Unit of competency Outline

Date retreived
23/07/2026 4:53 AM AWST

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Manage a complex risk portfolio for a broking client

Manage a complex risk portfolio for a broking client

Unit of competency
National Code
FNSIBK514
State Code
AUR62
TGA Status
Replaced
DTWD Status
Replaced
Current Release Number
1.00
Current Release Date
25/03/2015
View on TGA
State Implementation and Classification
Approved Date
16/09/2015
Field of Education
080399 - Business And Management, N.e.c.
Original Release Date
16/09/2015
Nominal Hours
70
Description
This unit describes the skills and knowledge required to manage clients with a complex insurance portfolio by identifying and assessing risks and negotiating insurance changes and/or renewals. It also involves identifying additional exposures and advising on changes to the insurance program. It applies to individuals who have well-developed interpersonal, analytical and communication skills who generally work with commercial or corporate clients to synthesise industry information and monitor the client’s need for new products or changes to the product needs of clients.Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Refer to the FNS Implementation Guide Companion Volume or the relevant regulator for specific guidance on requirements.
Notes
Elements and Performance Criteria
1. Identify significant risk changes impacting on client portfolio
  • 1.1 Monitor client requests for program changes to identify significant variations
  • 1.2 Monitor and analyse external environment against client program to identify major changes to level of risk exposure
  • 1.3 Undertake objective risk assessment in compliance with guidelines to identify changes to existing level of client exposure
  • 1.4 Seek specialist advice as required
Analyse similar situations to identify precedents that will assist in analysis of complex risk portfolio
  • 1.6 Maintain comprehensive records of risk assessed and actions taken
2. Advise client on changes to insurance program
  • 2.1 Provide advice based on objective assessment of situation that takes into account changes in risk context and external environment
  • 2.2 Present alternative risk management strategies to provide client with viable options for risk treatment
  • 2.3 Undertake a cost–benefit analysis of options where appropriate
  • 2.4 Obtain client declarations as required by underwriter/s
  • 2.5 Identify, record and verify client’s preferred options
3. Negotiate complex changes and/or renewals with insurers
  • 3.1 Identify suitable market for client requirements and approach selected insurers
  • 3.2 Obtain client instructions for negotiated outcomes with insurers
  • 3.3 Negotiate options and alternative portfolio structures with insurers to obtain most suitable program for client
  • 3.4 Obtain negotiated outcomes that provide level of cover required by client
4. Obtain client instructions for renewal
  • 4.1 Advise client of outcomes of negotiation with insurers and provide client with opportunity to discuss and question alternatives
  • 4.2 Explain benefits and disadvantages of available options clearly to client
  • 4.3 Make fully justified recommendations
  • 4.4 Clarify and document client instructions
  • 4.5 Forward renewal notices to client at least fourteen days prior to policy expiry, according to organisational requirements
No information
No information
State Code National Code Title Type
AWB4 FNS51215 Diploma of Insurance Broking Qualification