Unit of competency Outline

Date retreived
23/07/2026 12:17 AM AWST

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Prepare a submission for new business

Prepare a submission for new business

Unit of competency
National Code
FNSIBK513
State Code
AUR50
TGA Status
Replaced
DTWD Status
Transition (Replaced)
Current Release Number
2.00
Current Release Date
22/04/2015
View on TGA
State Implementation and Classification
Approved Date
16/09/2015
Field of Education
080301 - Business Management
Original Release Date
16/09/2015
Nominal Hours
55
Description
This unit describes the skills and knowledge required to determine and prepare a submission for new insurance broking business. This unit has application to both life and general insurance brokers, and is applicable to submissions prepared for wholesale and retail clients. It covers the provision of general and personal advice in the context of preparing a submission to retail clients.It applies to individuals who are skilful communicators and use analytical skills and specialist product knowledge to work effectively with 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. Establish relationship with client
  • 1.1 Establish knowledge level of client using effective communication skills
  • 1.2 Explain range of general insurance products and broking services available, and fee and charging methodology
  • 1.3 Advise client about role of broker and principal responsible for adviser’s conduct, and complaint handling processes available to them
  • 1.4 Identify client’s objectives, risk needs and financial situation
2. Determine nature of submission and resource requirements
  • 2.1 Determine nature of submission required by prospective client
  • 2.2 Assess skills required to prepare submission
  • 2.3 Identify and retain consultants with required skills as needed
  • 2.4 Identify and establish team and team leader as required
3. Analyse client risk profile to develop product risk profile
  • 3.1 Complete risk assessment for client in compliance with guidelines
  • 3.2 Develop risk profile of client using organisational tools
  • 3.3 Prepare product risk profile from risk analysis
  • 3.4 Maintain comprehensive records of risk assessment and actions taken
4. Identify appropriate insurance program
  • 4.1 Determine appropriate insurance or risk management program based on risk assessment and client objectives, risk needs and financial situation
  • 4.2 Compare proposed program with appropriate checklist and other similar clients, and identify significant changes
  • 4.3 Confirm program meets needs with client
5. Identify market availability
  • 5.1 Identify availability of market with suitable terms for client requirements
  • 5.2 Negotiate required terms with insurers to provide most beneficial outcome for prospective client
6. Make submission to prospective client
  • 6.1 Obtain letter of appointment that identifies exact nature of appointment as appropriate
  • 6.2 Provide written submission to client in format required by organisation
  • 6.3 Identify options that specify benefits and advantages for prospective client
  • 6.4 Justify proposed recommendations fully and support with relevant information
  • 6.5 Discuss and clarify concerns or issues with client regarding submission proposal, and obtain confirmation of client’s understanding
  • 6.6 Complete appropriate documentation
No information
No information
State Code National Code Title Type
AVX5 FNS50615 Diploma of Financial Planning Qualification
AWB4 FNS51215 Diploma of Insurance Broking Qualification