Unit of competency Outline

Date retreived
22/07/2026 5:23 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.

Monitor broking client requirements and establish loss control programs

Monitor broking client requirements and establish loss control programs

Unit of competency
National Code
FNSIBK515
State Code
AUR53
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
70
Description
This unit describes the skills and knowledge required to establish ongoing monitoring and review processes that include insurance loss trends to establish an appropriate loss control program to improve loss ratios.It applies to individuals who use well-developed interpersonal, analytical and communication skills within organisations of various sizes and across a range of customer bases.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 communication protocols with client
  • 1.1 Apply brokerage service guidelines to determine level of client contact required
  • 1.2 Formalise communications where interests of broker and client need to be protected
  • 1.3 Focus communications on ongoing review of client requirements
  • 1.4 Establish regular communications within guidelines based on client needs
2. Gather and review client information
  • 2.1 Identify categories of information relevant to broking services provided
  • 2.2 Monitor business environment to identify need to amend information services
  • 2.3 Establish methods to select and filter information in efficient manner
  • 2.4 Determine, gather and review information relevant to client
3. Establish loss reporting program
  • 3.1 Determine content and format of information required to analyse and report loss
  • 3.2 Assign responsibility for establishing and maintaining loss reporting program so that accurate, comprehensive and reliable records are maintained
  • 3.3 Record loss information accurately and without delay in established format
4. Determine suitable action on loss reports
  • 4.1 Assess loss reports in relation to client program to ensure all insured losses are identified
  • 4.2 Refer insured losses to insurers within policy requirements
5. Identify loss trends
  • 5.1 Undertake analysis of loss information using valid and reliable statistical techniques
  • 5.2 Apply standard industry procedures to review loss trend information for client impact
6. Formulate and recommend loss control program
  • 6.1 Identify significance of analysis for client program so areas of effective loss control measures can be specified
  • 6.2 Identify options to reduce incidence and frequency of loss to protect client interests
  • 6.3 Document client loss control programs clearly with reasons for recommendations made
No information
No information
Replaces
State Code National Code Title Type
D4189 FNSIBK506A Monitor broking clients Unit of competency
D4194 FNSIBK511A Review incidence of loss for broking clients Unit of competency
D4188 FNSIBK505A Undertake risk analysis for an insurance broking client Unit of competency
Replaced By
State Code National Code Title Type
OCI61 FNSIBK525 Monitor insurance broking client programs Unit of competency
State Code National Code Title Type
AWD6 FNS60415 Advanced Diploma of Financial Planning Qualification
AVX5 FNS50615 Diploma of Financial Planning Qualification
AWB4 FNS51215 Diploma of Insurance Broking Qualification