Unit of competency Outline

Date retreived
22/07/2026 2:29 PM AWST

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Implement new or renewed insurance program for insurance broking clients

Implement new or renewed insurance program for insurance broking clients

Unit of competency
National Code
FNSIBK402
State Code
AUR39
TGA Status
Replaced
DTWD Status
Transition (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
35
Description
This unit describes the skills and knowledge required to implement a new or renewed insurance program based on a client’s current objectives and risk situation.It applies to individuals working within insurance broking enterprises who assess and review information to tailor specific personal advice for a retail client.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 appropriate communication skills to establish client’s knowledge level and type of advice required
  • 1.2 Respond to enquiries for advice on new or renewed insurance program by explaining range of insurance products and broking services available, associated fees and charging methodologies, role of adviser or principal responsible for adviser’s conduct and procedures for complaints handling
2. Identify client objectives and risk situation
  • 2.1 Complete risk assessment in compliance with brokerage guidelines to gather appropriate client information and determine client risk profile
  • 2.2 Confirm effective dates for insurance changes with client
  • 2.3 Maintain comprehensive records of risks assessed and actions taken
  • 2.4 Check and review records regularly to ensure information is current
3. Analyse changes to client’s insurance program
  • 3.1 Identify and record in writing all required changes using information gathered
  • 3.2 Compare new and additional risks with current insurance program so that discrepancies are clear
  • 3.3 Consult with client throughout analysis and seek advice about required changes without delay
  • 3.4 Determine need for specialist advice and refer client to appropriate adviser for higher level or specialist advice if required
  • 3.5 Obtain client declarations as required by underwriter
4. Negotiate program changes with insurers as required
  • 4.1 Obtain terms to meet client requirements
  • 4.2 Clarify terms required for renewal and change of client's insurance with insurers
5. Communicate options to client and obtain instructions
  • 5.1 Advise clients about outcomes of negotiation with insurers to enable informed decisions to be made
  • 5.2 Clarify options for client that specify client benefits and disadvantages
  • 5.3 Present justified recommendations clearly to clients, responding to questions as required
  • 5.4 Obtain client instructions to enable precise action to be taken
  • 5.5 Forward renewal notices to client at least 14 days before policy expiry according to organisational timeframe requirements
6. Provide ongoing service where requested by client
  • 6.1 Agree on type and form of ongoing service with client
  • 6.2 Explain fees and costs of ongoing services and confirm client understanding
  • 6.3 Provide ongoing service as requested by client
No information
No information
Replaces
State Code National Code Title Type
D9440 FNSIBK402B Provide personal advice in general insurance broking products and services Unit of competency
Replaced By
State Code National Code Title Type
OCI69 FNSIBK412 Implement new and renewed insurance program for insurance broking clients Unit of competency
State Code National Code Title Type
AVZ3 FNS30615 Certificate III in Insurance Broking Qualification