Unit of competency Outline

Date retreived
23/07/2026 9:40 PM AWST

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Supervise insurance tender process

Supervise insurance tender process

Unit of competency
National Code
FNSSUP510
State Code
AUT51
TGA Status
Deleted
DTWD Status
Deleted
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
45
Description
This unit describes the skills and knowledge required to implement and supervise the insurance tender process with insurance bodies. It encompasses reviewing insurer arrangements, supervising and implementing the tender process and monitoring of ongoing service by the insurer.It applies to individuals who use analytical skills and systematic approaches to liaise and negotiate tender arrangements with insurance bodies.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. Review insurance arrangements
  • 1.1 Review insurance arrangements as per trust deed, and organisational policy and procedures
  • 1.2 Prepare criteria for insurer selection and confirm with relevant stakeholders
  • 1.3 Implement selection process for choosing insurer, and demonstrate that this process is in best interests of members
  • 1.4 Facilitate tendering process when necessary
  • 1.5 Pass on tendering information to appropriate staff where required
2. Manage tender process
  • 2.1 Establish agreement on selection criteria
  • 2.2 Provide all relevant information to insurer as requested
  • 2.3 Obtain from insurer all relevant information relating to fund
  • 2.4 Demonstrate unbiased assessment of tenders on basis of relevant considerations
  • 2.5 Negotiate policy terms and conditions with insurers
  • 2.6 Undertake due diligence review of selected insurer
  • 2.7 Review benefit design in line with membership profile
3. Implement group life insurance arrangement
  • 3.1 Select appropriate insurer and document decision according to trust deed organisational procedures
  • 3.2 Review policy document against organisational and trust deed requirements, highlighting any possible concerns fund may have with insurer before entering into formal agreement
  • 3.3 Provide policy document and agreement to legal adviser for review before entering into legally binding agreement
  • 3.4 Implement trustee decision on which insurer is responsible for claims if new insurer is appointed
  • 3.5 Facilitate signing of agreement
  • 3.6 Document and record accurately all information on organisational system
  • 3.7 Communicate any benefit design changes with members and appropriate staff
4. Report on insurance strategy
  • 4.1 Review insurance strategy to ensure it is compliant with relevant superannuation legislation and regulations
  • 4.2 Monitor insurance arrangements and report to senior management against agreed service standards
No information
No information
Replaces
State Code National Code Title Type
D4344 FNSSUP502A Supervise insurer liaison Unit of competency
State Code National Code Title Type
AWD2 FNS50715 Diploma of Superannuation Qualification