Modification History
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Release |
Comments |
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Release 3 |
This version released with FNS10 Financial Services Training Package version 5.0 Elective groups reordered. Advice relating to ASIC requirements removed from the qualification. Qualification outcomes remain unchanged. Due to an error this Qualification was incorrectly removed from previous versions of this training package. It has now been restored. BSBCUS501B superseded by BSBCUS501C Required skills updated to focus on learning and development and compliance with policy and procedures. |
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Release 2 |
Release 2 of this Qualification first released with FNS10 Financial Services Training Package version 2.0 Updated suffix of unit to BSBCUS501B |
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Release 1 |
Release 1 of this Qualification first released with FNS10 Financial Services Training Package version 1.0 |
Description
This qualification is designed to reflect team leader or supervisor roles in general insurance in a range of organisations.
Possible work functions may include:
- analysing and improving portfolio performance
- analysing claims trends and recommending strategies for improvement
- conducting claims investigation
- determining risk rating
- issuing insurance contracts.
Pathways Information
Pathways into the qualification
Preferred pathways for candidates entering this qualification include:
- Certificate IV in General Insurance
Pathways from the qualification
The primary pathway from this qualification is employment in general insurance supervision in areas such as:
- claims management
- investigation
- portfolio management
- research and analysis
- specialist insurance agent.
A further learning pathway could be study in relevant higher education programs. Learners should establish relevant qualifications and any credit arrangements that may apply in order to make appropriate elective choices in this qualification
Licensing/Regulatory Information
Work functions in the occupational areas where this qualification may be used are subject to regulatory requirements. You should refer to the IBSA website (www.ibsa.org.au) or the relevant regulator for specific guidance on requirements.
Entry Requirements
Not applicable.
Employability Skills Summary
The following table contains a summary of the employability skills required by industry for this qualification. The employability skills facets described here are broad industry requirements that may vary depending on qualification packaging options.
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Employability Skill |
Industry /enterprise requirements for this qualification include : |
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Communication |
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Teamwork |
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Problem solving |
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Initiative and enterprise |
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Planning and organising |
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Self-management |
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Learning |
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Technology |
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Packaging Rules
12 units must be achieved.
3 core units
plus 9 elective units
- A maximum of 4 elective units must be selected from Groups A and/or B
- the remaining elective units can be selected from Groups C,D,E,F, G or H
- A maximum of 2 electives may be selected from units aligned to Diploma qualifications in any endorsed Training Package or accredited course
- A maximum of 2 electives may be selected from units aligned to Advanced Diploma qualifications in any endorsed Training Package or accredited course.
Elective units must be relevant to the work outcome, local industry requirements and the qualification level.
Units selected from other Training Packages or accredited courses must not duplicate units selected from or available within the FNS10 Financial Services or BSB07 Business Services Training Packages.
Core units of competency:
- BSBOHS404B Contribute to the implementation of strategies to control OHS risk
- FNSINC401A Apply principles of professional practice to work in the financial services industry
- FNSINC402A Develop and maintain in-depth knowledge of products and services used by an organisation or sector
Elective units of competency:
Group A (Claims management)
- FNSISV507A Implement claim recovery procedures
- FNSISV508A Review and advise on claims costs, policies and procedures
- FNSISV510A Manage non-routine and complex claims
- FNSISV511A Settle non-routine and complex claims
- FNSISV512A Work with legal teams to resolve complex claims
- FNSISV513A Provide decisions on legal liability and indemnity of a claim
- FNSISV514A Review and update claim reserves in portfolio
- FNSISV515A Evaluate and report on status of claims portfolio
Group B (Underwriting management)
- FNSISV501A Issue contracts of insurance covering non-routine and complex situations
- FNSISV502A Review operational performance of the portfolio
- FNSISV504A Negotiate treaty reinsurance
- FNSISV505A Determine risk rating for investment and insurance products
Group C (Tier 1 compliance)
- FNSASICN503A Provide Tier 1 personal advice in general insurance
- FNSASICO503A Provide Tier 1 general advice in general insurance
Group D (Client relationship management)
- BSBCUS501C Manage quality customer service
- FNSCUS501A Develop and nurture relationships with clients, other professionals and third party referrers
- FNSCUS502A Monitor client requirements
- FNSCUS503A Review business performance
- FNSCUS504A Manage premium customer relationships
- FNSCUS505A Determine client requirements and expectations
- FNSCUS506A Record and implement client instructions
Group E (Risk management)
- FNSRSK501A Undertake risk identification
- FNSRSK502A Assess risks
- FNSISV503A Undertake post-loss risk management
Group F (Investigation)
- FNSISV506A Investigate claims
Group G (Sales and marketing)
- BSBSLS501A Develop a sales plan
- FNSSAM501A Apply advanced selling techniques to selling of financial products and services
- FNSSAM502A Assess market needs
- FNSSAM503A Monitor market opportunities
Group H (General)
- BSBRES401A Analyse and present research information
- BSBSUS501A Develop workplace policy and procedures for sustainability
- FNSIAD501A Provide appropriate services, advice and products to clients
- FNSCUS402A Resolve disputes
- FNSINC501A Conduct product research to support recommendations
- FNSISV516A Allocate authorities and guidelines for distribution
