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Qualification details

FNS51220 - Diploma of Insurance Broking (Release 2)

Summary

Usage recommendation:
Current
Mapping:
MappingNotesDate
Supersedes FNS51215 - Diploma of Insurance Broking 03/Nov/2020

Release Status:
Current
Releases:
ReleaseRelease date
2 (this release) 02/Feb/2021
(View details for release 1) 04/Nov/2020


Units of competency

CodeSort Table listing Units of Competency by the Code columnTitleSort Table listing Units of Competency by the Title columnUsage RecommendationSort Table listing Units of Competency by the Usage Recommendation columnEssentialSort Table listing Units of Competency by the Essential column
BSBINS401 - Analyse and present research informationAnalyse and present research informationCurrentElective
FNSISV405 - Analyse insurance claimsAnalyse insurance claimsCurrentElective
FNSSAM501 - Apply advanced selling techniques to selling of financial products and servicesApply advanced selling techniques to selling of financial products and servicesSupersededElective
FNSINC412 - Apply and maintain knowledge of financial products and servicesApply and maintain knowledge of financial products and servicesCurrentElective
FNSINC504 - Apply ethical frameworks and principles to make and act upon decisionsApply ethical frameworks and principles to make and act upon decisionsCurrentElective
FNSRSK512 - Assess risksAssess risksCurrentElective
FNSIBK416 - Deliver insurance broking servicesDeliver insurance broking servicesCurrentCore
BSBAUD516 - Develop and monitor processes for the management of breaches in compliance requirementsDevelop and monitor processes for the management of breaches in compliance requirementsCurrentElective
BSBSTR502 - Facilitate continuous improvementFacilitate continuous improvementCurrentElective
BSBMKG541 - Identify and evaluate marketing opportunitiesIdentify and evaluate marketing opportunitiesCurrentElective
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Classifications

SchemeCodeClassification value
ANZSCO Identifier 222113 Insurance Broker 
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,Broking 
Taxonomy - Occupation N/A Insurance Broker,Insurance Broking Manager 

Classification history

SchemeCodeClassification valueStart dateEnd date
ANZSCO Identifier 222113 Insurance Broker 17/Dec/2020 
ASCED Qualification/Course Field of Education Identifier 0811 Banking, Finance And Related Fields 17/Dec/2020 
Qualification/Course Level of Education Identifier 421 Diploma 04/Nov/2020 
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Modification History

Release 

Comments 

Release 1

This version first released with FNS Financial Services Training Package Version 5.0.

Release 2

This version first released with FNS Financial Services Training Package Version 6.0.

Release created to reflect updated units of competency.

Qualification Description

This qualification reflects the role of insurance brokers working in a range of organisations, including professional insurance broking advisers. Individuals performing this role assist individuals and businesses to identify their risks, and recommend how these risks can be managed using insurance and other risk management strategies. They 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.

The advice services provided in this role may be to retail, business or large corporate consumers and may deal with a variety of types of insurances provided by the general and life insurance sectors.

Licensing, legislative, regulatory or certification considerations

Work functions in the occupational areas where this qualification may be used are subject to regulatory requirements. Relevant regulatory authorities should be consulted to confirm those requirements before applying the qualification.

Entry Requirements

Nil

Packaging Rules

Total number of units = 11

7 core units  plus

4 elective units , of which:

  • at least 2 must be from the elective units listed below
  • up to 2 may be from any currently endorsed training package qualification or accredited course at AQF Level 4 or above, provided they do not duplicate the outcome of another unit chosen for the qualification.

Elective units must be relevant to the work environment and the qualification, maintain the overall integrity of the AQF alignment, and contribute to a valid vocational outcome.

Core units

FNSASICY513 Provide advice in insurance broking*

FNSIBK415 Meet compliance requirements relating to insurance broking

FNSIBK416 Deliver insurance broking services

FNSIBK518 Implement changes to insurance programs of broking clients

FNSIBK523 Prepare submissions for new insurance broking business

FNSIBK524 Manage complex risk portfolios for insurance broking clients

FNSISV408 Manage handling and settlement of routine insurance claims for retail clients

Elective units

Customer service and sales

BSBMKG541 Identify and evaluate marketing opportunities

BSBMKG543 Plan and interpret market research

BSBOPS505 Manage organisational customer service

FNSCUS504 Manage premium customer relationships

FNSINC412 Apply and maintain knowledge of financial products and servicesFNSINC503 Identify situations requiring complex ethical decision making

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

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

Finance

BSBFIN501 Manage budgets and financial plans

Claims management

FNSIBK522 Negotiate complex claims settlement for insurance broking clients

FNSISV405 Analyse insurance claims

Information management

BSBINS401 Analyse and present research information

Operations

BSBAUD516 Develop and monitor processes for the management of breaches in compliance requirements

BSBOPS502 Manage business operational plans

BSBSTR502 Facilitate continuous improvement

FNSIBK517 Review insurance broking service performance

FNSIBK525 Monitor insurance broking client programs

Risk management

BSBOPS504 Manage business risk

FNSINC612 Interpret and apply financial statistics and tools

FNSRSK511 Undertake risk identification

FNSRSK512 Assess risks

Team and organisation

BSBLDR522 Manage people performance

BSBPEF501 Manage personal and professional development

BSBSLS502 Lead and manage a sales team

BSBTWK502 Manage team effectiveness

*Note the following prerequisite unit requirements.

Unit in this qualification 

Prerequisite unit 

FNSASICY513 Provide advice in insurance broking

FNSIBK416 Deliver insurance broking services

FNSIBK518 Implement changes to insurance programs of broking clients

FNSIBK523 Prepare submissions for new insurance broking business

Qualification Mapping Information

No equivalent qualification. Supersedes and is not equivalent to FNS51215 Diploma of Insurance Broking.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe