Unit of competency Outline
Date retreived
22/07/2026 8:01 PM AWST
22/07/2026 8:01 PM 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.
Identify and advise on significant risk changes to broking client insurances
Identify and advise on significant risk changes to broking client insurances
Unit of competency
National Code
FNSIBK509A
FNSIBK509A
State Code
D4192
D4192
TGA Status
Replaced
Replaced
DTWD Status
Replaced
Replaced
State Implementation and Classification
Approved Date
29/07/2014
Field of Education
081103 - Insurance And Actuarial Studies
Original Release Date
29/07/2014
Nominal Hours
60
Description
This unit describes the performance outcomes, skills and knowledge required to identify additional exposures and advise broking clients on required changes to their insurance and implementing their instructions, and is undertaken in advance of the renewal or remarketing of the portfolio.This unit is applicable to individuals working within enterprises and job roles subject to licensing, legislative, regulatory or certification requirements including legislation administered by the Australian Securities and Investments Commission (ASIC).
Notes
Elements and Performance Criteria
1. Identify significant risk changes to insurance program
- 1.1. Significant risk changes are identified against existing level of client exposure
- 1.2. Objective risk assessment is undertaken
- 1.3. Existing business is reviewed in line with significant risk changes
2. Prepare advice to client
- 2.1. Advice is provided that is based on objective assessment of situation
3. Negotiate with insurers on behalf of client
- 3.1. Suitable markets for client requirements are identified
- 3.2. Terms and conditions are negotiated with insurer to protect client's business
4. Communicate options to client and obtain client instructions
- 4.1. Alternative risk management strategies are presented to provide client with viable options
- 4.2. Cost-benefit analysis of options is undertaken where appropriate
- 4.3. Client is provided with the opportunity to discuss and question alternatives
- 4.4. Clear and concise formal instructions are obtained
- 4.5. Client instructions are documented and confirmed to protect interests of client and broker
RANGE STATEMENT
The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that may be present with training and assessment (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) may also be included.
Significant risk changes may involve:
complex technical determinations
high monetary impact
important client base.
Negotiations will usually involve:
developed interpersonal skills and analytical abilities.
Alternative risk management strategies may include:
risk transfer.
The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that may be present with training and assessment (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) may also be included.
Significant risk changes may involve:
complex technical determinations
high monetary impact
important client base.
Negotiations will usually involve:
developed interpersonal skills and analytical abilities.
Alternative risk management strategies may include:
risk transfer.
EVIDENCE GUIDE
The Evidence Guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, range statement and the Assessment Guidelines for the Training Package.
Overview of assessment
Critical aspects for assessment and evidence required to demonstrate competency in this unit
Evidence of the ability to:
demonstrate a sound appreciation of the principles and practice of cost-benefit analysis, insurance benefits, credit stability assessment, history of risk, claims history and level of supplier service
synthesise and coordinate all these aspects of the industry to monitor and provide advice on new insurance arrangements
proactively anticipate customer requirements and recommend the appropriate products.
Context of and specific resources for assessment
Assessment must ensure:
competency is demonstrated in the context of the work environment and conditions specified in the range statement either in a relevant workplace or a closely simulated work environment
access to and the use of a range of common office equipment, technology, software and consumables
access to organisation records
access to organisational policies and procedures.
Method of assessment
A range of assessment methods should be used to assess practical skills and knowledge. The following examples, in combination, are appropriate for this unit:
evaluating an integrated activity, which combines the elements of competency for the unit, or a cluster of related units of competency
observing processes and procedures in workplaces
verbal or written questioning on underpinning knowledge and skills
evaluating samples of work
accessing and validating third party reports
setting and reviewing workplace projects and business simulations or scenarios.
Guidance information for assessment
The Evidence Guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, range statement and the Assessment Guidelines for the Training Package.
Overview of assessment
Critical aspects for assessment and evidence required to demonstrate competency in this unit
Evidence of the ability to:
demonstrate a sound appreciation of the principles and practice of cost-benefit analysis, insurance benefits, credit stability assessment, history of risk, claims history and level of supplier service
synthesise and coordinate all these aspects of the industry to monitor and provide advice on new insurance arrangements
proactively anticipate customer requirements and recommend the appropriate products.
Context of and specific resources for assessment
Assessment must ensure:
competency is demonstrated in the context of the work environment and conditions specified in the range statement either in a relevant workplace or a closely simulated work environment
access to and the use of a range of common office equipment, technology, software and consumables
access to organisation records
access to organisational policies and procedures.
Method of assessment
A range of assessment methods should be used to assess practical skills and knowledge. The following examples, in combination, are appropriate for this unit:
evaluating an integrated activity, which combines the elements of competency for the unit, or a cluster of related units of competency
observing processes and procedures in workplaces
verbal or written questioning on underpinning knowledge and skills
evaluating samples of work
accessing and validating third party reports
setting and reviewing workplace projects and business simulations or scenarios.
Guidance information for assessment
Replaced By
| State Code | National Code | Title | Type |
|---|---|---|---|
| AUR62 | FNSIBK514 | Manage a complex risk portfolio for a broking client | Unit of competency |
| State Code | National Code | Title | Type |
|---|---|---|---|
| S728 | FNS51210 | Diploma of Insurance Broking | Qualification |