Certificate IV in Life Insurance (FNS41510)

Qualification Description

This qualification is designed to reflect the role of persons carrying out work in life insurance in a range in a range of organisations. Possible work functions may include:

• applying procedures and strategies for retaining and enhancing the customer relationship
• processing documents, including preparing and issuing policy
• reviewing and assessing risk information.

Job Roles 

The primary pathway from this qualification is employment in assistant job roles in:

• policy processing
• underwriting
• customer service

Note: the minimum age of enrolment for this course is 18 years of age. 

Requiring 13 units for the qualification (5 core units and 8 elective units):

5 core units are:

BSBITS401A (Core) Maintain business technology

This unit describes the performance outcomes, skills and knowledge required to maintain the effectiveness of business technology in the workplace. It includes maintaining existing technology and planning for future technology requirements.

• Maintain performance of hardware and software
• Provide basic system administration
• Identify future technology requirements

BSBOHS404B (Core) Contribute to the implementation of strategies to control OHS risk

This unit describes the performance outcomes, skills and knowledge required to contribute to the implementation of strategies to control occupational health and safety (OHS) risks.

• Develop option/s for risk control
• Select appropriate option/s to control risks
• Contribute to implementation of controls
• Contribute to monitoring and evaluation of effectiveness of controls

BSBWOR401A (Core) Establish effective workplace relationships

This unit describes the performance outcomes, skills and knowledge required to collect, analyse and communicate information and to use that information to develop and maintain effective working relationships and networks, with particular regard to communication and representation.

• Collect, analyse and communicate information and ideas
• Develop trust and confidence
• Develop and maintain networks and relationships
• Manage difficulties into positive outcomes

FNSINC401A (Core) Apply principles of professional practice to work in the financial services industry

This unit describes the performance outcomes, skills and knowledge required to identify industry professional approaches to procedures, guidelines, policies and standards, including ethical requirements and model and meet expectations of these in all aspects of work.

• Identify the scope, sectors and responsibilities of the industry
• Identify and apply financial services industry guidelines, procedures and legislation
• Identify sustainability issues for the financial services industry
• Manage information
• Participate in and facilitate work team activities
• Plan work to be completed taking into consideration time, resources and other constraints
• Develop and maintain personal competency

FNSINC402A (Core) Develop and maintain in-depth knowledge of products and services used by an organisation or sector

This unit describes the performance outcomes, skills and knowledge required to develop and maintain an in-depth knowledge of the financial products and services provided by an organisation, or those an organisation uses, and how they may be applied to customer needs.

• Identify the products and services the organization uses
• Identify compliance implications of product 
• Determine the appropriate users for products and services
• Maintain product knowledge

8 Electives are:

 
FNSASICN503A (Elective) Provide Tier 1 personal advice in general insurance

This unit is applicable to individuals working within enterprises and job roles subject to licensing, legislative, regulatory or certification requirements including that administered by the Australian Securities and Investments Commission (ASIC). Conditions relating to ASIC training requirements and accreditation should be obtained from ASIC.

• Establish relationship with Client
• Identify client objectives and risk situation
• Analyse client risk Information
• Identify appropriate risk solution
• Present appropriate solutions to client
• Negotiate effectively
• Coordinate implementation of the agreed solution
• Complete and maintain necessary documentation
• Provide ongoing service where requested by client

BSBCUS301A (Elective) Deliver and monitor a service to customers

This unit describes the performance outcomes, skills and knowledge required to identify customer needs and monitor service provided to customers.

• Identify customer needs
• Deliver a service to customers
• Monitor and report on service delivery

BSBCUS401A (Elective) Implement customer service standards

This unit describes the performance outcomes, skills and knowledge required to advise on, carry out and evaluate customer service strategies, including the design of improvement strategies based on feedback.

• Advise on customer service needs
• Support implementation of customer service strategies
• Evaluate and report on customer service

FNSSAM401A (Elective) Sell financial products and services

This unit describes the performance outcomes, skills and knowledge required to present a sales solution and close a sale in response to a customer inquiry. 
This unit has application to a variety of financial services sectors and is applicable to individuals working within enterprises and job roles subject to licensing, legislative, regulatory or certification requirements so the varying Commonwealth, State or Territory requirements should be confirmed with the relevant body.

• Identify the nature of the inquiry
• Determine the suitability of the customer for the financial product or service
• Provide customer with information about the product or service
• Confirm sale and process documentation

BSBCUS403A (Elective) Implement customer service standards

This unit describes the performance outcomes, skills and knowledge required to contribute to quality customer service standards, and to support personnel to implement customer service standards and systems within the organisation.

• Contribute to quality customer service standards
• Implement customer service systems
• Implement team customer service standards

BSBCCO402A (Elective) Gather, collate and record information

This unit describes the performance outcomes, skills and knowledge required to gather, collate and accurately record information from a variety of sources including interviews and database systems.

• Obtain, record and analyse information from the community.
• Take and compile statements.
• Conduct interviews.
• Utilise information/ database systems.
• Use interview and evidence recording equipment.
• Exchange information with other members within the organisation.

FNSISV402A (Elective) Underwrite new business

This unit describes the performance outcomes, skills and knowledge required to conduct underwriting of new business including determining the terms and conditions, risk acceptance, evaluating the response of the customer, negotiating and finalising the cover.

• Determine terms and conditions of risk acceptability
• Communicate result of risk assessment
• Evaluate client response
• Negotiate agreement
• Issue interim cover where required

FNSISV405A (Elective) Analyse insurance claims

This unit describes the performance outcomes, skills and knowledge required to analyse insurance claims including researching and validating the claim information and maintaining records and lines of communication.

• Collect and organise information relating to claim
• Research claim and validate claim information
• Maintain records and lines of communication