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Evidence Guide: FNSASICO503 - Provide Tier 1 general advice in general insurance

Student: __________________________________________________

Signature: _________________________________________________

Tips for gathering evidence to demonstrate your skills

The important thing to remember when gathering evidence is that the more evidence the better - that is, the more evidence you gather to demonstrate your skills, the more confident an assessor can be that you have learned the skills not just at one point in time, but are continuing to apply and develop those skills (as opposed to just learning for the test!). Furthermore, one piece of evidence that you collect will not usualy demonstrate all the required criteria for a unit of competency, whereas multiple overlapping pieces of evidence will usually do the trick!

From the Wiki University

 

FNSASICO503 - Provide Tier 1 general advice in general insurance

What evidence can you provide to prove your understanding of each of the following citeria?

Deal with initial client enquiry for general insurance

  1. Ensure client enquiries are attended to in timely and courteous manner
  2. Demonstrate active listening skills when dealing with client enquiries and provide help and assistance to ensure full and accurate completion of initial documentation where required
  3. Communicate clearly and unambiguously with client to determine and clarify product of interest to client
  4. Analyse range of products of interest to client to determine categorisation as areas of general advice in line with legislation and organisational policy
  5. Ensure clients are informed that general advice will be provided to them in relation to products of interest, and that only personal information for underwriting and calculating cost of product will be sought
  6. Ensure that client is referred to appropriate specialist personnel where required advice is deemed to fall outside category of general advice
Ensure client enquiries are attended to in timely and courteous manner

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Demonstrate active listening skills when dealing with client enquiries and provide help and assistance to ensure full and accurate completion of initial documentation where required

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Communicate clearly and unambiguously with client to determine and clarify product of interest to client

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Analyse range of products of interest to client to determine categorisation as areas of general advice in line with legislation and organisational policy

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Ensure clients are informed that general advice will be provided to them in relation to products of interest, and that only personal information for underwriting and calculating cost of product will be sought

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Ensure that client is referred to appropriate specialist personnel where required advice is deemed to fall outside category of general advice

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Prepare general advice to client

  1. Provide correct disclosure documentation in accordance with legislation and organisational policy
  2. Provide general advice warning to client in line with legislative and organisational policy
  3. Consider special communication needs of client when delivering general advice warning
Provide correct disclosure documentation in accordance with legislation and organisational policy

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Provide general advice warning to client in line with legislative and organisational policy

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Consider special communication needs of client when delivering general advice warning

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Provide general advice

  1. Provide product advice to client in clear and unambiguous way, avoiding jargon, in language appropriate to receiver and using organisational tools
  2. Demonstrate appropriate product and industry knowledge when providing advice to client
  3. Explain and discuss product advice with client using language that avoids giving impression adviser has considered client’s personal circumstances in providing advice
  4. Ask client to consider appropriateness of advice in light of own circumstances
  5. Advise client to read product disclosure statement before making decision
Provide product advice to client in clear and unambiguous way, avoiding jargon, in language appropriate to receiver and using organisational tools

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Demonstrate appropriate product and industry knowledge when providing advice to client

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Explain and discuss product advice with client using language that avoids giving impression adviser has considered client’s personal circumstances in providing advice

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Ask client to consider appropriateness of advice in light of own circumstances

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Advise client to read product disclosure statement before making decision

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

Evidence Guide

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Deal with initial client enquiry for general insurance

1.1 Ensure client enquiries are attended to in timely and courteous manner

1.2 Demonstrate active listening skills when dealing with client enquiries and provide help and assistance to ensure full and accurate completion of initial documentation where required

1.3 Communicate clearly and unambiguously with client to determine and clarify product of interest to client

1.4 Analyse range of products of interest to client to determine categorisation as areas of general advice in line with legislation and organisational policy

1.5 Ensure clients are informed that general advice will be provided to them in relation to products of interest, and that only personal information for underwriting and calculating cost of product will be sought

1.6 Ensure that client is referred to appropriate specialist personnel where required advice is deemed to fall outside category of general advice

2. Prepare general advice to client

2.1 Provide correct disclosure documentation in accordance with legislation and organisational policy

2.2 Provide general advice warning to client in line with legislative and organisational policy

2.3 Consider special communication needs of client when delivering general advice warning

3. Provide general advice

3.1 Provide product advice to client in clear and unambiguous way, avoiding jargon, in language appropriate to receiver and using organisational tools

3.2 Demonstrate appropriate product and industry knowledge when providing advice to client

3.3 Explain and discuss product advice with client using language that avoids giving impression adviser has considered client’s personal circumstances in providing advice

3.4 Ask client to consider appropriateness of advice in light of own circumstances

3.5 Advise client to read product disclosure statement before making decision

Required Skills and Knowledge

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Deal with initial client enquiry for general insurance

1.1 Ensure client enquiries are attended to in timely and courteous manner

1.2 Demonstrate active listening skills when dealing with client enquiries and provide help and assistance to ensure full and accurate completion of initial documentation where required

1.3 Communicate clearly and unambiguously with client to determine and clarify product of interest to client

1.4 Analyse range of products of interest to client to determine categorisation as areas of general advice in line with legislation and organisational policy

1.5 Ensure clients are informed that general advice will be provided to them in relation to products of interest, and that only personal information for underwriting and calculating cost of product will be sought

1.6 Ensure that client is referred to appropriate specialist personnel where required advice is deemed to fall outside category of general advice

2. Prepare general advice to client

2.1 Provide correct disclosure documentation in accordance with legislation and organisational policy

2.2 Provide general advice warning to client in line with legislative and organisational policy

2.3 Consider special communication needs of client when delivering general advice warning

3. Provide general advice

3.1 Provide product advice to client in clear and unambiguous way, avoiding jargon, in language appropriate to receiver and using organisational tools

3.2 Demonstrate appropriate product and industry knowledge when providing advice to client

3.3 Explain and discuss product advice with client using language that avoids giving impression adviser has considered client’s personal circumstances in providing advice

3.4 Ask client to consider appropriateness of advice in light of own circumstances

3.5 Advise client to read product disclosure statement before making decision

Evidence of the ability to:

respond to client enquiries and prepare general advice in general insurance

provide accurate general insurance advice, complying with organisational procedures and industry regulations.

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 satisfy generic, core and specialist knowledge requirements relevant to the products and activities in which advice is given.

Generic knowledge

analyse and provide an overview of the economic environment including:

characteristics and impact of economic and business cycles

interest rates and exchange rates

inflation

government monetary and fiscal policy

analyse and provide a detailed explanation of the operation of financial markets including:

roles played by intermediaries and issuers

structure and interrelationships within the financial markets

interrelationship between industry sectors

outline financial products including:

concept of a financial product – general definition, and specific inclusions and exclusions

types of financial investment products

types of financial risk products.

Core insurance knowledge

explain the operation of insurance markets including:

definition of insurance product

characteristics and participants of the Australian insurance market

roles played by intermediaries

types of insurance products including risk insurance products, investment life insurance products and general insurance products

explain the following aspects of insurance products:

conditions, exclusions and levels of coverage of risk transfer products

pricing

explain taxation issues in relation to general insurance products and markets

describe advisory functions including:

role of insurance adviser, broker or agent

participants in the insurance advisory services market

range of services provided

profile and financial information of the client

appropriateness of a risk assessment

discuss the legal environment including disclosure and compliance covering:

the role of the representative or adviser

relevant legal principles relating to the Corporations Act, Australian Securities and Investments Commission (ASIC) Act, Insurance Contracts Act, Life Insurance Act, Privacy Amendment (Private Sector) Act, Financial Services Reform Act (FSRA) and Competition and Consumer Act

relationship between ethics and regulatory requirements including good faith, faith, utmost good faith, full disclosure of remuneration and fees, and any other conflicts of interest which may influence the adviser's recommendation

relevant industry standards and codes of conduct

regulators’ guidelines including ASIC Regulatory Guide (RG)146 requirements

complaints resolution procedures (external and internal).

Specialist knowledge

provide a summary of general insurance matters including:

types of general insurance products and policies

standard cover and deviations

policy wordings

taxes and charges

insurance claims

premium rating and risk selection

reporting

product development

underwriting

terms and conditions of retail general insurance products used by the adviser

discuss relevant legislative and organisational compliance requirements including:

legislation affecting the provision of general and personal advice including ASIC Regulatory Guide 175 on conduct and disclosure

role of different advisers within the organisation

organisational policy and guidelines related to the provision of general advice

details of relevant marketing and disclosure documents, including product disclosure statements and marketing brochures on the relevant products.