Unit of competency Outline

Date retreived
22/07/2026 3:20 PM AWST

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Provide advice in insurance broking

Provide advice in insurance broking

Unit of competency
National Code
FNSASICY513
State Code
OCI70
TGA Status
Current
DTWD Status
Approved
Current Release Number
1.00
Current Release Date
04/11/2020
View on TGA
State Implementation and Classification
Approved Date
11/03/2021
Field of Education
081103 - Insurance And Actuarial Studies
Original Release Date
11/03/2021
Nominal Hours
45
Description
This unit describes the skills and knowledge required to analyse a client’s insurance needs and provide ethical and professional advice that complies with industry regulations and codes of practice. It addresses the training requirements of current Australian Securities and Investments Commission (ASIC) and Australian Financial Services (AFS) licensing at Tier 1 level.The unit applies to those who use well-developed interpersonal, communication and self-management skills and general insurance knowledge to perform a specialist advisory role in insurance broking and address the needs of both retail and wholesale clients.At the time of publication, no licensing requirements apply to this unit. However, given potential future changes in the licensing environment, users must check with the relevant licensing body to confirm whether this unit is required to complete a licence.
Notes
Elements and Performance Criteria
1. Prepare to provide advice in insurance broking
  • 1.1 Identify client enquiry and inform client about role of adviser and licensee or principal responsible for adviser’s conduct
  • 1.2 Establish client’s objectives and goals and obtain personal, financial and business details to identify client’s needs
  • 1.3 Respond to enquiries about insurance broking products and services by explaining range of products and services available and their relevant fee and charging methodology
  • 1.4 Establish risk profile in relation to client’s business activities according to organisational procedures
2. Analyse client’s objectives, needs, financial situation and risk profile to develop appropriate strategies and solutions
  • 2.1 Assess client needs taking into account client’s information, product expectations and specific needs
  • 2.2 Consult client throughout analysis for further clarification where necessary
  • 2.3 Analyse need for higher level or specialist advice and ensure client is referred to appropriate adviser if required
  • 2.4 Assess and confirm risk profile of client, demonstrating ASIC-identified generic and specialist knowledge relevant to products and services being offered
  • 2.5 Determine appropriate strategy to provide for identified needs and outcomes, based on analysis of products and services, client risk profile and assessment of client needs
  • 2.6 Conduct relevant research, analysis and product modelling, and draft appropriate solution and plan, policy or transaction for presentation to client
3. Present appropriate strategies and solutions to client and negotiate financial plan, policy or transaction
  • 3.1 Apply appropriate knowledge for product or service offered when presenting outcomes of analysis
  • 3.2 Clearly and unambiguously explain proposed transaction to client
  • 3.3 Reinforce required details, terms and conditions of product or service
  • 3.4 Disclose impacts and possible risks of solution in clear and concise manner
  • 3.5 Provide supporting written documentation and guide client through key aspects of documentation
  • 3.6 Discuss and clarify concerns and issues that client has regarding proposed plan, policy or transaction
  • 3.7 Confirm that client understands proposed plan, policy or transaction
4. Agree to plan, policy or transaction and complete documentation
  • 4.1 Obtain client’s formal agreement to confirmed plan, policy or transaction
  • 4.2 Explain and confirm client understanding of fees, cost structures and timeframes for execution and processing of agreed plan, policy or transaction
  • 4.3 Obtain signed proposal and statutory and transactional documents required from client
  • 4.4 Exchange copies of signed agreement and other required documentation according to organisational procedures
5. Agree to and implement arrangements for providing ongoing service
  • 5.1 Agree to type and form of client-preferred ongoing service to be provided
  • 5.2 Clearly explain fees and costs for ongoing and specifically defined services, and confirm client understanding
  • 5.3 Implement arrangements for agreed ongoing service according to organisational policies and procedures
No information
No information
Replaces
State Code National Code Title Type
AUQ49 FNSASICY503 Provide advice in insurance broking Unit of competency
State Code National Code Title Type
BFX7 FNS51220 Diploma of Insurance Broking Qualification