Application
This unit describes the skills and knowledge required to gather necessary information and issue a new policy or contract of insurance in response to requests for quotes, new policies or interim cover (cover note) in standard situations. It also covers cancelling a policy at the customer’s request.
It applies to individuals carrying out insurance broking roles in a range of insurance sectors within 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. Identify and clarify customer’s request | 1.1 Identify customer’s requirements 1.2 Elicit all necessary information from customer 1.3 Gather data on insurance proposal within timelines required by organisation 1.4 Apply underwriter’s terms and conditions 1.5 Verify risk information advised by customer 1.6 Implement survey requirements, if applicable |
2. Issue insurance contact | 2.1 Specify terms and conditions of contract in line with organisational guidelines, policy and procedures 2.2 Refer decision to appropriate person if request falls outside organisational guidelines 2.3 Complete and review contract documentation to ensure it meets legislative requirements 2.4 Check contract for accuracy and omissions according to operating procedures 2.5 Issue cover note, quote or new insurance contract following organisational operating procedures, and despatch to customer 2.6 File contract documentation accurately in accordance with operating procedures 2.7 Cancel policy and despatch documentation to customer, if requested by customer |
Evidence of Performance
Evidence of the following must be provided:
interpret and apply relevant legislation accurately
identify and clarify the customer’s request
issue insurance contract according to organisational and legislative requirements
update documentation and systems according to organisational procedures.
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:
outline basic compliance requirements for this industry sector
outline organisational and departmental policy, procedures and authorities as they relate to contracts of insurance
explain the wording of insurance policies in terms of the organisation and industry sector
outline organisational information technology and communication systems used to process insurance policies
explain the interpretation of applicable ratings
identify and describe insurance products available to customers
outline the relevant industry legislation and regulations that apply to insurance policies
explain underwriter terms and conditions
explain survey requirements to gather and analyse appropriate information to issue contracts of insurance.
Assessment Conditions
Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the insurance services field of work and include access to:
organisational records
organisational policy, procedures, legislation and regulations as they relate to contracts of insurance
a range of common technology and software.
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 |
Reading | 1.1, 1.3, 1.4, 1.5, 2.3, 2.4 | Interprets and consolidates information and data from a range of sources, against defined criteria and requirements, and checks for accuracy and completeness |
Writing | 1.1, 1.2, 1.3, 1.5, 2.1, 2.2, 2.3, 2.5, 2.7 | Accurately records information and prepares correspondence and documentation, using clear language and organisational formats and protocols |
Oral Communication | 1.1, 1.2, 2.2 | Uses active listening and questioning, to convey and clarify information and confirm understanding |
Numeracy | 1.4, 1.5, 2.3, 2.4 | Performs basic mathematical calculations to interpret financial information, statistics and other numeric data |
Navigate the world of work | 1.3, 2.1-2.6 | Complies with explicit policies, procedures and legislative requirements |
Interact with others | 2.1, 2.2, 2.7 | Uses a limited range of accepted practices for communicating in a work environment to seek clarification or assistance |
Get the work done | 1.4, 1.5, 1.6, 2.5-2.7 | Plans and implements routine tasks and workload, making limited decisions on sequencing, timing and collaboration, and seeking assistance in setting priorities Makes low-impact decisions within familiar situations, based on a range of predefined or routine solutions Uses digital technologies to access, enter and store information required to complete work tasks |
Sectors
Insurance services