Unit of competency Outline

Date retreived
22/07/2026 11:37 AM AWST

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Provide Tier 1 personal advice in general insurance

Provide Tier 1 personal advice in general insurance

Unit of competency
National Code
FNSASICN503
State Code
AUQ33
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
081103 - Insurance And Actuarial Studies
Original Release Date
16/09/2015
Nominal Hours
45
Description
This unit describes the skills and knowledge required to analyse a client’s general insurance needs for current Australian Securities and Investments Commission (ASIC) regulation (Financial Services Reform Act) at Tier 1 (Diploma) level in the insurance specialist and generic knowledge areas.It applies to individuals who have specialist product knowledge and strong interpersonal skills and are expert communicators. In this role, excellent customer service skills relating to the provision of advice to clients is essential. 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 Use range of communication and interpersonal skills to establish knowledge level of client
  • 1.2 Respond to enquiries by explaining range of products and services available and their relevant fees and charging methodology
  • 1.3 Inform client about role of adviser and licensee or principal responsible for adviser’s conduct
  • 1.4 Inform client about procedures for complaints handling
2. Identify client objectives and risk situation
  • 2.1 Use range of communication and interpersonal skills to establish client objectives and goals
  • 2.2 Use appropriate risk assessment processes and tools to collect relevant personal, financial and business details
3. Analyse client risk information
  • 3.1 Analyse all information from risk assessment process
  • 3.2 Seek specialist advice if required to address issues that professional judgement indicates may require further consideration
  • 3.3 Consult clients throughout analysis for further clarification where necessary
4. Identify appropriate risk solution
  • 4.1 Identify and assess available options using information from risk analysis
  • 4.2 Conduct relevant product research
  • 4.3 Prepare statement of advice for presentation to client
  • 4.4 Refer client to appropriate adviser for higher level or specialist advice, if required
5. Present appropriate solutions to client
  • 5.1 Explain features of statement of advice clearly and unambiguously
  • 5.2 Discuss impacts and possible risks of solution in clear and concise manner
6. Negotiate effectively
  • 6.1 Discuss and clarify any concerns and/or issues client has regarding proposed insurance plan, policy and/or transaction
  • 6.2 Seek client’s preferred plan, policy and/or transaction and confirm client’s preference
7. Coordinate implementation of agreed solution
  • 7.1 Ensure that client agrees to proposed insurance plan, policy and/or transaction, including all associated fees and costs
  • 7.2 Ensure that timeframes for execution and processing are clearly explained to client
8. Complete and maintain necessary documentation
  • 8.1 Confirm that proposal and other documents are completed and, where appropriate, are signed off by client
  • 8.2 Ensure that signed agreement and copies of appropriate documentation are exchanged
  • 8.3 Create and update client records
9. Provide ongoing service where requested by client
  • 9.1 Ensure that type and form of ongoing service, including review of insurance plan, policy and/or transaction, is agreed with client
  • 9.2 Clearly explain fees and costs for ongoing and specifically defined service, and confirm client understands all details
  • 9.3 Provide ongoing service as required
No information
No information
Replaces
State Code National Code Title Type
D4215 FNSASICN503A Provide Tier 1 personal advice in general insurance Unit of competency
Replaced By
State Code National Code Title Type
OEC01 FNSASICN513 Provide advice in general insurance Unit of competency
State Code National Code Title Type
AWE4 FNS51115 Diploma of General Insurance Qualification
BFX4 FNS51120 Diploma of General Insurance Qualification