approach to workplace practice and decisions 2.4 Obtain assistance from appropriate personnel to clarify work practices and obtain relevant information whenever necessary |
3. Meet brokerage work requirements | 3.1 Follow established work health and safety procedures, and contribute to eliminating work hazards and reducing risk in work environment 3.2 Use information management systems and software appropriately to complete work tasks 3.3 Participate in and facilitate work team activities 3.4 Plan work to be completed taking into consideration time, resources and other constraints 3.5 Develop and maintain personal competency in job role 3.6 Apply sustainability principles to work practices in accordance with organisational policy |
Evidence of Performance
Evidence of the ability to:
follow operational procedures to meet compliance requirements in line with financial services industry regulations and other legislation
interpret and comply with organisational policy and procedures, relevant legislation and insurance broking codes of practice
consult appropriate personnel for guidance and advice when necessary
review training needs and professional development opportunities to perform tasks in line with industry standards and requirements.
Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.
Evidence of Knowledge
To complete the unit requirements safely and effectively, the individual must:
briefly outline the history of insurance and insurance broking to explain current practices
explain the roles and responsibilities of an insurance broker and the different sectors including underwriters, loss adjusters, risk surveyors and risk managers
describe the application of legislation, regulations and codes of practice, including work health and safety, to the broking role
explain organisational brokerage policy and procedures and their role in compliance
describe the main sectors of the industry and their interrelationships
outline how external industry factors are assessed to determine impact on the compliance procedures
outline the application in the broking role of accepted codes of practice and conduct, including those related to:
maintaining confidentiality
use of company property
duty of care
ethical behaviours
non-discriminatory practices
conflict of interest
compliance with reasonable direction
appropriate dress and hygiene codes, and business etiquette.
Assessment Conditions
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.
Assessors must satisfy NVR/AQTF assessor requirements.
Foundation Skills
This section describes language, literacy, numeracy and employment skills incorporated in the performance criteria that are required for competent performance.
Skill | Performance Criteria | Description |
Learning | 1.1-1.3, 3.5 | Develops and uses personal organisational systems to gather and organise information Identifies and accepts opportunities to maintain vocational currency and further develop subject matter knowledge |
Reading | 1.1-1.3, 2.3 | Interprets information from a range of sources and identifies relevant and key information |
Writing | 1.2, 1.3 | Accurately completes organisational documents using clear language and correct spelling, grammar and terminology |
Oral Communication | 3.3 | Articulates clearly using specific and relevant language suitable to the audience to seek or share information Uses listening and questioning techniques to confirm understanding |
Navigate the world of work | 1.1-1.3, 3.1, 3.6 | Ensures that documentation and processes comply with legislative, regulatory and organisational requirements, seeking clarification or assistance when required Takes steps to source information required to fulfil work role |
Interact with others | 2.4, 3.3 | Selects and uses appropriate conventions and protocols when communicating with others in a range of work contexts |
Get the work done | 2.1-2.4, 3.1-3.6 | Takes responsibility for planning, sequencing and prioritising tasks and own workload for efficiency and effectiveness Uses digital technologies to access, enter and store information required to complete work tasks |
Sectors
Insurance broking