Release 

Comments 

Release 2

This version first released with FNS Financial Services Training Package Version 7.0.

Minor changes to Element 4 and Performance Evidence.

Release 1

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

ELEMENT 

PERFORMANCE CRITERIA 

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Respond to client enquiries for broking services

1.1 Identify nature of broking services required to satisfy enquiry

1.2 Confirm information and identify research activities required to prepare response to enquiries according to organisational policies and procedures

1.3 Conduct research, collect and process information, and prepare response according to legislative and organisational requirements

1.4 Communicate information to client and seek feedback and additional requirements

1.5 Inform client of disclosure requirements according to legislative and regulatory requirements

2. Undertake risk assessment

2.1 Determine client’s insurance needs based on client objectives and by undertaking assessment of current risk situation

2.2 Identify and discuss insurable and non-insurable risk exposures with client

2.3 Identify cover requirement changes to client’s existing insurance program as advised by client

2.4 Maintain and review record of assessment

3. Assess suitable cover and placement of risk

3.1 Conduct product research to determine most suitable product to meet risk exposure

3.2 Review policy conditions relevant to client’s risk exposures

3.3 Conduct market research to determine suitable insurers

3.4 Negotiate with insurers as required to obtain terms for placement of cover

4. Finalise insurance cover

4.1 Review terms and conditions of insurer’s offer and sums insured with client

4.2 Communicate outcomes of negotiations and detailed information on options available to client

4.3 Make recommendations to client and obtain client instructions to enable precise actions to be taken

4.4 Complete required documentation, and confirm premiums and statutory imposts prior to issuing instructions for completion of cover to insurer

4.5 Bind cover as instructed by client and issue documentation as required by organisational policies and procedures

4.6 Monitor payment of premium and hold covered terms

5. Agree to and implement arrangements for providing ongoing service

5.1 Agree to type and form of ongoing services to provide

5.2 Implement procedures for agreed ongoing services according to organisational policies and procedures

5.3 Review client’s claims history regularly and identify additional risk exposures associated with clients who regularly lodge claims

5.4 Undertake immediate changes to insurance program when requested by client

5.5 Review terms of renewals and remarkets if required

5.6 Confirm premium payments are made within required endorsement or renewal offer period

5.7 Provide claims service when required

S KILL 

DESCRIPTION 

Numeracy

• Performs calculations to determine insurance requirements and fees and costs according to predetermined methodologies

Oral communication

• Speaks clearly using language, tone and pace suitable to audience and purpose
• Uses active listening and questioning techniques to clarify and confirm understanding

Reading

• Researches and interprets information from various sources in a range of formats to establish client needs and determine relevant products
• Gathers, analyses and interprets information on policy wording

Writing

• Records and completes organisational documentation and correspondence

Planning and organising

• Plans, organises and implements tasks, aiming to complete them efficiently and according to organisational requirements

Problem solving

• Applies systematic and analytical decision-making processes to make informed recommendations in relation to risk assessment

Self-management

• Follows legislative requirements and organisational protocols, policies and procedures relevant to own role

Teamwork

• Selects and uses relevant communication conventions and protocols to liaise with clients and insurers in a range of contexts
• Uses collaboration techniques to negotiate agreed outcomes

Technology

• Uses the main features and functions of digital tools to complete work tasks

Release 

Comments 

Release 2

This version first released with FNS Financial Services Training Package Version 7.0.

Minor changes to Element 4 and Performance Evidence.

Release 1

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