Unit of competency Outline
Date retreived
22/07/2026 4:13 PM AWST
22/07/2026 4:13 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.
Implement changes to broking client's insurance program
Implement changes to broking client's insurance program
Unit of competency
National Code
FNSIBK508A
FNSIBK508A
State Code
D4191
D4191
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 implement changes to a client's insurance program and may be applied following a prior review of the client's personal and/or business needs.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 required risk changes to insurance program
- 1.1. Required risk changes are fully identified using appropriate checklist or questionnaire and application of industry knowledge
- 1.2. Alternative risk management strategies are determined to provide client with viable options
- 1.3. Current insurance program is reviewed to determine whether existing cover can be endorsed or whether new cover is required
- 1.4. Instructions from the client on required changes is sought without delay
2. Negotiate change with insurers
- 2.1. Availability of a market with suitable terms for the client requirements is established
- 2.2. Terms, conditions and pricing required for change are negotiated with suppliers to provide the most beneficial outcome for the client
3. Communicate options for insurance program changes to client
- 3.1. Outcomes of negotiations with insurers are advised to client to enable an informed decision to be made
- 3.2. Options that specify benefits and disadvantages are identified for the client
- 3.3. Fully justified recommendations are made
4. Obtain client instructions for insurance program amendments
- 4.1. Options for changes are communicated so that the client can make informed decisions on program changes
- 4.2. Client instructions that are clear and concise are obtained to enable precise action to be taken
- 4.3. Client instructions are recorded according to operating procedures to ensure information is current
- 4.4. Client instructions are confirmed to protect the interests of broker and client
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.
Application of industry knowledge may include:
claims history
credit stability assessments
history of risk
level of supplier service.
Risk management strategies may include:
transfer of risk.
Changes may include:
amendments in legislation
claims
organisation acquisitions or disposals
management changes
new insurance product
new or cessation of activities.
Terms of insurance program may include:
deductibles/excesses required
price
scope of cover
security of carrier.
Client instructions may be:
verbal or written and may be recorded in:
client file or other appropriate system
computer system
day book.
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.
Application of industry knowledge may include:
claims history
credit stability assessments
history of risk
level of supplier service.
Risk management strategies may include:
transfer of risk.
Changes may include:
amendments in legislation
claims
organisation acquisitions or disposals
management changes
new insurance product
new or cessation of activities.
Terms of insurance program may include:
deductibles/excesses required
price
scope of cover
security of carrier.
Client instructions may be:
verbal or written and may be recorded in:
client file or other appropriate system
computer system
day book.
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:
review existing customer portfolio and insurance history and recommend strategies
grow the relationship with a client.
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 organisation 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:
review existing customer portfolio and insurance history and recommend strategies
grow the relationship with a client.
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 organisation 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 |
|---|---|---|---|
| AUR45 | FNSIBK508 | Implement changes to broking client's insurance program | Unit of competency |
| State Code | National Code | Title | Type |
|---|---|---|---|
| D719 | FNS50611 | Diploma of Financial Planning | Qualification |
| S737 | FNS60410 | Advanced Diploma of Financial Planning | Qualification |
| S728 | FNS51210 | Diploma of Insurance Broking | Qualification |