FNSIBK525 Monitor insurance broking client programs

Release: 1

FNSIBK525 Monitor insurance broking client programs

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

Application

This unit describes the skills and knowledge required to establish ongoing monitoring and review processes, which include insurance loss trends, in order to establish an appropriate loss control program to improve loss ratios.

The unit applies to those who use well-developed interpersonal, analytical and communication skills in small or large brokerage organisations dealing with retail and/or commercial clients.

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 broking

Elements and Performance Criteria

ELEMENT	PERFORMANCE CRITERIA
Elements describe the essential outcomes.	Performance criteria describe the performance needed to demonstrate achievement of the element.
1. Establish communication protocols with client	1.1 Apply brokerage service guidelines and determine level of client contact required 1.2 Formalise communications where interests of broker and client need to be protected 1.3 Focus communications on ongoing review of client requirements 1.4 Establish regular communications based on client needs
2. Gather and review client portfolio and loss trends	2.1 Identify and analyse client claims history and assess loss trends 2.2 Identify unreported insured losses and report to insurers according to organisational policy requirements 2.3 Protect client’s interests by identifying options to reduce incidence and frequency of loss 2.4 Monitor underwriting environment to identify if amendments to client program are required
3. Review and adjust monitoring program	3.1 Apply standard industry procedures to broking monitoring processes 3.2 Adjust monitoring program on the basis of analysed information and data 3.3 Identify significance of analysis for client program and specify areas of effective loss control measures 3.4 Identify options to reduce incidence and frequency of loss to protect client interests 3.5 Document client loss control program and reasons for recommendations made to client 3.6 Monitor client records according to broking service protocols

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Numeracy	Analyses both qualitative and quantitative data and performs mathematical calculations to monitor and identify changes affecting the client Undertakes statistical analysis, interprets data and performs mathematical calculations to achieve required outcomes
Oral communication	Conveys and seeks information using language and tone suitable to audience and purpose Uses active listening and questioning techniques to confirm understanding
Reading	Organises, interprets and critiques material from a range of sources and identifies key information
Writing	Develops material for a specific audience using clear, detailed language to convey explicit information, requirements and recommendations Communicates information using clear and concise language and industry-related terminology according to organisational formats and protocols
Self-management	Accepts responsibility for planning and sequencing complex tasks and workload to meet service requirements Systematically gathers and analyses required information and evaluates options to make decisions and recommendations regarding loss control
Teamwork	Selects and uses appropriate conventions and protocols when communicating with colleagues and others to seek or provide information
Technology	Uses digital technologies to access, enter and store information

Unit Mapping Information

No equivalent unit. Supersedes and is not equivalent to FNSIBK515 Monitor broking client requirements and establish loss control programs.

Links

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