QCTO Roadshow
July/August 2010
Definition of Qualification
• Qualified in:
the field of Insurance (Long Term, Short Term,
Health Benefits, Pension Funds)
• Qualified to:
sell, underwrite, negotiate claims, manage risk
• Qualified as:
Financial Planner, Underwriter, Risk Manager,
Loss Adjuster, Claims Manager, Insurance
Administrator
Different Functions in the Industry
SALES
ADMIN
UNDERWRITING
RISK MNGT
CLAIMS
)
Business Development
Manager
Alternative Title:
New Business Manager
(Business Development Manager –
131102, OR Sales and Marketing
Manager 131101)
Financial Planner
Alternative Title:
Para Planner
(Financial Planner – 222301)
Professional Body – FPI
Professional Qualification – Post Grad
Diploma in Financial Planning
Financial Services Advisor
Alternative Title:
Broker Consultant
Commercial Advisor
Short Term Advisor
Insurance Sales Consultant
(Insurance Sales Consultant –
611201)
Professional Bodies / Associations –
FPI, IISA, FIA, SAIA, IHRM
Sales Call Centre Agent
Alternative Titles:
Sales Advisor
Sales Agent
(541101 Admin Inquiry Clerk Skills
Level 2)
Different Functions in the Industry
SALES
ADMIN
UNDERWRITING
RISK MNGT
CLAIMS
)
Business Development
Manager
Alternative Title:
New Business Manager
(Business Development Manager –
131102, OR Sales and Marketing
Manager 131101)
Insurance Admin Manager
Alternative titles:
Insurance Product Quality
Manager (New Title -139911)
Financial Planner
Insurance Administrator
Alternative Title:
Para Planner
(Financial Planner – 222301)
Alternative Titles:
Commercial Administrator
Commercial Internal Broker
Professional Body – FPI
Professional Qualification – Post Grad
Diploma in Financial Planning
(Insurance Administrator
552302)
Financial Services Advisor
Servicing Broker Assistant
Alternative Title:
Broker Consultant
Commercial Advisor
Short Term Advisor
Insurance Sales Consultant
(Insurance Sales Consultant – 611201)
Alternative titles:
Financial Planning Assistant
Sales Assistant
Sales Administrator
New Business Admin
(Added as alt title to Insurance
Admin)
Sales Call Centre Agent
Alternative Titles:
Sales Advisor
Sales Agent
(541101 Admin Inquiry Clerk Skills
Level 2)
Client Service Call Centre
Agent
Alternative Titles:
Client Services Advisor
Service Agent
(541101 Admin Inquiry Clerk)
Different Functions in the Industry
SALES
ADMIN
UNDERWRITING
RISK MNGT
CLAIMS
)
Business Development
Manager
Alternative Title:
New Business Manager
(Business Development Manager –
131102, OR Sales and Marketing
Manager 131101)
Insurance Admin Manager
Underwriter
Alternative titles:
Alternative Title
Risk Analyst
Insurance Product Quality
Manager (New Title -139911)
(Underwriter – 611201
Alternative title)
Financial Planner
Insurance Administrator
Assistant Underwriter
Alternative Title:
Para Planner
(Financial Planner – 222301)
Alternative Titles:
Commercial Administrator
Commercial Internal Broker
Alternative Titles:
Professional Body – FPI
Professional Qualification – Post Grad
Diploma in Financial Planning
(Insurance Administrator
552302)
(611201 – Alternative Title to
Underwriter)
Financial Services Advisor
Servicing Broker Assistant
Underwriting Clerk
Alternative Title:
Broker Consultant
Commercial Advisor
Short Term Advisor
Insurance Sales Consultant
(Insurance Sales Consultant – 611201)
Alternative titles:
Financial Planning Assistant
Sales Assistant
Sales Administrator
New Business Admin
(Added as alt title to Insurance
Admin)
Sales Call Centre Agent
Alternative Titles:
Sales Advisor
Sales Agent
(541101 Admin Inquiry Clerk Skills
Level 2)
Client Service Call Centre
Agent
Alternative Titles:
Client Services Advisor
Service Agent
(541101 Admin Inquiry Clerk)
Internal Broker
(Insurance Administrator
552302 – added as an
alternative title)
Different Functions in the Industry
SALES
ADMIN
UNDERWRITING
RISK MNGT
CLAIMS
)
Business Development
Manager
Alternative Title:
New Business Manager
(Business Development Manager
– 131102, OR Sales and Marketing
Manager 131101)
Insurance Admin Manager
Underwriter
Risk Manager
Alternative titles:
Alternative Title
Risk Analyst
Alternative Title:
Portfolio Manager
(Underwriter – 611201
Alternative title)
(Risk Manager 139906 – Risk
and Quality Manager)
Risk Surveyor
Insurance Product Quality
Manager (New Title -139911)
Financial Planner
Insurance Administrator
Assistant Underwriter
Alternative Title:
Para Planner
(Financial Planner – 222301)
Alternative Titles:
Commercial Administrator
Commercial Internal Broker
Alternative Titles:
Professional Body – FPI
Professional Qualification – Post
Grad Diploma in Financial
Planning
(Insurance Administrator
552302)
(611201 – Alternative Title to
Underwriter)
Financial Services Advisor
Servicing Broker Assistant
Underwriting Clerk
Alternative Title:
Broker Consultant
Commercial Advisor
Short Term Advisor
Insurance Sales Consultant
(Insurance Sales Consultant –
611201)
Alternative titles:
Financial Planning Assistant
Sales Assistant
Sales Administrator
New Business Admin
(Added as alt title to Insurance
Admin)
Sales Call Centre Agent
Alternative Titles:
Sales Advisor
Sales Agent
(541101 Admin Inquiry Clerk )
Client Service Call Centre
Agent
Alternative Titles:
Client Services Advisor
Service Agent
(541101 Admin Inquiry Clerk)
Internal Broker
(Insurance Administrator
552302 – added as an
alternative title)
(Risk Surveyor 599603 – Admin
Skills Level 3)
Different Functions in the Industry
SALES
ADMIN
UNDERWRITING
CLAIMS
RISK MNGT
)
Business Development
Manager
Alternative Title:
New Business Manager
(Business Development Manager
– 131102, OR Sales and Marketing
Manager 131101)
Insurance Admin Manager
Alternative titles:
Insurance Product Quality
Manager (New Title -139911)
Risk Manager
Claims Manager
Alternative Title
Risk Analyst
Alternative Title:
Portfolio Manager
(Claims Manager 139912)
(Underwriter – 611201
Alternative title)
(Risk Manager 139906 – Risk
and Quality Manager)
Underwriter
Insurance Administrator
Assistant Underwriter
Alternative Title:
Para Planner
(Financial Planner – 222301)
Alternative Titles:
Commercial Administrator
Commercial Internal Broker
Alternative Titles:
Professional Body – FPI
Professional Qualification – Post
Grad Diploma in Financial
Planning
(Insurance Administrator
552302)
(611201 – Alternative Title to
Underwriter)
Financial Services Advisor
Servicing Broker Assistant
Alternative Title:
Broker Consultant
Commercial Advisor
Short Term Advisor
Insurance Sales Consultant
(Insurance Sales Consultant –
611201)
Alternative titles:
Financial Planning Assistant
Sales Assistant
Sales Administrator
New Business Admin
(Added as alt title to Insurance
Admin)
Alternative Titles:
Sales Advisor
Sales Agent
(541101 Admin Inquiry Clerk )
(Loss Adjuster 599602 )
Claims Assistant Manager
Financial Planner
Sales Call Centre Agent
Loss Adjuster
Risk Surveyor
Alternative Title
Claims Supervisor
(added as alt title to Claims
Manager)
(Claims Assessor 599602)
Internal Broker
(Risk Surveyor 599603 – Admin
Skills Level 3)
Recovery Clerk
Alternative Title:
Recovery Agent
Legal Advisor
Client Service Call Centre
Agent
Alternative Titles:
Client Services Advisor
Service Agent
(541101 Admin Inquiry Clerk)
Claims Assessor
Underwriting Clerk
Claims Negotiator
(Insurance Administrator
552302 – added as an
alternative title)
Alternative Titles:
Claims Consultant
Claims Advisor
Claims Handler
(Claims Negotiator – 552305
NEW TITLE)
Claims Clerk
Alternative Title:
Claims Administrator
(Claims Co-Ordinator 611201)
Link with Labour
• Department of Labour – Organising Framework for Occupations (OFO)
– List of job functions with alternative titles
• An occupation must exist on the framework for a qualification to be
developed
• Considerations for additional occupations:
– Tasks of the function
– Similarity with other occupations
– Function versus Discipline
Levels of Qualifications
SALES
ADMIN
UNDERWRITING
CLAIMS
RISK MNGT
)
ST
LT
RF
HB
Business Development
Manager
Alternative Title:
New Business Manager
(Business Development Manager
– 131102, OR Sales and Marketing
Manager 131101)
Financial Planner
Alternative Title:
Para Planner
(Financial Planner – 222301)
Professional Body – FPI
Professional Qualification – Post
Grad Diploma in Financial
Planning
LT
RF
HB
RF
HB
ST
LT
RF
HB
)
)
)
)
Risk Manager
Claims Manager
Alternative titles:
Alternative Title
Risk Analyst
Alternative Title:
Portfolio Manager
(Claims Manager 139912)
(Underwriter – 611201
Alternative title)
(Risk Manager 139906 – Risk
and Quality Manager)
Insurance Product Quality
Manager (New Title -139911)
Loss Adjuster
(Loss Adjuster 599602 )
Claims Assistant Manager
Insurance Administrator
Assistant Underwriter
Alternative Titles:
Commercial Administrator
Commercial Internal Broker
Alternative Titles:
(Insurance Administrator
552302)
(611201 – Alternative Title to
Underwriter)
Risk Surveyor
Alternative Title
Claims Supervisor
(added as alt title to Claims
Manager)
Alternative titles:
Financial Planning Assistant
Sales Assistant
Sales Administrator
New Business Admin
(Added as alt title to Insurance
Admin)
Client Service Call Centre
Agent
Alternative Titles:
Client Services Advisor
Service Agent
(541101 Admin Inquiry Clerk)
Claims Assessor
(Claims Assessor 599602)
Internal Broker
(Risk Surveyor 599603 – Admin
Skills Level 3)
Recovery Clerk
Alternative Title:
Recovery Agent
Legal Advisor
Alternative Title:
Broker Consultant
Commercial Advisor
Short Term Advisor
Insurance Sales Consultant
(Insurance Sales Consultant –
611201)
(541101 Admin Inquiry Clerk )
LT
Underwriter
Servicing Broker Assistant
Alternative Titles:
Sales Advisor
Sales Agent
ST
Insurance Admin Manager
Financial Services Advisor
Sales Call Centre Agent
GENERAL
ST
Underwriting Clerk
Claims Negotiator
(Insurance Administrator
552302 – added as an
alternative title)
Alternative Titles:
Claims Consultant
Claims Advisor
Claims Handler
(Claims Negotiator – 552305
NEW TITLE)
Claims Clerk
Alternative Title:
Claims Administrator
(Claims Co-Ordinator 611201)
Levels of Qualifications
SALES
ADMIN
UNDERWRITING
CLAIMS
RISK MNGT
)
ST
LT
RF
HB
Business Development
Manager
Alternative Title:
New Business Manager
(Business Development Manager
– 131102, OR Sales and Marketing
Manager 131101)
Financial Planner
Alternative Title:
Para Planner
(Financial Planner – 222301)
CORE
Professional Body – FPI
Professional Qualification – Post
Grad Diploma in Financial
Planning
LT
RF
HB
RF
HB
ST
LT
RF
HB
)
)
)
)
Risk Manager
Claims Manager
Alternative titles:
Alternative Title
Risk Analyst
Alternative Title:
Portfolio Manager
(Claims Manager 139912)
(Underwriter – 611201
Alternative title)
(Risk Manager 139906 – Risk
and Quality Manager)
Insurance Product Quality
Manager (New Title -139911)
Loss Adjuster
(Loss Adjuster 599602 )
Claims Assistant Manager
Insurance Administrator
Assistant Underwriter
Alternative Titles:
Commercial Administrator
Commercial Internal Broker
Alternative Titles:
(Insurance Administrator
552302)
(611201 – Alternative Title to
Underwriter)
Risk Surveyor
Alternative Title
Claims Supervisor
(added as alt title to Claims
Manager)
Alternative titles:
Financial Planning Assistant
Sales Assistant
Sales Administrator
New Business Admin
(Added as alt title to Insurance
Admin)
Client Service Call Centre
Agent
Alternative Titles:
Client Services Advisor
Service Agent
(541101 Admin Inquiry Clerk)
Claims Assessor
(Claims Assessor 599602)
Internal Broker
(Risk Surveyor 599603 – Admin
Skills Level 3)
Recovery Clerk
Alternative Title:
Recovery Agent
Legal Advisor
Alternative Title:
Broker Consultant
Commercial Advisor
Short Term Advisor
Insurance Sales Consultant
(Insurance Sales Consultant –
611201)
(541101 Admin Inquiry Clerk )
LT
Underwriter
Servicing Broker Assistant
Alternative Titles:
Sales Advisor
Sales Agent
ST
Insurance Admin Manager
Financial Services Advisor
Sales Call Centre Agent
GENERAL
ST
Underwriting Clerk
Claims Negotiator
(Insurance Administrator
552302 – added as an
alternative title)
Alternative Titles:
Claims Consultant
Claims Advisor
Claims Handler
(Claims Negotiator – 552305
NEW TITLE)
Claims Clerk
Alternative Title:
Claims Administrator
(Claims Co-Ordinator 611201)
Levels of Qualifications
SALES
ADMIN
UNDERWRITING
CLAIMS
RISK MNGT
)
PROFESSIONAL
ST
LT
RF
HB
Business Development
Manager
Alternative Title:
New Business Manager
(Business Development Manager
– 131102, OR Sales and Marketing
Manager 131101)
CORE
ADVANCED
Financial Planner
Alternative Title:
Para Planner
(Financial Planner – 222301)
Professional Body – FPI
Professional Qualification – Post
Grad Diploma in Financial
Planning
LT
RF
HB
RF
HB
ST
LT
RF
HB
)
)
)
)
Risk Manager
Claims Manager
Alternative titles:
Alternative Title
Risk Analyst
Alternative Title:
Portfolio Manager
(Claims Manager 139912)
(Underwriter – 611201
Alternative title)
(Risk Manager 139906 – Risk
and Quality Manager)
Insurance Product Quality
Manager (New Title -139911)
Loss Adjuster
(Loss Adjuster 599602 )
Claims Assistant Manager
Insurance Administrator
Assistant Underwriter
Alternative Titles:
Commercial Administrator
Commercial Internal Broker
Alternative Titles:
(Insurance Administrator
552302)
(611201 – Alternative Title to
Underwriter)
Risk Surveyor
Alternative Title
Claims Supervisor
(added as alt title to Claims
Manager)
Alternative titles:
Financial Planning Assistant
Sales Assistant
Sales Administrator
New Business Admin
(Added as alt title to Insurance
Admin)
Client Service Call Centre
Agent
Alternative Titles:
Client Services Advisor
Service Agent
(541101 Admin Inquiry Clerk)
Claims Assessor
(Claims Assessor 599602)
Internal Broker
(Risk Surveyor 599603 – Admin
Skills Level 3)
Recovery Clerk
Alternative Title:
Recovery Agent
Legal Advisor
Alternative Title:
Broker Consultant
Commercial Advisor
Short Term Advisor
Insurance Sales Consultant
(Insurance Sales Consultant –
611201)
(541101 Admin Inquiry Clerk )
LT
Underwriter
Servicing Broker Assistant
Alternative Titles:
Sales Advisor
Sales Agent
ST
Insurance Admin Manager
Financial Services Advisor
Sales Call Centre Agent
GENERAL
ST
Underwriting Clerk
Claims Negotiator
(Insurance Administrator
552302 – added as an
alternative title)
Alternative Titles:
Claims Consultant
Claims Advisor
Claims Handler
(Claims Negotiator – 552305
NEW TITLE)
Claims Clerk
Alternative Title:
Claims Administrator
(Claims Co-Ordinator 611201)
International Benchmark - CII
The qualifications framework offered by the
CII has been designed to provide a clear
path for those looking to develop their career
in today’s insurance market.
The framework gives candidates the
following options:
Fellowship
The highest qualification
on offer from the CII
This requires the completion of a personalised,
structured advanced professional development programme
Advanced Diploma in Insurance
This is the ‘professional’ qualification awarded to
experienced and expert market practitioners.
It requires candidates to pass a 290 credit threshold.
Diploma in Insurance
This qualification recognises ‘technical’ development achieved by those
with a growing understanding of the industry.
It requires candidates to pass a 110 credit threshold.
Certificate in Insurance
This is the ‘core’ level qualification, suitable for those entering the industry and seeking to gain
essential basic knowledge of the market, key disciplines and products.
It requires candidates to pass a 40 credit threshold.
Award in Insurance
An introductory-level study programme, the Foundation Insurance Test, developing fundamental knowledge on key topics.
Candidates pass one test, gaining credits which they can use towards study for a CII qualification
Note: Candidates obtaining the Certificate, Diploma, Advanced Diploma or Fellowship, who are already or subsequently become CII members, are entitled to use the
designations ‘Cert CII®’, ‘Dip CII®’, ‘ACII®’ and ‘FCII®’, respectively.
Designation holders are required to comply with CII membership and Continuing Professional Development requirements.
International Benchmark - CII
Unit credit rating
15 credits
Certificate in Insurance (Designations: Cert CII® /Cert CII (Claims)/Cert CII (London Market))
(IF1) Insurance, legal and
regulatory
-- - - - - - - - - - - - - - - - - - - - - - COMPULSORY UNIT
(IF2) General insurance
business
(IF3) Insurance underwriting
process
(IF4) Insurance claims handling
process
(IF5) Motor insurance products
(IF6) Household insurance
products
(IF7) Healthcare insurance
products
(IF8) Packaged commercial
insurances
Award in Insurance
6 credits
(FITTM) Foundation Insurance
Test®
International Benchmark - CII
Unit credit rating
30 credits
25 credits
Diploma in Insurance (Designation: Dip CII ®, Dip CII (Claims))
NEW
NEW
(P91) Aviation and space
insurance
(P97) Reinsurance
NEW
(P05) Insurance law*
-- - - - - - - - - - - - - - - - - - - - - - COMPULSORY UNIT
(P10) Commercial insurance
practice
(p92) Insurance business and
finance*
-- - - - - - - - - - - - - - - - - - - - - - COMPULSORY UNIT
(P93) Commercial property and
business interruption
(P94) Motor insurance
Certificate in IT for insurance
professionals (CITIP)
(P04) Business practice *
(P21) Commercial insurance
contract wording
Certificate in IT for insurance
professionals (CITIP)
(P81) Insurance broking practice
(P85) Claims practice
(P90) Cargo and goods in transit
insurances
(P96) Liability insurances
20 credits
Certificate in IT for insurance
professionals (CITIP)
* To satisfy the Diploma compulsory unit requirements you can either pass units
P92 and P05 or alternatively P04 or 530 and P05
** P05 is also a compulsory unit within the Advanced Diploma in Insurance
International Benchmark - CII
Fellowship (Designation: FCII®)
Unit credit rating
30 credits
MSc in Insurance and Risk Management
Advanced Diploma in Insurance (Designation: ACII®)
(510) Risk, regulation and capital
adequacy
-- - - - - - - - - - - - - - - - - - - - - - COMPULSORY UNIT
(530) Business and economics
-- - - - - - - - - - - - - - - - - - - - - - COMPULSORY UNIT
(555) Life and disability
underwriting
(556) Life and disability claims
(590) Principles of Takaful
(655) Risk management
(735) Life assurance
(745) Principles of property
insurances
(770) Principles of marine
insurance
(785) Principles of reinsurance
(790) Private medical insurance
(815) Underwriting management
(820) Claims management
(non-life)
(930) Insurance broking
(945) Marketing
NEW
(990) Insurance corporate
management
Certificate in IT for insurance
professionals (CITIP)
International Benchmark - FPSB
“Education and training programs for financial services qualifications and professional
certifications increasingly rely on a competency-based approach, whereby a curriculum’s
learning outcomes and theoretical knowledge connect to appropriate practice
outcomes or competencies for a given job function.
In developing a global education standard for financial planning, FPSB developed learning
outcomes and content for its Financial Planning Curriculum Framework that relate to
the abilities, skills and knowledge needed to practice financial planning (as defined by
FPSB’s Financial Planner Competency Profile).
By linking the Financial Planning Curriculum Framework directly to its Financial Planner
Competency Profile, FPSB encourages educators to be directed by the actual practice of
financial planning when developing financial planning curricula, so that students develop
thinking and capabilities that prepare them to practice as competent financial planning
professionals.”
Qualification Process
• Purpose of Qualification
• Key Performance Areas
• Knowledge and Skills per key performance area
• Context of assessment
• Context of key performance area
Proposed Insurance Sales Advisor Curriculum
• Purpose: To advise clients on insurance solutions that address their
identified insurance needs
• TASK Summary: (Key Performance Areas)
1.
2.
3.
4.
5.
6.
Establish and maintain an Insurance client base
Review and determine insurance solutions to meet the client’s insurance need
Propose insurance solutions to a client
Implement insurance solutions for a client
Keep accurate records of insurance documents
Advise on the insurance claims process
Proposed Insurance Sales Advisor Curriculum
Task 1: Establish and maintain an Insurance client base
•
What does this entail? Establish, prospect and qualify an insurance client base
Make contact with prospective clients
Make disclosures to client as per the FAIS Requirement
Clarify your role in the insurance process to the client
Update client’s insurance records and information
•
Underpinning knowledge:
1.
2.
3.
4.
5.
6.
7.
•
Basic marketing principles of Insurance policies (including relationship marketing),
FAIS Legislation relating to disclosure,
Knowledge of insurance industry role players
Own role and responsibility in insurance industry with regard to FAIS
Steps in the insurance needs identification and review process
Replacement of insurance products/policies and their rules
Basic economic terminology and concepts as relevant to insurance
Practical applied skill:
1.
2.
3.
4.
5.
Make disclosures as per the FAIS Requirement
Qualify insurance clients correctly
Segment an insurance client base
Review the suitability of an existing insurance policy
Prospect new insurance business
•
Context in which this happens: any situation in which the insurance representative and client (prospective or existing) meet
•
Exposure to determine if skill has been acquired: Observe 5 client visits and 5 client calls performed by an experienced insurance representative
•
Contextual exposure:
–
–
–
–
Own insurance company’s approach to relationship marketing and insurance marketing standards
Own insurance company’s rating criteria
Company organogram, Values, Vision and Mission
Company’s code of conduct for insurance employees including dress code
Proposed Insurance Sales Advisor Curriculum
Task 2: Review and determine insurance solutions to meet the client’s insurance need
•
What does this entail? Gather information from client relating to insurance need
Identify and analyse insurance risk
Calculate the extent of the insurance risk
Interpret existing insurance policy
Educate the client on his immediate insurance situation and risk exposure
•
Underpinning knowledge:
1.
2.
3.
4.
5.
•
Basic insurance concepts and terminology
Risks that can cause financial loss
Types of cover and lines of insurance
Law of contract as it applies to insurance products and contracts
Legislation that covers short term insurance
Practical applied skill:
1.
2.
3.
4.
5.
6.
Gather relevant information relating to insurance needs
Analyse information and establish insurable interest
Record insurance information gathered
Identify areas of insurance risk
Interpret the client’s current financial situation and existing insurance policies
Explain basic insurance concepts to the client
•
Context in which this happens: can be electronic or manual review, and can be an internal or external insurance client
•
Exposure to determine if skill has been acquired: identify client insurance needs under supervision for all applicable types of needs the
company provides insurance solutions for
•
Contextual exposure:
Company specific procedures and forms for insurance needs identification (all company insurance products involved in the case of a broker)
Proposed Insurance Sales Advisor Curriculum
Task 3: Propose insurance solutions to a client
•
What does this entail? Match the client’s insurance need to a relevant insurance product
Prioritise the client’s insurance needs
List all possible insurance products
Apply underwriting criteria for each insurance product
Draw insurance quotes for each insurance product
Structure an insurance solution for the client’s needs
Draft a report for the client on insurance options with disclosures as per FAIS Requirement
Advise and educate the client on best suitable insurance product
•
Underpinning knowledge:
1.
2.
3.
4.
5.
6.
7.
•
Product knowledge in the selected field of insurance
Legislation that impacts on insurance products considered
Underwriting criteria that applies to each insurance product
Legislation that impacts in presenting insurance solutions (FAIS, FICA, Money Laundering, Code of Conduct)
Premium patterns and factors impacting insurance premium
Insurance quote structures and terminology
Hierarchy of needs as a basis for prioritization of client insurance needs
Practical applied skill:
1.
2.
3.
4.
5.
6.
7.
8.
Select and list all possible insurance product solutions
Apply underwriting criteria to each insurance product selected
Interpret insurance quotes and requirements
Perform calculations relating to insurance premiums / Generate an insurance quote
Draft a report (covering letter) and client advice record (terms and conditions) for relevant insurance offering to be presented
Explain insurance product features and benefits
Prioritise insurance needs on the basis of affordability
Make disclosures as required by FAIS Legislation
Proposed Insurance Sales Advisor Curriculum
•
Context in which this happens: Long term or Short Term (Personal or Commercial), knowledge of products and their context
•
Exposure to determine if skill has been acquired: observed 5 client presentations with insight into the entire process that preceded that
presentation; draft 10 insurance plans under supervision which includes at least 1 insurance plan per type of insurance need and at least 2
insurance quotations per plan
•
Contextual exposure:
–
–
–
–
Insurance company specific products
Insurance quotes packages used by Company/ies OR Generate an insurance quote from the Company
Insurance company specific procedures and processes
Under the supervision of an experienced insurance representative
Proposed Insurance Sales Advisor Curriculum
Task 4: Implement insurance solutions for a client
•
What does this entail?
•
Underpinning knowledge:
1.
2.
3.
•
Facilitate agreement of an insurance policy
Complete relevant insurance forms
Identify and follow up on requirements for an insurance policy
Issue and submit insurance documents
Legislation that impacts on implementation of insurance policies
Underwriting requirements for the insurance policy selected
Process for issuing insurance policies
Practical applied skill:
1.
2.
3.
Complete relevant forms for insurance policies selected
Facilitate agreement on terms and conditions of insurance policy
Verify insurance documents and information
•
Context in which this happens: interaction between client, insurance representative and insurer; within the framework of the insurance
solution offered
•
Exposure to determine if skill has been acquired: observe 5 presentations where insurance solutions are implemented (would be ideal if
learner could sit with an insurance underwriter to get full exposure to different situations regarding terms and conditions of policies)
•
Contextual exposure:
–
Company specific forms, procedures and processes for insurance implementation
Proposed Insurance Sales Advisor Curriculum
Task 5: Keep accurate records of insurance documents
•
What does this entail?
•
Underpinning knowledge:
1.
•
File, record, update, backup, store and retrieve client and insurance product information
Legislative requirements for record keeping of insurance documentation
Practical applied skill:
1.
2.
3.
Prepare insurance records
Develop a filing system for own insurance records
Capture, save and retrieve electronic/manual insurance data
•
Context in which this happens: At place of business as per FAIS address; manual or electronic
•
Exposure to determine if skill has been acquired: Observation
•
Contextual exposure:
–
–
Company policy on record keeping for insurance documents
Company electronic/manual data capturing system for insurance records
Proposed Insurance Sales Advisor Curriculum
Task 6: Advise on claims process for short term claims
•
What does this entail?
Gather relevant information relating to insurance claims
Advise on insurance claims process
Complete and submit relevant insurance claims documents
Validate information relating to insurance claims
Follow up on insurance claims
•
Underpinning knowledge: (NOTE High level knowledge)
1.
2.
3.
4.
5.
6.
7.
•
Policy wording of relevant insurance product
Insurance claims process
Role of relevant parties to an insurance claim
Types of compulsory legislative insurance
Applicable insurance formulas
Salvage and recovery process for insurance claims
Legal rights of recourse for insurance claims
Practical applied skill:
1.
2.
3.
4.
5.
6.
7.
Scrutinize policy wording to determine whether the event is covered by the insurance policy
Gather relevant initial information relating to an insurance claim
Validate the insurance claim
Validate documentation relating to the insurance claim
Advise on completion of relevant forms for insurance claims
Apply formula to determine estimated loss (average) of an insurance claim
Explain the basic process of recovery and mitigation to the client in an insurance claim
•
Context in which this happens: interaction between client, insurance representative and insurer; relating to short term insurance products
•
Exposure to determine if skill has been acquired: analyse 5 approved insurance claims and 5 repudiated insurance claims (would be ideal if learner
could work with a claims manager or negotiator)
•
Contextual exposure:
–
Insurance company claims procedure
SALES
ADMIN
UNDERWRITING
CLAIMS
RISK MNGT
)
Financial Services
Advisor
Insurance
Administrator
•Establish/source new
business
•Maintain existing
business
•Identify clients
insurance needs
•Apply underwriting
criteria
•Advise on terms and
conditions
•Policy Administration
relating to issuing of
policy, change of details,
follow up on RD
payments (unmets),
renewals,
endorsements)
Policy Renewals
Endorsements
Policy Administration,
relating to change of
details
Follow up on RD
payments (unmets) and
credit control
Services existing
business
Alternative Titles:
Servicing
Broker
Commercial
Assistant
Administrator
Commercial Internal
Administration
function
Broker the sales
which supports
side (Insurance
Services
existing
Administrator
552302)
business only
Assistant Underwriter
Claims Negotiator
Claims Assessor
Pre-underwriting of
risk
Limited Underwriting
Authority
Refer some decisions
to underwriter
Policy Issuing
Risk Analysis
Provide support to
Underwriter
Analyse all aspect of a
claim
Determine cover,
liability and validity of a
claim
Seek legal counsel to
determine liability
Establish
amount/quantum
Negotiate settlement
May have limit on
authorization or
amount
Handover 3rd party
claims to a Recovery
Clerk/Agent
Deals with
Regulatory Controls /
Legislation
Ascertains the
circumstances of an
incident
Assesses the
damage of a claim
Advise claim
findings to Claims
Negotiator
Make
recommendations on
settlement
Underwriting Clerk
Policy Issuing
Risk Analysis
Provide support to
Underwriter
Claims Clerk
Sales Call Centre Agent
Conversion of leads /
proposer to client
Identify clients
insurance needs
Apply underwriting
criteria
Advise on terms and
conditions
Issue policies
Follow up on RD
payments (unmets) and
credit control
Client Service Call Centre
Agent
Policy Renewals
Endorsements
System tracking
Services existing
business
Follow up on RD
payments (unmets) and
credit control
Up-selling of additional
product offering
Establishes contact
with client regarding the
claim
Register claims
Send out claim forms
Process and finalise
claims up to a
determined amount or
hand over to Claims
Negotiator
Makes payment to
suppliers relating to
claims
Proposed Modules in Curriculum
Specialist
Marine
Aviation
Professional
Indemnity
Professional
(Associate)
Core
(Licentiate)
General
(IISA Member)
Construction
Engineering
Basics of Insurance
Claims
Regulatory
Framework Level 1
(Representatives)
Proposing Terms
and Conditions of a
Policy
(Fellow)
Advanced
Reinsurance
Management of a
Sales Team
Understanding
Reinsurance and
the application
thereof
Determine, propose
and implement
insurance solutions
for a client
Specialised risks
Interpretation of
Terms and
Conditions of a
Policy
Basic Insurance
Concepts, Principles
and Classes of
Insurance
Basic Risk
Management
Principles
Understanding
Terms and
Conditions of
Policies
Basic Insurance
Admin