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Evidence Guide: FNSSUP510 - Supervise insurance tender process

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

 

FNSSUP510 - Supervise insurance tender process

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

Review insurance arrangements

  1. Review insurance arrangements as per trust deed, and organisational policy and procedures
  2. Prepare criteria for insurer selection and confirm with relevant stakeholders
  3. Implement selection process for choosing insurer, and demonstrate that this process is in best interests of members
  4. Facilitate tendering process when necessary
  5. Pass on tendering information to appropriate staff where required
Review insurance arrangements as per trust deed, and organisational policy and procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Prepare criteria for insurer selection and confirm with relevant stakeholders

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Implement selection process for choosing insurer, and demonstrate that this process is in best interests of members

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Facilitate tendering process when necessary

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Pass on tendering information to appropriate staff where required

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Manage tender process

  1. Establish agreement on selection criteria
  2. Provide all relevant information to insurer as requested
  3. Obtain from insurer all relevant information relating to fund
  4. Demonstrate unbiased assessment of tenders on basis of relevant considerations
  5. Negotiate policy terms and conditions with insurers
  6. Undertake due diligence review of selected insurer
  7. Review benefit design in line with membership profile
Establish agreement on selection criteria

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Provide all relevant information to insurer as requested

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Obtain from insurer all relevant information relating to fund

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Demonstrate unbiased assessment of tenders on basis of relevant considerations

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Negotiate policy terms and conditions with insurers

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Undertake due diligence review of selected insurer

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Review benefit design in line with membership profile

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Implement group life insurance arrangement

  1. Select appropriate insurer and document decision according to trust deed organisational procedures
  2. Review policy document against organisational and trust deed requirements, highlighting any possible concerns fund may have with insurer before entering into formal agreement
  3. Provide policy document and agreement to legal adviser for review before entering into legally binding agreement
  4. Implement trustee decision on which insurer is responsible for claims if new insurer is appointed
  5. Facilitate signing of agreement
  6. Document and record accurately all information on organisational system
  7. Communicate any benefit design changes with members and appropriate staff
Select appropriate insurer and document decision according to trust deed organisational procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Review policy document against organisational and trust deed requirements, highlighting any possible concerns fund may have with insurer before entering into formal agreement

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Provide policy document and agreement to legal adviser for review before entering into legally binding agreement

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Implement trustee decision on which insurer is responsible for claims if new insurer is appointed

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Facilitate signing of agreement

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Document and record accurately all information on organisational system

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Communicate any benefit design changes with members and appropriate staff

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Report on insurance strategy

  1. Review insurance strategy to ensure it is compliant with relevant superannuation legislation and regulations
  2. Monitor insurance arrangements and report to senior management against agreed service standards
Review insurance strategy to ensure it is compliant with relevant superannuation legislation and regulations

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Monitor insurance arrangements and report to senior management against agreed service standards

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. Review insurance arrangements

1.1 Review insurance arrangements as per trust deed, and organisational policy and procedures

1.2 Prepare criteria for insurer selection and confirm with relevant stakeholders

1.3 Implement selection process for choosing insurer, and demonstrate that this process is in best interests of members

1.4 Facilitate tendering process when necessary

1.5 Pass on tendering information to appropriate staff where required

2. Manage tender process

2.1 Establish agreement on selection criteria

2.2 Provide all relevant information to insurer as requested

2.3 Obtain from insurer all relevant information relating to fund

2.4 Demonstrate unbiased assessment of tenders on basis of relevant considerations

2.5 Negotiate policy terms and conditions with insurers

2.6 Undertake due diligence review of selected insurer

2.7 Review benefit design in line with membership profile

3. Implement group life insurance arrangement

3.1 Select appropriate insurer and document decision according to trust deed organisational procedures

3.2 Review policy document against organisational and trust deed requirements, highlighting any possible concerns fund may have with insurer before entering into formal agreement

3.3 Provide policy document and agreement to legal adviser for review before entering into legally binding agreement

3.4 Implement trustee decision on which insurer is responsible for claims if new insurer is appointed

3.5 Facilitate signing of agreement

3.6 Document and record accurately all information on organisational system

3.7 Communicate any benefit design changes with members and appropriate staff

4. Report on insurance strategy

4.1 Review insurance strategy to ensure it is compliant with relevant superannuation legislation and regulations

4.2 Monitor insurance arrangements and report to senior management against agreed service standards

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. Review insurance arrangements

1.1 Review insurance arrangements as per trust deed, and organisational policy and procedures

1.2 Prepare criteria for insurer selection and confirm with relevant stakeholders

1.3 Implement selection process for choosing insurer, and demonstrate that this process is in best interests of members

1.4 Facilitate tendering process when necessary

1.5 Pass on tendering information to appropriate staff where required

2. Manage tender process

2.1 Establish agreement on selection criteria

2.2 Provide all relevant information to insurer as requested

2.3 Obtain from insurer all relevant information relating to fund

2.4 Demonstrate unbiased assessment of tenders on basis of relevant considerations

2.5 Negotiate policy terms and conditions with insurers

2.6 Undertake due diligence review of selected insurer

2.7 Review benefit design in line with membership profile

3. Implement group life insurance arrangement

3.1 Select appropriate insurer and document decision according to trust deed organisational procedures

3.2 Review policy document against organisational and trust deed requirements, highlighting any possible concerns fund may have with insurer before entering into formal agreement

3.3 Provide policy document and agreement to legal adviser for review before entering into legally binding agreement

3.4 Implement trustee decision on which insurer is responsible for claims if new insurer is appointed

3.5 Facilitate signing of agreement

3.6 Document and record accurately all information on organisational system

3.7 Communicate any benefit design changes with members and appropriate staff

4. Report on insurance strategy

4.1 Review insurance strategy to ensure it is compliant with relevant superannuation legislation and regulations

4.2 Monitor insurance arrangements and report to senior management against agreed service standards

Evidence of the ability to:

supervise the tender process, including preparing selection criteria, collecting appropriate data and investigating proposed insurer

negotiate, prepare or verify a policy document and agreement in a timely manner with different stakeholders

assess tenders against set selection criteria including the fund’s trust deed

negotiate suitable outcomes with insurers.

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:

identify and describe the key features of relevant legislation, regulatory guidelines and industry sector codes of practice relevant to tender processes

describe the selection process for choosing an insurer appropriate to membership of the superannuation fund

outline Australian Prudential Regulation Authority (APRA) requirements relating to the engagement of an insurer

explain the importance of wording of insurance policies in keeping with the organisation or industry sector

outline organisational policy and procedures relating to tender processes

outline the organisational information technology systems used in assessing insurance tender responses

outline the terms and conditions of insurance arrangements

describe common principles and methods of filing documentation

describe insurance terminology

identify and apply relevant legislation, regulatory guidelines and industry sector compliance requirements as they apply to:

insurance contracts

APRA Prudential Framework

group insurance arrangements

consumer protection

financial services

corporations.