Unit of competency details
FNSISV411 - Evaluate insurance risk for business (Release 1)
Summary
Usage recommendation:
Current
Releases:
| 1 1 (this release) |
02/Feb/2021 |
Companion volumes:
Unit of competency
Assessment requirements
Training packages that include this unit
Qualifications that include this unit
Classifications
Classification history
| ASCED Module/Unit of Competency Field of Education Identifier | 081103 | Insurance And Actuarial Studies | 10/Mar/2021 | |
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Unit of competency
Modification History
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Release
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Comments
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Release 1
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This version first released with FNS Financial Services Training Package Version 6.0.
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Application
This unit describes the skills and knowledge required to evaluate risk for insurance for a new or renewing business, including gathering risk information, and reviewing and assessing it against appropriate risk criteria.
The unit applies to those performing underwriting roles in a range of insurance sectors, in organisations of various sizes and across a range of client bases.
Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Users are advised to check with the relevant state and territory regulatory authorities to confirm those requirements.
Unit Sector
Insurance services
Elements and Performance Criteria
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ELEMENT
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PERFORMANCE CRITERIA
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Elements describe the essential outcomes.
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Performance criteria describe the performance needed to demonstrate achievement of the element.
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1. Identify and obtain risk information
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1.1 Identify, record and gather all sources of risk information and rectify deficiencies
1.2 Determine relevance and reliability of gathered information and integrity of its source
1.3 Prepare data according to organisational policies and procedures
1.4 Confirm compliance with legislative and regulatory requirements
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2. Assess information against underwriting guidelines
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2.1 Review and initiate required surveys and reports
2.2 Interpret data on risk exposure from survey and reports
2.3 Compare risk information against underwriting guidelines and organisational capacity to assess and accept risk according to terms and conditions
2.4 Liaise with internal stakeholders to assess impact on business as required
2.5 Review and assess proposed amendments against underwriting guidelines and according to organisational policies and procedures
2.6 Document risk assessment data according to organisational policies and procedures
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3. Issue quotation
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3.1 Prepare quotation based on risk assessment data according to underwriting guidelines
3.2 Communicate information regarding quote to required stakeholders
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Foundation Skills
This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.
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S KILL
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DESCRIPTION
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Numeracy
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- Performs mathematical calculations to analyse financial data to accurately evaluate risk
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Oral communication
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- Participates in verbal exchanges to gather or share information using questioning and listening techniques to ascertain other opinions
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Reading
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- Analyses complex documentation from a variety of sources and consolidates information relating to specific criteria to determine requirements
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Writing
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- Records and completes organisational documents and correspondence using clear language and correct spelling, grammar and terminology
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Planning and organising
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- Takes responsibility for planning, sequencing and prioritising tasks and own workload for efficiency and effective outcomes
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Problem solving
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- Makes routine decisions and implements standard procedures for routine tasks, using formal decision-making processes for more complex and non-routine situations
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Self-management
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- Takes personal responsibility for following policies, procedures and legislative requirements
- Identifies and acts on issues that contravene relevant policies, procedures and legal requirements
- Selects and uses appropriate conventions and protocols when communicating with clients and co-workers in a range of work contexts
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Technology
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- Uses digital technologies to access, enter and store information required to complete work tasks
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Unit Mapping Information
No equivalent unit. Supersedes and is not equivalent to FNSISV401 Evaluate risk for new business.
Links
Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe
Assessment requirements
Modification History
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Release
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Comments
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Release 1
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This version first released with FNS Financial Services Training Package Version 6.0.
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Performance Evidence
The candidate must demonstrate the ability to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including evidence of the ability to:
- evaluate risk for insurance business, including either:
- evaluating risk for at least one new and at least one renewing general insurance business, or
- evaluating risk for at least two new Private Health Insurance business.
Knowledge Evidence
The candidate must be able to demonstrate knowledge to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including knowledge of:
- legislative and regulatory requirements and industry sector codes of practice relating to risk evaluation
- organisational policies and procedures, and underwriting guidelines relating to risk evaluation
- application of required common law, legal systems and procedures relating to:
- insurance contracts
- competition and consumer practices
- key features of insurance policies
- insurance risk and relative industry hazards associated with organisational products
- procedures and requirements to conduct and review surveys and reports
- risk prevention methods and application
- techniques to analyse financial data and evaluate risk.
Assessment Conditions
Skills in this unit must be demonstrated in a workplace or simulated environment where the conditions are typical of those in a working environment in this industry.
This includes access to:
- organisational records
- organisational policies and procedures, legislation and regulations relating to new and renewal business
- technology and software required to evaluate insurance risk.
Assessors of this unit must satisfy the requirements for assessors in applicable vocational education and training legislation, frameworks and/or standards.
Links
Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe
