Unit of competency
Modification History
Release |
Comments |
Release 1 |
This version first released with FNS Financial Services Training Package Version 1.0. |
Application
This unit describes the skills and knowledge required to assess a client’s insurance needs and accurately advise customers about financial products and services at the Australian Securities and Investments Commission (ASIC) Tier 2 level.
It applies to individuals whose roles as non-broker insurance advisers require proficient communication and well-developed interpersonal skills and substantial generic, insurance core and specialist general insurance product knowledge to provide advice on standard retail general insurance products to clients.
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.
Unit Sector
ASIC units
Elements and Performance Criteria
ELEMENT |
PERFORMANCE CRITERIA |
Elements describe the essential outcomes. |
Performance criteria describe the performance needed to demonstrate achievement of the element. |
1. Establish relationship with client |
1.1 Use range of communication and interpersonal skills relevant to knowledge level of client 1.2 Respond to enquiries by explaining range of general insurance 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 Ensure appropriate risk assessment processes and tools are used to collect relevant personal, financial and business details |
3. Analyse client risk information |
3.1 Analyse all information from risk assessment process 3.2 Make sure that specialist advice is sought if required to address issues that professional judgement indicates may require further consideration 3.3 Ensure that clients are consulted 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 Confirm that client is referred to appropriate adviser for higher level or specialist advice if required |
5. Present appropriate solutions to client |
5.1 Ensure that features of statement of advice are explained to client in clear and unambiguous way 5.2 Disclose impact of key aspects of recommendations, including possible risks, in clear and concise manner to client |
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 Obtain from client and confirm preferred insurance plan, policy and/or transaction |
7. Coordinate implementation of agreed solution |
7.1 Seek agreement from client about 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 defined ongoing services and confirm client understands all details 9.3 Provide ongoing service as required |
Foundation Skills
This section describes language, literacy, numeracy and employment skills incorporated in the performance criteria that are required for competent performance.
Skill |
Performance Criteria |
Description |
Reading |
3.1, 4.1, 4.2 |
|
Writing |
1.1-1.4, 2.1, 3.3, 4.3, 5.1, 5.2, 6.2, 7.1, 7.2, 8.1-8.3, 9.1 |
|
Oral Communication |
1.1-1.4, 2.1, 3.2, 3.3, 5.1, 5.2, 6.2, 7.1, 7.2, 9.1, 9.2 |
|
Numeracy |
1.2 |
|
Navigate the world of work |
1.3, 1.4, 4.2, 5.2 |
|
Interact with others |
1.1, 2.1, 6.1, 6.2, 7.1, 7.2 |
|
Get the work done |
2.2, 3.2, 3.3, 4.1, 4.4, 8.1, 8.2, 9.3 |
|
Unit Mapping Information
Code and title current version |
Code and title previous version |
Comments |
Equivalence status |
FNSASIC305 Provide Tier 2 personal advice in general insurance |
FNSASIC305A Provide Tier 2 personal advice in general insurance |
Updated to meet Standards for Training Packages |
Equivalent unit |
Links
Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe