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Qualification details

FNS51115 - Diploma of General Insurance (Release 3)

Summary

Usage recommendation:
Current
Mapping:
MappingNotesDate
Supersedes and is equivalent to FNS51110 - Diploma of General InsuranceUpdated to meet Standards for Training. Packages. Packaging rules have been simplified and clarified Core units reduced from three to two. 24/Mar/2015

Release Status:
Current
Releases:
ReleaseRelease date
3 (this release) 13/Feb/2018
(View details for release 2) 22/Apr/2015
(View details for release 1) 25/Mar/2015


Training packages that include this qualification

Units of competency

CodeSort Table listing Units of Competency by the Code columnTitleSort Table listing Units of Competency by the Title columnEssentialSort Table listing Units of Competency by the Essential column
BSBCUS501 - Manage quality customer serviceManage quality customer service Elective
BSBRES401 - Analyse and present research informationAnalyse and present research information Elective
BSBSLS501 - Develop a sales planDevelop a sales plan Elective
BSBSUS501 - Develop workplace policy and procedures for sustainabilityDevelop workplace policy and procedures for sustainability Elective
BSBWHS404 - Contribute to WHS hazard identification, risk assessment and risk controlContribute to WHS hazard identification, risk assessment and risk control Elective
FNSASICN503 - Provide Tier 1 personal advice in general insuranceProvide Tier 1 personal advice in general insurance Elective
FNSASICO503 - Provide Tier 1 general advice in general insuranceProvide Tier 1 general advice in general insurance Elective
FNSCUS402 - Resolve disputesResolve disputes Elective
FNSCUS501 - Develop and nurture relationships with clients, other professionals and third party referrersDevelop and nurture relationships with clients, other professionals and third party referrers Elective
FNSCUS502 - Monitor client requirementsMonitor client requirements Elective
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Classifications

SchemeCodeClassification value
ANZSCO Identifier 611211 Insurance Agent 
ASCED Qualification/Course Field of Education Identifier 0811 Banking, Finance And Related Fields 
Qualification/Course Level of Education Identifier 421 Diploma 
Taxonomy - Industry Sector N/A Insurance 
Taxonomy - Occupation N/A Insurance Advisor,Loss Adjuster 

Classification history

SchemeCodeClassification valueStart dateEnd date
ANZSCO Identifier 611211 Insurance Agent 30/Jul/2015 
ASCED Qualification/Course Field of Education Identifier 0811 Banking, Finance And Related Fields 30/Jul/2015 
Qualification/Course Level of Education Identifier 421 Diploma 25/Mar/2015 
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Modification History

Release 

Comments 

Release 3

This version released with FNS Financial Services Training Package version 3.0

Release 3 created to update elective unit list

Release 2

This version released with FNS Financial Services Training Package version 1.1

Release 2 created to correct typographical error

Release 1

This qualification first released with FNS Financial Services Training Package version 1.0

Qualification Description

This qualification is designed to reflect a range of the job roles with team and business result responsibilities in general insurance industry environments. Individuals in these roles have autonomy in performing technical operations, apply solutions to a range of often complex problems, and research, analyse and evaluate information from a variety of sources. They apply initiative to plan, coordinate and evaluate their own work and provide guidance to others. Work may include claims management, investigation and portfolio management.

Licensing/Regulatory Information

Work functions in the occupational areas where this qualification 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.

Entry Requirements

Nil.

Packaging Rules

Total number of units = 12 

2 core units  plus

10 elective  units

The elective units consist of:

  • up to 10 from the electives below
  • up to 2 may be from a Diploma in any currently endorsed training package or accredited course
  • up to 2 may be from an Advanced Diploma in any currently endorsed training package or accredited course.

The elective units chosen must be relevant to the work outcome and meet local industry needs.

Core Units  

FNSINC401 Apply principles of professional practice to work in the financial services industry

FNSINC402 Develop and maintain in-depth knowledge of products and services used by an organisation or sector

Elective Units 

Claims management 

FNSISV507 Implement claim recovery procedures

FNSISV508 Review and advise on claims costs, policies and procedures

FNSISV510 Manage non-routine and complex claims

FNSISV511 Settle non-routine and complex claims

FNSISV512 Work with legal teams to resolve complex claims

FNSISV513 Provide decisions on legal liability and indemnity of a claim

FNSISV514 Review and update claim reserves in portfolio

FNSISV515 Evaluate and report on status of claims portfolio

Underwriting management 

FNSISV501 Issue contracts of insurance covering non-routine and complex situations

FNSISV502 Review operational performance of the portfolio

FNSISV504 Negotiate treaty reinsurance

FNSISV505 Determine risk rating for investment and insurance products

ASIC Tier 1 Compliance 

FNSASICN503 Provide Tier 1 personal advice in general insurance

FNSASICO503 Provide Tier 1 general advice in general insurance

Client relationship management 

BSBCUS501 Manage quality customer service

FNSCUS501 Develop and nurture relationships with clients, other professionals and third party referrers

FNSCUS502 Monitor client requirements

FNSCUS503 Review business performance

FNSCUS504 Manage premium customer relationships

FNSCUS505 Determine client requirements and expectations

FNSCUS506 Record and implement client instructions

FNSINC503 Identify situations requiring complex ethical decision making

FNSINC504 Apply ethical frameworks and principles to make and act upon decisions

Risk management  

BSBWHS404 Contribute to WHS hazard identification, risk assessment and risk control

FNSRSK501 Undertake risk identification

FNSRSK502 Assess risks

FNSISV503 Undertake post-loss risk management

Investigation 

FNSISV506 Investigate claims

Sales and marketing 

BSBSLS501 Develop a sales plan

FNSSAM501 Apply advanced selling techniques to selling of financial products and services

FNSSAM502 Assess market needs

FNSSAM503 Monitor market opportunities

General 

BSBRES401 Analyse and present research information

BSBSUS501 Develop workplace policy and procedures for sustainability

FNSCUS402 Resolve disputes

FNSIAD501 Provide appropriate services, advice and products to clients

FNSINC501 Conduct product research to support recommendations

FNSISV516 Allocate authorities and guidelines for distribution

Qualification Mapping Information

Code and title  

current version 

Code and title 

previous version 

Comments 

Equivalence status 

FNS51115 Diploma of General Insurance (Release 3)

FNS51115 Diploma of General Insurance (Release 2)

Updates to elective unit list

Equivalent qualification

Links

Companion Volume implementation guides are found in VETNet - https://vetnet.education.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe