Application
This unit applies to those providing frontline policy support services to customers in a Life Insurance environment.
Prerequisites
Not applicable.
Elements and Performance Criteria
1. Receive and evaluate policy request | 1.1 Check policy request documentation is correct and complete 1.2 Check request is valid 1.3 Identify non-routine policy requests and direct to an appropriate authority for assessment 1.4 Assess request against policy terms and conditions within authority levels and in accordance with procedures and regulatory requirements |
2. Communicate outcomes of policy request assessments | 2.1 Advise client of the outcomes of the assessment of the request 2.2 Where the request is accepted by the insurer, advise client of the consequences of processing the request and ensure client is aware of the impacts that may occur 2.3 Where the request is deemed unacceptable to the insurer, advise the policyholder of the reasons for declining the request |
3. Complete services in response to policy request | 3.1 Make authorised policy changes in accordance with procedures and regulatory requirements 3.2 Confirm documentation is correct and complete 3.3 Dispatch documentation to clients in accordance with procedures and regulatory requirements 3.4 Update records and registers in accordance with procedures and regulatory requirements |
Required Skills
Required skills
communication skills to:
gather and check information
liaise and share information with others
communicate appropriately with people from diverse backgrounds
IT skills to:
use computer applications (word processing, spreadsheet, database, specific purpose computer systems)
access and update records electronically
organisational skills to efficiently plan and sequence work
problem solving skills to address errors in life insurance documentation
reading skills to:
read and understand relevant procedures
read and understand product information
read and understand life insurance policies
read and interpret life insurance policy change requests
research and analysis skills to:
identify and interpret relevant information
maintain currency of products and services knowledge
writing skills to:
accurately record information
prepare professional letters and emails.
Required knowledge
the ability to apply and explain as relevant to the changing of life insurance policies:
life insurance administrative requirements
life insurance policy terms and conditions
nature of life insurance policy liabilities
organisational procedures
organisational systems for data entry, filing and document registrations
product information.
Evidence Required
The evidence guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, range statement and the Assessment Guidelines for the Training Package.
Overview of assessment | |
Critical aspects for assessment and evidence required to demonstrate competency in this unit | Evidence of the ability to: maintain and apply a thorough and up-to-date understanding of life insurance terms and conditions maintain and apply a thorough and up-to-date understanding of life insurance administrative requirements apply analytical and administrative skills in the assessment and implementation of life insurance policy changes perform tasks in accordance with relevant procedures and regulatory requirements. |
Context of and specific resources for assessment | Assessment must ensure: competency is demonstrated in the context of the work environment and conditions specified in the range statement either in a relevant workplace or a closely simulated work environment access to and the use of a range of common office equipment, technology, software and consumables access to records access to organisational policies and procedures. |
Method of assessment | A range of assessment methods should be used to assess practical skills and knowledge. The following examples are appropriate for this unit: evaluating an integrated activity, which combines the elements of competency for the unit, or a cluster of related units of competency observing processes and procedures in workplaces verbal or written questioning on underpinning knowledge and skills evaluating samples of work accessing and validating third party reports. |
Guidance information for assessment |
Range Statement
The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that may be present with training and assessment (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) may also be included.
Policy request may include: | a request to add or remove a rider benefit a request to alter the sum insured a request to assign ownership of a policy a request to reduce the duration of a policy, for example whole of life or endowment policy a request to review a past underwriting decision, for example premium loading applied to a smoker’s policy. |
For a request to be valid, it must be evident that: | client is authorised policy exists policy is current. |
Non-routine policy requests may include: | requests outside client authority requests outside relevant guidelines unusual requests. |
Appropriate authority may include: | supervisor manager other levels of management. |
Assess request may include evaluating the: | acceptability of changes to the risks that the policy covers acceptability of changes to the potential policy liability compliance with organisational guidelines legality and ethics of complying with the request. |
Procedures may include: | organisational complaints handling processes organisational customer service charter organisational guidelines organisational policy organisational privacy and confidentiality guidelines organisational procedures. |
Regulatory requirements may include: | Australian Securities and Investments Commission (ASIC) regulatory guides corporations legislation insurance contracts legislation life insurance legislation privacy legislation. |
Outcomes may include: | accept request amend request defer request reject request. |
Consequences may include: | changes in policy benefits changes in policy ownership changes in policy terms and conditions changes in premiums changes in term of cover. |
Sectors
Life insurance
Employability Skills
This unit contains employability skills.
Licensing Information
No licensing, legislative, regulatory or certification requirements apply to this unit at the time of publication.