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Evidence Guide: FNSIBK604 - Manage a sales plan for insurance broking services

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

 

FNSIBK604 - Manage a sales plan for insurance broking services

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

Develop promotional strategy for services

  1. Create promotional packages that meet requirements of sales plan, enhance brokerage’s corporate image and comply with all relevant legislative requirements
  2. Implement promotional strategy within budget in timeframes specified
Create promotional packages that meet requirements of sales plan, enhance brokerage’s corporate image and comply with all relevant legislative requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Implement promotional strategy within budget in timeframes specified

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Manage preparation of distributional channels

  1. Identify and obtain required distribution channels
  2. Implement training of distribution channels to ensure product knowledge and quality client service is maximised
  3. Distribute promotional materials within appropriate timeframes
Identify and obtain required distribution channels

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Implement training of distribution channels to ensure product knowledge and quality client service is maximised

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Distribute promotional materials within appropriate timeframes

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Monitor and review sales plan implementation

  1. Establish criteria to measure effectiveness of promotional strategy
  2. Establish performance criteria for distribution channels so attainment of forecast sales targets can be monitored
  3. Conduct variance analysis on results of planned implementation
  4. Make adjustments to promotional strategy or service distribution as necessary to ensure required results are obtained
Establish criteria to measure effectiveness of promotional strategy

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Establish performance criteria for distribution channels so attainment of forecast sales targets can be monitored

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Conduct variance analysis on results of planned implementation

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Make adjustments to promotional strategy or service distribution as necessary to ensure required results are obtained

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. Develop promotional strategy for services

1.1 Create promotional packages that meet requirements of sales plan, enhance brokerage’s corporate image and comply with all relevant legislative requirements

1.2 Implement promotional strategy within budget in timeframes specified

2. Manage preparation of distributional channels

2.1 Identify and obtain required distribution channels

2.2 Implement training of distribution channels to ensure product knowledge and quality client service is maximised

2.3 Distribute promotional materials within appropriate timeframes

3. Monitor and review sales plan implementation

3.1 Establish criteria to measure effectiveness of promotional strategy

3.2 Establish performance criteria for distribution channels so attainment of forecast sales targets can be monitored

3.3 Conduct variance analysis on results of planned implementation

3.4 Make adjustments to promotional strategy or service distribution as necessary to ensure required results are obtained

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. Develop promotional strategy for services

1.1 Create promotional packages that meet requirements of sales plan, enhance brokerage’s corporate image and comply with all relevant legislative requirements

1.2 Implement promotional strategy within budget in timeframes specified

2. Manage preparation of distributional channels

2.1 Identify and obtain required distribution channels

2.2 Implement training of distribution channels to ensure product knowledge and quality client service is maximised

2.3 Distribute promotional materials within appropriate timeframes

3. Monitor and review sales plan implementation

3.1 Establish criteria to measure effectiveness of promotional strategy

3.2 Establish performance criteria for distribution channels so attainment of forecast sales targets can be monitored

3.3 Conduct variance analysis on results of planned implementation

3.4 Make adjustments to promotional strategy or service distribution as necessary to ensure required results are obtained

Evidence of the ability to:

develop a promotional strategy to support the brokerage sales plan

develop an effective sales plan to increase the market share of the brokerage

manage implementation of the strategy through effective selection and preparation of distribution channels

evaluate performance of the sales plan and adjust promotional strategies as required.

Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.

To complete the evidence requirements safely and effectively, the individual must:

outline the analysis undertaken of current industry market trends and distribution channels in planning promotional strategies

describe the influence of organisation and/or industry policy wordings on the design of the promotional strategy

explain the key sales and marketing principles used in the design of the sales plan and promotional strategy

explain the process whereby management accountability is taken for compliance with organisational policy and procedures, underwriters’ guidelines and authorities and legislative requirements in the design and execution of the promotional strategy to support the sales plan.