FNSASICY513 — Provide advice in insurance broking

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What an assessment for FNSASICY513 must cover

66 assessable components: 5 elements (24 performance criteria), 1 performance evidence and 32 knowledge evidence requirements, plus 9 foundation skills. An audit-defensible tool maps every question and task back to these — that mapping is the coverage matrix Auditori generates alongside the assessment.

Elements & performance criteria

1 Prepare to provide advice in insurance broking

1.1Identify client enquiry and inform client about role of adviser and licensee or principal responsible for adviser’s conduct
1.2Establish client’s objectives and goals and obtain personal, financial and business details to identify client’s needs
1.3Respond to enquiries about insurance broking products and services by explaining range of products and services available and their relevant fee and charging methodology
1.4Establish risk profile in relation to client’s business activities according to organisational procedures

2 Analyse client’s objectives, needs, financial situation and risk profile to develop appropriate strategies and solutions

2.1Assess client needs taking into account client’s information, product expectations and specific needs
2.2Consult client throughout analysis for further clarification where necessary
2.3Analyse need for higher level or specialist advice and ensure client is referred to appropriate adviser if required
2.4Assess and confirm risk profile of client, demonstrating ASIC-identified generic and specialist knowledge relevant to products and services being offered
2.5Determine appropriate strategy to provide for identified needs and outcomes, based on analysis of products and services, client risk profile and assessment of client needs
2.6Conduct relevant research, analysis and product modelling, and draft appropriate solution and plan, policy or transaction for presentation to client

3 Present appropriate strategies and solutions to client and negotiate financial plan, policy or transaction

3.1Apply appropriate knowledge for product or service offered when presenting outcomes of analysis
3.2Clearly and unambiguously explain proposed transaction to client
3.3Reinforce required details, terms and conditions of product or service
3.4Disclose impacts and possible risks of solution in clear and concise manner
3.5Provide supporting written documentation and guide client through key aspects of documentation
3.6Discuss and clarify concerns and issues that client has regarding proposed plan, policy or transaction
3.7Confirm that client understands proposed plan, policy or transaction

4 Agree to plan, policy or transaction and complete documentation

4.1Obtain client’s formal agreement to confirmed plan, policy or transaction
4.2Explain and confirm client understanding of fees, cost structures and timeframes for execution and processing of agreed plan, policy or transaction
4.3Obtain signed proposal and statutory and transactional documents required from client
4.4Exchange copies of signed agreement and other required documentation according to organisational procedures

5 Agree to and implement arrangements for providing ongoing service

5.1Agree to type and form of client-preferred ongoing service to be provided
5.2Clearly explain fees and costs for ongoing and specifically defined services, and confirm client understanding
5.3Implement arrangements for agreed ongoing service according to organisational policies and procedures

Performance evidence

provide advice in insurance broking to at least three different clients.

Knowledge evidence

legislative and organisational compliance requirements in relation to advice, including:
legislation affecting the provision of general and personal advice, including relevant regulatory guidelines on conduct and disclosure
roles and responsibilities of different advisers within the organisation
organisational policies and guidelines relating to provision of advice and communication
legal environment, including disclosure and compliance covering:
role of the representative or adviser and applicable fiduciary duty obligations
relationship between ethics and regulatory requirements, including good faith, faith, utmost good faith, full disclosure of remuneration and fees, and any other conflicts of interest which may influence the adviser’s recommendation
required industry standards and codes of practice
regulators’ guidelines, including Australian Securities and Investments Commission (ASIC) Regulatory Guides applicable to the insurance broking sector and advisory role of a broker and Australian Financial Services (AFS) licensing
internal and external complaints resolution procedures
legal principles relating to legislation and regulations that impact on the general insurance and general insurance broking sector, including the Corporations Act, ASIC Act, Insurance Contracts Act, privacy regulations, Competition and Consumer Act
broking practices in respect to assisting clients with insurance claims
methods for assessing insurable risk exposures
organisational procedures for delivering insurance broking services
impact of economic environment on general insurance sector
operation of insurance markets, including:
definition of insurance product and service
characteristics and participants of the Australian insurance market
roles played by intermediaries
key features of general insurance products and services, including retail and wholesale products and:
conditions, exclusions and levels of coverage of risk transfer products
pricing
aspects of ongoing service provision, including:
reporting on performance
review of plan, policy or transaction
available ways of communication
taxation issues in relation to insurance products and markets
advisory functions, including:
roles and responsibilities of insurance adviser, broker or agent
role of licensee or principal responsible for adviser’s conduct, including procedures for complaints handling and circumstances in which they should be applied
participants in the insurance advisory services market
relationship between industry sectors.

Foundation skills

Numeracy: Interprets financial information on products and services, and calculates client costs, risks and returns
Oral communication: Clearly articulates requirements using language suitable to audience and environment Uses active listening and questioning techniques to confirm understanding
Learning: Extends knowledge of insurance broking product and service features relevant to current role using research and investigative analysis to select investments that suit client needs
Reading: Interprets information from required sources
Writing: Uses clear, specific and industry-related terminology to complete and consolidate workplace documentation
Initiative and enterprise: Takes personal responsibility for following policies, procedures and protocols to provide advisory services and documentation that comply with legal, statutory and organisational requirements
Self-management: Takes responsibility for the planning, sequence and priority of tasks within own workload to achieve effective and compliant outcomes Applies systematic and analytical decision-making processes to determine and implement investment solutions that meet client needs and financial requirements
Teamwork: Selects and uses appropriate conventions and protocols when communicating with clients to build rapport, seek and share information, establish clear agreement and maintain an ethical service relationship
Technology: Uses the main features and functions of digital tools to complete work tasks

Unit content sourced from training.gov.au — © Commonwealth of Australia, licensed under CC BY 4.0. Auditori is not affiliated with the Department of Employment and Workplace Relations.

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Questions about assessing FNSASICY513

What does an assessment tool for FNSASICY513 need to cover?

To satisfy the Principles of Assessment and Rules of Evidence, an assessment for FNSASICY513 needs to address all 66 unit components: 5 elements with 24 performance criteria, 1 performance evidence requirements, 32 knowledge evidence requirements, and the foundation skills. A coverage matrix mapping each question and task to these components is what an auditor looks for.

How does Auditori generate an assessment tool for FNSASICY513?

Auditori pulls the current release of FNSASICY513 from training.gov.au and generates a complete package: candidate assessment, assessor guide with model answers and observation criteria, and a coverage matrix mapping every component. A suitably qualified person then reviews and approves the draft in a built-in workflow — consistent with ASQA's guidance on AI use in VET — before export as branded PDF and editable Word.

Is the first assessment tool really free?

Yes. Every new account includes one free credit — enough to generate the complete assessment tool for FNSASICY513 — with no card and no subscription required. After that it's pay-as-you-go per unit.

Can I check my existing FNSASICY513 assessment instead of generating a new one?

Yes — upload your existing assessment or learner guide and Auditori maps it against every element, performance criterion, PE and KE of FNSASICY513, showing exactly what's covered and what's missing. Mapping costs a quarter of a credit.

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