Unit of competency Outline

Date retreived
23/07/2026 7:04 AM 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.

Implement changes to broking client's insurance program

Implement changes to broking client's insurance program

Unit of competency
National Code
FNSIBK508
State Code
AUR45
TGA Status
Replaced
DTWD Status
Replaced
Current Release Number
1.00
Current Release Date
25/03/2015
View on TGA
State Implementation and Classification
Approved Date
16/09/2015
Field of Education
081103 - Insurance And Actuarial Studies
Original Release Date
16/09/2015
Nominal Hours
55
Description
This unit describes the skills and knowledge required to identify and implement insurance program changes for an insurance broking client, including undertaking a review of the existing portfolio and insurance history. It is applicable to both general and life insurance brokers and can be applied to providing advice to wholesale and retail clients following a prior review of the client's personal and/or business needs.It applies to individuals who apply well-developed interpersonal, analytical and communication skills within organisations of various sizes and across a range of customer bases.Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Refer to the FNS Implementation Guide Companion Volume or the relevant regulator for specific guidance on requirements.
Notes
Elements and Performance Criteria
1. Identify required risk changes to insurance program
  • 1.1 Establish all required changes using appropriate checklist or questionnaire
  • 1.2 Determine alternative risk management strategies to provide client with viable options
  • 1.3 Review current insurance program to determine whether existing cover can be endorsed or whether new cover/s are required
  • 1.4 Seek instructions from client about required changes without delay
2. Negotiate change with insurers
  • 2.1 Establish availability of market with suitable terms for client requirements
  • 2.2 Negotiate all terms required for change with suppliers to provide most beneficial outcome for client
3. Communicate options for changes to client
  • 3.1 Advise client about outcomes of negotiations with insurers to enable informed decision to be made
  • 3.2 Identify options for client that specify benefits and disadvantages
  • 3.3 Justify all recommendations
4. Obtain client instructions for program amendments
  • 4.1 Communicate options for changes clearly so that client can make informed decisions on program changes
  • 4.2 Obtain clear and concise client instructions to enable precise action to be taken
  • 4.3 Record client instructions according to operating procedures to ensure information is current
  • 4.4 Confirm all client instructions to protect interests of both broker and client
  • 4.5 Complete relevant documentation
5. Provide ongoing service where requested by client
  • 5.1 Agree with client type and form of ongoing service, including reporting on performance and review of insurance program
  • 5.2 Explain any fees and costs for ongoing and specifically defined services, and confirm client’s understanding
  • 5.3 Schedule and provide ongoing service as required
No information
No information
Replaces
State Code National Code Title Type
D4191 FNSIBK508A Implement changes to broking client's insurance program Unit of competency
Replaced By
State Code National Code Title Type
OCI65 FNSIBK518 Implement changes to insurance programs of broking clients Unit of competency
State Code National Code Title Type
AWD6 FNS60415 Advanced Diploma of Financial Planning Qualification
AVX5 FNS50615 Diploma of Financial Planning Qualification
AWB4 FNS51215 Diploma of Insurance Broking Qualification