Unit of competency details

Unit descriptor 

This unit involves the broker in establishing an ongoing risk monitoring process with new broking clients.

This unit is applicable to individuals working within enterprises and job roles subject to licensing, legislative, regulatory or certification requirements including legislation administered by the Australian Securities and Investments Commission (ASIC).

Application of the unit 

This unit requires the application of specific brokerage service standards, usually every 3 to 6 months, to monitor changes not only in the client's risk situation but also in insurance products and markets that may negatively and positively impact the client.

These protocols include researching client data to determine the level of broker-client contact and monitoring required.

The unit may be applied within organisations of various sizes and across a range of customer bases.

Prerequisite units 

Employability skills 

This unit contains employability skills.

Elements describe the essential outcomes of a unit of competency.

Performance criteria describe the performance needed to demonstrate achievement of the element. Where bold italicised text is used, further information is detailed in the required skills and knowledge section and the range statement. Assessment of performance is to be consistent with the evidence guide.

ELEMENT 

PERFORMANCE CRITERIA 

1. Establish communication protocols with client

1.1. Brokerage service guidelines are applied to determine level of client contact  required

1.2. Communication  format is formalised between client and broker

1.3. Effectiveness of protocols is monitored, assessed and adjusted as required

2. Identify and review information

2.1. Information relevant to client requirements is determined

2.2. Mechanisms to select and filter information in an efficient manner are established

3. Review client's business needs

3.1. External environment is monitored and analysed against client program to monitor major change to level of risk exposure

3.2. Client records  are regularly reviewed to ensure information is current

3.3. Comprehensive information on client  is collected and reviewed in compliance with broking service protocols

3.4. Comprehensive records are maintained of risks assessed and action taken

REQUIRED SKILLS AND KNOWLEDGE 

This section describes the skills and knowledge required for this unit.

Required skills 

• communication skills to:

• determine and confirm information, using questioning and active listening techniques
• liaise with others, share information, listen and understand
• use language and concepts appropriate to cultural differences

• numeracy and IT skills to:

• perform calculations related to achieving required outcomes
• use computer applications (word processing, spreadsheet, database, specific purpose computer systems) to assist in achieving required outcomes
• access and update records electronically
• access web-based information services

• literacy skills to read and interpret documentation from a variety of sources and record and consolidate relevant related information
• research and analysis skills for accessing and interpreting relevant information
• effective interpersonal skills
• organisational skills, including the ability to plan and sequence work
• attention to detail in monitoring situations
• monitoring methods
• research methods
• negotiation skills
• administration methods

Required knowledge 

• common law, legal systems and procedures
• organisation or industry policy wording
• organisation policy and procedures
• industry compliance requirements
• industry developments and trends
• industry market position relative to product/line of business

EVIDENCE GUIDE 

The Evidence Guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, range statement and the Assessment Guidelines for the Training Package.

Overview of assessment 

Critical aspects for assessment and evidence required to demonstrate competency in this unit 

Evidence of the ability to:

• apply a systematic, methodological approach to monitoring situations in the context of product market developments and industry trends
• pay close attention to detail in terms of personal needs and specifications of clients.

Context of and specific resources for assessment 

Assessment must ensure:

• competency is demonstrated in the context of the work environment and conditions specified in the range statement either in a relevant workplace or a closely simulated work environment
• access to and the use of a range of common office equipment, technology, software and consumables
• access to organisation records
• access to organisational policies and procedures.

Method of assessment 

A range of assessment methods should be used to assess practical skills and knowledge. The following examples, in combination, are appropriate for this unit:

• evaluating an integrated activity, which combines the elements of competency for the unit, or a cluster of related units of competency
• observing processes and procedures in workplaces
• verbal or written questioning on underpinning knowledge and skills
• evaluating samples of work
• accessing and validating third party reports
• setting and reviewing workplace projects and business simulations or scenarios.

Guidance information for assessment 

RANGE STATEMENT 

The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that may be present with training and assessment (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) may also be included.

Level of client contact  may vary:

• annually
• daily
• monthly
• weekly.

Communication  can be through:

• client bulletin
• email
• facsimile
• letter
• personal contact
• telephone.

Records  may include:

• case files
• minutes of meetings
• notes
• videos.

Information on client  may be obtained by:

• attending regular meetings
• monitoring client advice
• reviewing press clippings and media items.

Unit sector 

Insurance broking

Competency field 

Co-requisite units 

FNSIBK508A

Implement changes to broking client's insurance program