Unit of competency Outline
Date retreived
23/07/2026 10:36 PM AWST
23/07/2026 10:36 PM AWST
Whilst all efforts are made to provide accurate and timely information from the relevant source/documentation, please be aware that the information supplied may not be the most current version. The accuracy of the detail has not been confirmed by the Department and therefore should not be relied upon without first confirming the contents.
Assess and negotiate complex risk portfolio for broking client at renewal
Assess and negotiate complex risk portfolio for broking client at renewal
Unit of competency
National Code
FNSIBK510A
FNSIBK510A
State Code
D4193
D4193
TGA Status
Replaced
Replaced
DTWD Status
Replaced
Replaced
State Implementation and Classification
Approved Date
29/07/2014
Field of Education
081105 - Investment And Securities
Original Release Date
29/07/2014
Nominal Hours
50
Description
This unit describes the performance outcomes, skills and knowledge required to identify and assess risks involved with a complex insurance portfolio, and negotiate insurance changes/renewals. It may be applied where there are changes to the market conditions requiring a reassessment of an existing portfolio at renewal.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).
Notes
Elements and Performance Criteria
1. Determine needs of client with complex risk portfolio
- 1.1. Risk assessment is completed in compliance with guidelines
- 1.2. Similar situations that identify precedent are analysed to assist in complex risk portfolio analysis
- 1.3. Comprehensive records are maintained of risk assessed and actions taken
2. Identify changes to insurance program
- 2.1. Changes are determined by appropriate review of portfolio requirements
- 2.2. Specialist advice is sought as required
- 2.3. Claims/losses history is obtained
- 2.4. Changes in risk context and external environment are taken into account
- 2.5. Client declarations/proposals are obtained as required by underwriters
- 2.6. Client preferred options are identified
3. Negotiate complex renewals with insurers
- 3.1. Selected insurers are identified and approached
- 3.2. Options and alternative portfolio structures are negotiated with insurers to obtain the most suitable program for client
- 3.3. Negotiated renewals with insurers incorporating the level of cover required by client
4. Obtain client instructions for renewal
- 4.1. Outcomes of negotiation with insurers are advised to client to enable an informed decision to be made
- 4.2. Advantages and disadvantages of available options are clearly explained to client
- 4.3. Detailed recommendations are made
- 4.4. Clear client instructions are obtained and documented
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.
Risk assessment may involve:
amended policy schedules
existing policy schedules
using checklists.
Complex risk portfolio may involve:
complex technical risks
high monetary impact
valuable client base.
Specialists are usually:
technical experts in relevant fields.
Negotiated options with insurers include:
deductibles/excesses required
price
scope of cover
security of carrier
type of policy product.
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.
Risk assessment may involve:
amended policy schedules
existing policy schedules
using checklists.
Complex risk portfolio may involve:
complex technical risks
high monetary impact
valuable client base.
Specialists are usually:
technical experts in relevant fields.
Negotiated options with insurers include:
deductibles/excesses required
price
scope of cover
security of carrier
type of policy product.
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:
conduct client interviews, gather information and analyse options for presentation to the client
deal effectively with clients and negotiate with insurers.
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
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:
conduct client interviews, gather information and analyse options for presentation to the client
deal effectively with clients and negotiate with insurers.
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
Replaced By
| State Code | National Code | Title | Type |
|---|---|---|---|
| AUR62 | FNSIBK514 | Manage a complex risk portfolio for a broking client | Unit of competency |
| State Code | National Code | Title | Type |
|---|---|---|---|
| S728 | FNS51210 | Diploma of Insurance Broking | Qualification |