Unit of competency Outline
Date retreived
22/07/2026 9:21 PM AWST
22/07/2026 9:21 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.
Implement changes to insurance programs of broking clients
Implement changes to insurance programs of broking clients
Unit of competency
National Code
FNSIBK518
FNSIBK518
State Code
OCI65
OCI65
TGA Status
Current
Current
DTWD Status
Approved
Approved
State Implementation and Classification
Approved Date
11/03/2021
Field of Education
081103 - Insurance And Actuarial Studies
Original Release Date
11/03/2021
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 involves making changes following a prior review of the client’s personal and/or business needs.The unit applies to both general and life insurance brokers in small or large brokerage organisations who provide advice to wholesale and retail clients. It applies to those who apply well-developed interpersonal, analytical and communication skills when dealing with retail and/or wholesale 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.
Notes
Elements and Performance Criteria
1. Identify required risk changes to insurance program
- 1.1 Establish required changes to program using checklist or questionnaire
- 1.2 Identify alternative risk management strategies to provide client with viable options
- 1.3 Review current insurance program to determine whether existing cover can be endorsed and whether new covers are required
- 1.4 Seek instructions from client about required changes according to organisational procedures
2. Negotiate change with insurers
- 2.1 Establish availability of market with terms relevant to client requirements
- 2.2 Negotiate terms required for change with suppliers
- 2.3 Identify options for client according to client requirements
- 2.4 Communicate negotiation outcome, and benefits and disadvantages of identified options
3. Obtain client instructions for program amendments
- 3.1 Assist client to make decisions on program changes according to legislative requirements
- 3.2 Record agreed client instructions on changes according to organisational procedures to ensure information is current
- 3.3 Confirm client instructions and protect interests of both broker and client
- 3.4 Complete required documentation according to organisational procedures
4. Agree to arrangements for providing ongoing service
- 4.1 Agree to type and form of ongoing service with client
- 4.2 Explain fees and costs for ongoing and specifically defined services, and confirm client understanding
- 4.3 Implement procedures and schedule for agreed ongoing service according to organisational policies and procedures
No information
No information
Replaces
| State Code | National Code | Title | Type |
|---|---|---|---|
| AUR45 | FNSIBK508 | Implement changes to broking client's insurance program | Unit of competency |
| State Code | National Code | Title | Type |
|---|---|---|---|
| BFX7 | FNS51220 | Diploma of Insurance Broking | Qualification |
| BFX2 | FNS60920 | Advanced Diploma of Paraplanning | Qualification |