Release 

Comments 

Release 1

This version first released with FNS Financial Services Training Package Version 1.0.

ELEMENT 

PERFORMANCE CRITERIA 

Elements describe the essential outcomes.

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

1. Identify products and services used by organisation

1.1 Identify life insurance products and services offered by organisation and determine purpose of each

1.2 Identify characteristics of product and service including their strengths, weaknesses, terms and conditions and, where applicable, communicate this information to clients

1.3 Access organisation’s promotional strategy for products and services and apply in business activities

2. Identify compliance implications of product

2.1 Establish and document compliance implications

2.2 Provide clients with all necessary information and documentation as per compliance requirements

3. Determine appropriate users for products and services

3.1 Identify and document function of each product and service, and client needs it satisfies

3.2 Research client characteristics that best suit each product

3.3 Compare organisation’s products and services against those of competitors, to establish most effective approach for matching products to client needs

3.4 Evaluate products and services sales strategy that best meets client needs while taking into account competitor practices

4. Maintain product knowledge

4.1 Regularly review relevant products and services to identify changes to terms and conditions and apply this information in daily work

4.2 Implement systems for updating and maintaining knowledge of products and services

4.3 Review and use information on emerging trends affecting financial services industry to supplement product and service knowledge

Skill 

Performance Criteria 

Description 

Learning

4.1, 4.2, 4.3

• Develops and uses personal organisational systems to gather and organise information

Reading

1.1-1.3, 2.1, 3.1-3.4, 4.1, 4.3

• Gathers, analyses and interprets simple to complex information from a range of sources and identifies relevant information

Writing

2.1, 2.2, 3.1

• Produces texts of varying complexity using appropriate technical and industry language, grammar and logical sequence
• Summarises and records information accurately

Oral Communication

1.2, 2.2

• Provides information using clear, specific and technically correct language
• Uses active listening and questioning techniques to confirm understanding of requirements

Numeracy

1.2, 3.3, 4.1

• Performs calculations to analyse numerical data and information relevant to products and services

Navigate the world of work

2.1, 2.2, 4.1

• Recognises and follows legislative requirements, explicit and implicit protocols, policies and procedures, and meets expectations associated with own role
• Researches information to update general and specific knowledge on organisational products and services

Interact with others

1.2, 2.2

• Adjusts personal communication style in response to the values, beliefs and cultural expectations of others

Get the work done

1.1-1.3, 2.1, 2.2, 3.1-3.4, 4.1-4.3

• Takes responsibility for planning, sequencing and prioritising tasks and own workload for efficiency and effectiveness
• Systematically gathers and analyses all relevant information and evaluates options to inform decisions about appropriate products and services
• Uses digital technologies and systems to locate information, enter and store data

Code and title 

current version 

Code and title 

previous version 

Comments 

Equivalence status 

FNSILF403 Develop and maintain in-depth knowledge of products and services used by the life insurance sector

FNSILF403 A Develop and maintain in-depth knowledge of products and services used by the life insurance sector

Updated to meet Standards for Training Packages

Equivalent unit

Release 

Comments 

Release 1

This version first released with FNS Financial Services Training Package Version 1.0.