List of Knowledge Subjects for Which Specifications Are Included

241301

CURRICULUM COMPONENT SPECIFICATIONS

TASK 4

KNOWLEDGE SUBJECT SPECIFICATIONS

List of Knowledge Subjects for which Specifications are included

Number / Title / NQF Level / Total Credits
1 / 241301KS00104 / Recommending and implementing solutions / 4 / 7

List of Topic Elements:

Number / Title / NQF Level / Credits
1 / ST01 / Sales and sales activities / 4 / 5
2 / ST02 / Administration and Claims / 4 / 2

1.2Purpose of the Knowledge Subject

The main focus of the learning in this knowledge subject is to enable a learner to recommend and implement solutions. The learning in this knowledge module will enable learners to demonstrate an understanding of:

ST01Sales and sales activities(Module weighting: 80%)

ST02Administration and claims (Module weighting: 20%)

1.3Guidelines for Topics

ST01: Sales and sales activities

Topic elements to be covered include:

ST0101The sales cycle and selling skills

ST0102Identifying buying signals

ST0103 Overcoming objections

ST0104 Identifying and applying commitment or closing techniques

ST01065Customer rights and the complaints process

Internal Assessment Criteria and Weight

Internal Assessment Criteria / Weight
1 / List and discuss the different steps in the sales cycle. / 20%
2 / Identify 3 typical objections people have when buying insurance products and explain how each can be overcome. / 15%
3 / Review 3 different buying signals and how the sales person should respond to the buying signals / 15%
4 / Describe 2 different closing techniques applicable to the client profile provided / 15%
5 / Given a scenario of a customer complaint, explain the complaints process and how the customers rights are protected. / 15%

ST02: Administration and Claims

Topic elements to be covered include:

ST0201Basic insurance administration

ST0202Claims process

Internal Assessment Criteria and Weight

Internal Assessment Criteria / Weight
1 / Identify the records that must be retained for client advise and sale and indicate why these records must be retained / 10%
2 / Discuss the basic steps related to the claims process / 10%

Internal Assessment Criteria and Weight

1.4Provider Accreditation Requirements for the Module

Physical Requirements:

Human Resource Requirements:

Facilitators and Assessors must have 3 years’ relevant industry experience and achieved a relevant learning and development practitioners qualification and have passed the RE level 1 examination for representatives

Facilitators and Assessors must have technical/industry qualification at a level above this qualification and have 1 year relevant industry experience and have passed the RE level 1 examination for representatives

Facilitators and Assessors must have 5 years’ relevant industry experience and have passed the RE level 1 examination for representatives

Legal Requirements:

1.5Critical Topics to be Assessed Externally for the Knowledge Subject

1.6Exemptions

Qualification or Learning Programmes that allows exemption from this Knowledge Subject:
Number / Title / NQF Level / Type

PRACTICAL SKILL MODULE SPECIFICATIONS

List of Practical Skill Module Specifications

Number / Title / NQF Level / Credits
1 / 241301PS00401 / Make a recommendation in a manner appropriate to the customer / 5 / 5
2 / 241301PS00402 / Review the portfolio to ensure it continues to meet the customers’ needs / 5 / 3
3 / 241301PS00403 / Apply the steps in the claims process / 4 / 2
4 / 241301PS00404 / Ensure adherence to compliance requirements related to the customer interaction / 4 / 2
5 / 241301PS00405 / Apply sales skills to acquire and retain customers / 4 / 5

1.1Purpose of the Practical Skill Module

The focus of the learning in this module is on providing the learner an opportunity to apply a structured process of gathering relevant information, ascertaining needs, presenting the customer with solutions and reviewing these needs and then updating the plan over time.

The learner will be required to:

PS01Make a recommendation in a manner appropriate to the customer (module weighting: 20%)

PS02Review the portfolio to ensure it continues to meet the customer’s needs (module weighting: 30%)

PS03 Apply the steps in the claims process (module weighting: 10%)

PS04Ensure adherence to compliance requirements related to the customer interaction (module weighting: 15%)

PS05 Apply sales skills to acquire and retain customers (module weighting: 25%)

1.2Guidelinesfor Practical Skills

PS01: Make a recommendation in a manner appropriate to the customer

Scope of Practical Skill

Given information gathered and needs analysed the learner must be able to:

PS0101Provide information in plain language which creates an environment where

customers can make informed decisions

PS0102Submit written recommendation and record of advice with reasons for the

recommendations

Applied Knowledge

AK0301Regulatory Environment

AK0302Financial Services Market

AK0302Law of Contract

Internal Assessment Criteria

Internal Assessment Criteria / Weighting
1 / Based on the information compiled in PS01 “Gather appropriate customer information”, propose a recommendation in the form of a written record that is compliant with relevant regulations. / 10%
2 / Explain what the positive and negative implications of the recommendation could be and present the terms and conditions of the contract in plain language. / 10%

PS02: Review the portfolio to ensure it continues to meet the customer’s needs

Scope of Practical Skill

Given that recommendations have been presented and accepted the learner must be able to:

PA0201Given a scenario report on possible risks based on the changes in the life stages of a customer and the changing environment

PA0202Given a scenario identify possible risks based on the relevant external influences and its impact on the customer portfolio relevant to varying sub-sectors

PA0203 Explain the consequences of under insurance as it impacts on the customer

PA0204 Discuss the necessary disclosures and consequences regarding the replacement of products

Applied Knowledge

AK0401 Licensing categories and restrictions

AK0402 Risk Management

AK0403Needs Analysis

AK0404Basic Financial Literacy

Internal Assessment Criteria

Internal Assessment Criteria / Weighting
1 / Given a sub sector relevant case study, review a customer’s portfolio based on the lifecycle changes and align choices with financial services products or services. / 15%
2 / Research changes in the financial services industry and current affairs that may have an impact on the customer’s needs or the customer’s ability to meet these needs in order to make appropriate recommendation. / 10%
3 / Describe best practice in after sales service that ensures that customer’s financial service goals are achieved over time. / 5%

PS05 List and explain the steps in the claims process

Scope of Practical Skill

Given that claims can be made against accepted solutions the learner must be able to:

PA0501 Explain the cause of the claim

PA0502 Categorize different types of claims for sub sector specific claims

PA0503 Apply criteria for submission of claims and claims documentation

PA0504 Confirm the validity of the claim in terms of the policy wording

PA0505 Calculate the consequences of under insurance during a claim

PA0506 Determine insurers rights in terms of payments after a claim

PA0507 Consequencesof claims to the terms of the policy

Applied Knowledge

AK0501Licensing categories and restrictions

AK0502Risk Management

AK0503 Needs Analysis

AK0503Basic Financial Literacy

AK0504Administration and claims process knowledge

Internal Assessment Criteria

Internal Assessment Criteria / Weighting
1 / Based on a sub-sector specific case study, explain the claims process from submission of a claim to the consequences thereof at finalisation of a claim / 10%

PS06 Ensure adherence to compliance requirements related to the customer interaction

Scope of Practical Skill

Given a that the learner must be adhere to regulation the learner must be able to:

PA0601 Explain the compliance requirements related to a customer interaction

PA0602 Determine the implications of non-compliance in respect of customer interaction

Applied Knowledge

AK0601Licensing categories and restrictions

AK0602Compliance requirements

Internal Assessment Criteria

Internal Assessment Criteria / Weighting
1 / Based on a sub-sector specific case study, explain the compliance requirements related to the customer interaction / 5%
2 / Write a report in which you:
1)Compare different types of financial service offering and their various features and benefits as it relates to a customer’s needs, risks and objectives
2)Present possible solutions that address the customer’s needs, risks and objectives
3)Make an appropriate recommendation suited to the customer’s level of understanding
4)Explain how you would implement accepted solution according to the instruction given by the customer
5)Ensure adherence to compliance requirements related to the customer interaction
6)Review the customer’s needs, risks and objectives. / 10%

PS07 Apply sales skillsto acquire and retain customers

Given the sales and legislative framework the learner must be able to:

PA0701 Practice the sale cycle

PA0702 Role play (one on one or group) negotiation skills

PA0703Apply technical skills by converting technical jargon into plain language

PA0704Role-play the entire sales conversation with a case study –based customer

PA0705Conclude a deal based on the given case study

PA0706Apply a selected behavior/interactive style model to a specific customer

relationship

PA0707Apply conflict management techniques through a structured role play

PA0708 Identify sensitive words in a group discussion and use alternatives

PA0709Demonstrate retention skill in terms of existing product in a role play

PA0710Using the developed prospecting and marketing plan, present and motivate the plan to the group

PA0711Critique and evaluate the prospecting and marketing plans presented

Applied Knowledge

AK0301Interpersonal and Sales Skills

AK0302Marketing and Customer Acquisition

AK0303Customer Retention

AK0304Regulatory Environment

Internal Assessment Criteria

Internal Assessment Criteria / Weighting
1 / Based on a case study, role play the sales cycle, demonstrating your ability to
-Select a model of behavioural/interactive style and apply it to a specific customer sales relationship
-Adapt individual behaviour/interactive style to different customer behavioural/inter active styles and different sales scenarios and explain the intended impact of the adapted interactive style on the sales relationship with the customer
-Describe how you would adapt your behaviour to accommodate the customers’ communication style or preference
-Ensure that you have anticipated the possible objections and indicate how you would negotiate with the customer to either retain business or to secure a sale
-Correct misperceptions on the part of the customer diplomatically and respectfully / 15%
2 / Given two different customer situations, demonstrate your ability to apply the sales cycle / 4%
3 / Develop a communications plan aimed at retaining customers / 2%
4 / Given a case study explain the complaints resolution process / 4%

1.3Provider Accreditation Requirements for the Module

Physical Requirements:

None

Demonstrate access to:

Human Resource Requirements:

Facilitators and Assessors must have 3 years’ relevant industry experience and achieved a relevant learning and development practitioners qualification and have passed the RE level 1 examination for representatives

Facilitators and Assessors must have technical/industry qualification at a level above this qualification and have 1 year relevant industry experience and have passed the RE level 1 examination for representatives

Facilitators and Assessors must have 5 years’ relevant industry experience and have passed the RE level 1 examination for representatives

Legal Requirements:

1.4Critical Practical Activities to be Assessed Externally for the Module

TBA

1.5Exemptions

Qualification or Learning Programmes that allows exemption from this Practical Skill Module:
Number / Title / NQF Level / Type
TBA

WORK EXPERIENCE MODULE SPECIFICATIONS

Specification for Work Experience Module 4

Number / Title / NQF Level / Notional Hours
1 / 241301WE00401 / Financial Services solutions / 5 / 80

1.1Purpose of the Work Experience Module

The focus of the work experience is on providing the learner an opportunity to apply the learning to recommend and implement solutions according to a customer’s situation.

The learner will be required to:

Recommend and implement appropriate solutions.

1.2Guidelines for Work Experiences

WE04: Recommend and implement appropriate solutions

Scope of Work Experience

The person will be expected to engage in the following work activities:

WA0401Using a needs or risk analysis, write up your recommendation for implementation.

WA0402Under supervision, select a behavioural/interactive style and apply it when recommending your solution to a specific customer. Write a report indicating why the selected style was appropriate and if it was not, explain how the behavior was adapted to accommodate the customers’ communication style or preference.

WA0403Provide an example of a situation where you were required to negotiate with a customer to secure a sale.

WA0404Provide an example of a situation where you were required to negotiate with a

Supporting Evidence

SE0401Company specific documentation and systems

SE0402Three customer analyses

1.3Contextualised Workplace Knowledge

i)In house analysis process and record of advice

ii)In house systems, practices and procedures

iii)Scenarios and scenario Planning

iv)Customer interview (customer-facing, electronically or telephonically)

v)Organisational specific product features and benefits

vi)Organisational specific policies and procedures and systems

vii)Legislative requirements and relevant Codes of Conduct

viii)Industry specific regulations and requirements

ix)The sales, administration, claims and disbursement processes.

1.4Criteria for Workplace Approval

Physical Requirements:

Access to equipment and technology to complete the workplace components and research
Work environment conducive to learning and completion of workplace components

Human Resource Requirements:

Access to case studies as resources required to complete workplace tasks
Exposure to relevant case studies in the workplace, if case sensitive then under supervision
Access to mentor appropriate to the tasks to be completed in the workplace

Access to supervisor as required by the workplace experience components , in order for the learner to comply with sign off requirements

Legal Requirements:

To meet the relevant and applicable Occupational Health and Safety (OHS) requirements applicable: for a venue rented by the skill development provider are compliant, that of the customer facilities comply, and own training venue comply

Licensed FSP or approved as a juristic representative

1.5Additional Assignments to be Assessed Externally

Elements to be Assessed / Evaluation Criteria
TBA

SECTION 4: STATEMENT OF WORK EXPERIENCE

STATEMENTS OF WORK EXPERIENCE

Curriculum Number:
Curriculum Title:
Learner Details
Name:
ID Number:
Employer Details
Company Name:
Address:
Supervisor Name:
Work Telephone:
E-Mail:
WE04 / Recommending and implementing solutions / Date / Signature
Work Activities
WA0401 / Conduct three customer analyses using the appropriate
industry and company systems and documentation your
own needs analysis
WA0402 / Use appropriate industry and company systems and documentation, conduct
WA0403 / Review your personal portfolio based on three possible scenario changes
WA0404 / Write up recommendations based on analysis and implementation plan or record of advice
Supporting Evidence
SE0401 / Company specific documentation and systems
SE0402 / Three customer analyses
SE0403 / Reviewed personal portfolio
Contextualised Workplace Knowledge
1 / In house analysis process and record of advice
2 / In house systems, practices and procedures
3 / Scenarios and scenario Planning
4 / Customer interview (customer-facing, electronically or telephonically)
5 / Organisational specific product features and benefits
6 / Organisational specific policies and procedures and systems
7 / Legislative requirements and relevant Codes of Conduct
8 / Industry specific regulations and requirements
9 / The sales, administration, claims and disbursement processes.
Additional Assignments to be Assessed Externally
1
2