1. TITLE: Apply Technical Knowledge and Skill to Advise Business Entities on Insurance

1. TITLE: Apply technical knowledge and skill to advise business entities on insurance and group retirement benefits ______

2. UNIT STANDARD NUMBER: 242597

3. LEVEL ON NQF: 6

4. CREDITS: 5

5. FIELD: Business, Commerce and Management Studies Sub Field: Finance, Economics and Accounting

6. PURPOSE:

This Unit Standard is intended for learners who advise business entities on group employee benefits and insurance. It will be useful for Trustees, Marketing, New Business Teams, Marketers, back office administrators, senior operational people who construct products for the market, Intermediaries and Senior Consultants on corporate accounts.

The qualifying learner is capable of:

 Researching an industry sector to determine issues and trends.  Analysing a business entity to determine needs and existing benefits.  Synthesising information to propose possible benefit structures.  Recommending a financial solution for a business entity.

7. LEARNING ASSUMED TO BE IN PLACE:

It is assumed that learners are competent in Communication and Mathematical Literacy at NQF Level 4 and are working towards or have a Level 5 Financial Services Qualification or equivalent.

8. SPECIFIC OUTCOMES AND ASSESSMENT CRITERIA:

Specific Outcome 1: Research an industry sector to determine issues and trends Assessment Criteria:

1.1 Knowledge of current issues in a selected industry or sector is applied to determine events that could impact on group benefits in the sector.

1.2 Knowledge of legislation and the socio-political environment is applied to determine the parameters for the selected industry.

1.3 Surveys are analysed to determine industry norms and trends.

Specific Outcome 2: Analyse a business entity to determine needs and existing benefits Assessment Criteria:

2.1 Existing employee benefits are analysed to determine current rules of the fund and existing cover.

L6 business entities GB 18 June 2006 1 2.2 The hierarchy in a selected business entity is investigated to determine the decision makers and obtain information about the business.

2.3 A risk analysis is conducted to determine the demographics of the workforce, the financial position of the entity and the needs or requirements for group benefits.

Specific Outcome 3: Synthesise information to propose appropriate benefit structures Assessment Criteria:

3.1 Industry information and information about the business entity are compared to determine the excess or shortfall relative to industry norms.

3.2 Different benefit structures are investigated based on the risk analysis of the business entity.

3.3 Quotes for the suggested structures are sourced and evaluated in order to produce the most competitive proposal.

Specific Outcome 4: Recommend a financial solution for a business entity

Assessment Criteria:

4.1 Different options are presented and substantiated and the implications are explained to the client.

4.2 A financial solution is proposed for a selected business entity.

4.3 A plan is developed to allow for review.

9. ACCREDITATION AND MODERATION:

1. Anyone assessing a candidate against this Unit Standard must be registered as an assessor with the relevant ETQA or ETQA where a Memorandum of Understanding (MOU) exists with the relevant ETQA. 2. Any institution offering learning that will enable achievement of this Unit Standard must be accredited as a provider through the relevant ETQA or ETQA where a Memorandum of Understanding (MOU) exists with the relevant ETQA. 3. Moderation of assessment will be overseen by the relevant ETQA according to the moderation guidelines and the agreed ETQA procedures.

10. RANGE STATEMENT: The typical scope of this Unit Standard is:  Business entities include medium to large corporate and other entities such as Associations, Unions, partnerships and non-profit organisations.  The socio-political situation includes legislation, the financial services and other sector charters, Black Empowerment requirements and Labour Legislation.

11. NOTES:

 CRITICAL CROSS FIELD and DEVELOPMENTAL OUTCOMES:

This Unit Standard supports in particular, the following Critical Cross-field Outcomes at Level 6:

L6 business entities GB 18 June 2006 2 1. The learner is able to identify and solve problems in which responses show that responsible decisions using critical and creative thinking have been made in recommending a financial solution for a business entity. 2. The learner is able to collect, organise and critically evaluate information in researching an industry sector, analysing the risk and evaluating quotes to produce a competitive proposal. 3. The learner is able to communicate effectively in presenting and substantiating a benefits structure and explaining the implications to the client. 4. The learner is able to see the world as a set of related systems in relating the needs of the client to industry norms. 5. The learner is able to organise him/herself and his/her own activities by planning for review.

Search words: group retirement benefits; employee benefits;

L6 business entities GB 18 June 2006 3