Unit of competency Outline

Date retreived
22/07/2026 10:47 AM AWST

Whilst all efforts are made to provide accurate and timely information from the relevant source/documentation, please be aware that the information supplied may not be the most current version. The accuracy of the detail has not been confirmed by the Department and therefore should not be relied upon without first confirming the contents.

Provide advice in general insurance

Provide advice in general insurance

Unit of competency
National Code
FNSASICN513
State Code
OEC01
TGA Status
Current
DTWD Status
Approved
Current Release Number
1.00
Current Release Date
15/06/2022
View on TGA
State Implementation and Classification
Approved Date
07/12/2022
Field of Education
081103 - Insurance And Actuarial Studies
Original Release Date
07/12/2022
Nominal Hours
45
Description
This unit describes the skills and knowledge required to analyse and advise on a client’s general insurance needs in line with current Australian Securities and Investments Commission (ASIC) regulation (Financial Services Reform Act) in the insurance specialist and generic knowledge areas.The unit applies to those who apply specialist product knowledge and well-developed interpersonal and communications skills in the provision of advice in general insurance.Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Users are advised to check with the relevant regulatory authorities to confirm those requirements.
Notes
Elements and Performance Criteria
1. Establish relationship with client and identify objectives
  • 1.1Establish knowledge level, objectives, risk profile and goals of client
  • 1.2 Explain range of products and services available according to client objectives and goals
  • 1.3 Outline fees associated with applicable products and services and explain charging methodology and relevant tax implications
  • 1.4 Inform client of role of adviser and licensee or principal responsible for adviser’s conduct
  • 1.5 Inform client of complaints-handling procedures
  • 1.6 Collect applicable personal, financial and business details using organisational risk-assessment processes and tools
  • 1.7 Respond to client enquiries as required according to organisational policies and procedures
2. Analyse client risk information and identify risk solutions
  • 2.1 Analyse information from risk assessment process according to organisational policies and procedures
  • 2.2 Identify issues that may require further consideration and seek specialist advice to address risks as required
  • 2.3 Identify and assess available options using information from risk analysis
  • 2.4 Conduct product research according to objectives, goals and risk profile of client
  • 2.5 Prepare statement of advice for presentation to client according to client objectives, goals and risk profile
  • 2.6 Refer client to adviser for higher level or specialist advice as required
3. Present and confirm solutions with client
  • 3.1 Explain features of statement of advice to client according to organisational policies and procedures, legislative and regulatory requirements
  • 3.2 Discuss impacts and possible risks of solution with client and confirm understanding
  • 3.3 Discuss and clarify any concerns and/or issues client has regarding proposed insurance plan, policy and/or transaction
  • 3.4 Confirm client’s preferred plan, policy and/or transaction according to organisational policies and procedures
4. Coordinate implementation of agreed solution
  • 4.1 Confirm client agreement with proposed insurance plan, policy and/or transaction, incorporating all associated fees and costs
  • 4.2 Explain timeframes for execution and processing according to organisational policies and procedures
  • 4.3 Confirm proposal and other documents are completed and signed off by client where required
  • 4.4 Exchange signed agreement and copies of required documentation with client
  • 4.5 Create and update client records according to organisational policies and procedures
5. Provide arrangements for ongoing service, where requested by client
  • 5.1 Confirm type and form of ongoing service is agreed with client, including review of insurance plan, policy and/or transaction
  • 5.2 Explain fees and costs for ongoing and specifically defined service and confirm client understands all details
  • 5.3 Implement procedures for agreed ongoing service according to organisational policies and procedures
No information
No information
Replaces
State Code National Code Title Type
AUQ33 FNSASICN503 Provide Tier 1 personal advice in general insurance Unit of competency
State Code National Code Title Type
BFX4 FNS51120 Diploma of General Insurance Qualification