LEARNERSHIP TITLE: Long Term Risk Assessment Diploma L5

LEARNERSHIP TITLE: Long Term Risk Assessment Diploma L5

Learnership Code: 13 Q 130041 40 245 5

1.Information pertaining to the SETA

1.1Name of SETA:INSETA

1.2Name of Chamber (if applicable):N/A

1.3Name of SETA official responsible for learnerships:Mr Aubrey Maseko

1.4SETA’s telephone number:(011) 544 2000

1.5SETA’s fax number:(011) 484 0862

1.6SETA’s postal address:PO Box 32035, BRAAMFONTEIN, 2017

1.7SETA’s e mail address:

2. Learnership information

2.1 Title of the Learnership:Long Term Risk Assessment Diploma L5

Title of the Qualification: National Diploma: Financial Services: Long Term Risk Assessment

2.2 NQF field:NSB 03

2.3 NQF sub-field:Finance, Economics and Accounting

2.4 NQF level:Level 5

2.5Number of credits to be earned: 245credits.

Skills in the insurance industry are mainly cognitive skills and the application of theory and knowledge that are generic across different positions in the industry. For this Learnership learners are required to complete a minimum of 710 hours mentored practical work experience.

In the insurance industry it is difficult to state categorically where training is provided. Larger organisations have ETQA accredited in-house training departments who train some aspects of insurance and may out-source other more generic skills. Smaller organisations use a range of private providers. It is almost certain that the communication, mathematics and financial literacy units will be out-sourced to private providers. All providers of training involved in INSETA Learnerships have to be accredited with an ETQA. In every Learnership situation within the insurance & investment sector there is an agreement signed between the learner, the training provider and the lead employer binding the learner to a specific, consistent and stable working environment for the duration of the Learnership. Training providers should use their discretion and be alert to situations where learners

• can be recognised for prior learning,
• can be fast tracked, or
• should be permitted additional time working on a task.

It is our intention to allow providers, maximum flexibility and application across all areas of the industry. The Long Term Risk Assessment Diploma L5 Learnership:

• offers an opportunity for people in a long term risk assessment career path to obtain a recognised qualification where there was previously none
• offers opportunities for multi-skilling
• provides access for learners who could not otherwise be employed in the industry

Electives should be relevant to both the learner and organisation so the choice of the unit standards for this particular Learnership may be made on the basis of

1. The learner’s own interest and selected career path
2. The needs of the organisation as identified in the Workplace Skills Plan
3. A need identified as part of a performance appraisal by a line manager
4. A need identified as part of an organisation’s strategy towards an identified goal.

The National Diploma: Financial Services: Long-Term Risk Assessment: Level 5 is intended for Senior Underwriters, Senior Claims Assessors, Risk Consultants, Product Developers and Reinsurers in Long-Term Insurance (Group Benefits, Life, Disability and Healthcare Benefits Administration). It requires the application of medical knowledge to assess Long-Term Risk. The purpose of the Qualification is to build the knowledge and skills required by learners in Underwriting and Claims Assessing who are competent in the knowledge and skills required in the FETC: Long-Term Risk Assessment and are ready to study at Level 5. It is intended to empower learners to acquire knowledge, skills, attitudes and values required to operate ethically and responsibly as Senior Underwriters and Senior Claims Assessors and to respond to the challenges of the economic environment and changing nature of the Financial Services Industry.
The Qualification is structured in a way that exposes learners to the knowledge and skills necessary for Long-Term Underwriting, Reinsurance and Claims Assessing.

Learners in Tendering and Pricing should do the National Certificate in Financial Services: Long-Term Risk Assessment: Level 5 rather than The National Diploma: Financial Services: Long-Term Risk Assessment: Level 5.

Mentored on-job training

Based on the whole qualification: National Diploma: Financial Services: Long Term Risk Assessment, registered 12 October 2005 - ID 49860

The work experience programme based on Core and selected Elective unit standards should total 710 hours. It should assess the application of knowledge from the structured learning components in the learner’s own work situation in Long Term Risk Assessment.

Assessment Criteria for mentored on the job experience. For 29% of the 123 Credits, which are in Core.

The National Diploma: Financial Services: Long-Term Risk Assessment: Level 5 is intended for personnel already employed in Underwriting or Claims Departments in the industry or learners in learnerships. Learners require an informed understanding of the important terms, rules, concepts, principles and theories of the assessment of Long-Term Risk. They are required to gather, analyse, interpret, evaluate and synthesis information and to use their knowledge to solve both routine and unfamiliar problems related to preferred and/or sub-standard risk, to adjust an application of a solution when necessary and to evaluate the change using relevant evidence.
Learners are required to apply communicated information coherently in the language used in Underwriting and Claims contexts, including the use of medical terminology, and to present and communicate information reliably and accurately orally and in writing.
Learners should have the capacity to take responsibility for their own learning and their actions and should be able to evaluate their own performance against given criteria.

The Exit Level Outcomes and their Associated Assessment Criteria are the following, which means that the learner will be capable of:

1.Gather, analyse, synthesise and evaluate information, manipulate and interpret data and identify trends, communicate information coherently in writing and orally, and show insight into current affairs in the Financial Services sector.

2.Demonstrate insight into the Long-Term Risk Assessment operating environment as a system within the Financial Services Industry in general and the Long-Term Insurance sector in particular.

3.Apply knowledge of legislation, ethics, and compliance in order to assess a Long-Term Risk, adjust the solution if necessary and evaluate the proposed change using relevant evidence.

4.Apply specialised technical knowledge to assess Long-Term Risk in a non-standard situation.

5.Apply specialised technical knowledge to assess Long-Term Risk in a non-standard situation.

Associated Assessment Criteria

1:

• Current events and developments that could impact on the financial services sector in general and the assessment of Long-Term risk in particular are analysed and discussed and an informed personal opinion is expressed and substantiated in the discussion indicating ability to anticipate or predict future trends and the potential impact on the industry.
• Knowledge learnt in various Unit Standards and current events as they occur is integrated with an informed understanding of Financial Services environment in general, and the Long-Term environment in particular so that knowledge of the industry is applied in authentic situations.
• Information is gathered, analysed, interpreted, and summarised, from a range of sources and presented reliably and accurately.
• Financial and other data is manipulated and interpreted to identify trends.

2:

• The Underwriting and/or claims assessing environment is explained as a system within the Financial Services sector in general and the Long-Term Insurance sub-sector in particular and an indication is given of current issues and changes in the sector.

3:

• Methods, procedures and techniques of Long-Term Risk Assessment are applied with reference to specific company policy, legislative requirements and competitive industry practices.
• Decisions are substantiated based on available information with due regard for compliance and within own authority limits or mandate.
• The concept of ethics is explained with reference to the South African Constitution, the application in an organisation’s code of conduct and the implications for confidentiality and the right to information.
• Knowledge of legislation, regulations and LOA codes are applied to make an ethical non-standard assessment decision.

4:

• Non-standard assessment decisions are made in line with an agreed mandate, relevant service agreements, treaties with reinsurers and an organisation’s customer service policy.
• The impact of current trends on risk profiles and a specific market are analysed and the principles of risk are applied to make a financial decision.
• Medical and risk related knowledge are applied to underwrite a non-standard risk or assess a complex claim.

5:

• Evidence is evaluated and used to substantiate an argument and to interpret changing trends in the macro, micro and medical environments that impact on risk profiles.
• Decisions are substantiated based on research with due regard for compliance and within own authority limits or mandate.
• Trends and issues in Long-Term insurance that present an abnormal risk are analysed and interpreted in order recommend a course of action.
• A risk related topic or issue is identified and researched, using a variety of sources, and new ideas are accommodated to inform current practice.
  

Elective unit standards: For 29% of a minimum of 81 Credits from a selection of unit standards relating to Long Term Risk Assessment.

The Elective section in the qualification, reflected in the unit standards table in section 3 of this document shows unit standards that may be chosen according to the learners’ career path and relevant needs.

Practical formative, continuous assessment according to a checklist provided by the trainer for assessors, against the assessment criteria of the chosen elective unit standards. Assessment should use a variety of methods such as observation, taped evidence, examination of work or product etc. Formative and summative assessment should follow the relevant ETQA’s Assessment Policy and guidelines.

2.6Date of registration of the qualificationon the NQF (if registered) and code and number of the qualification:

ID 49860 – Registered on 12 October 2005

2.7Date of application to SAQA for registration of the qualification (if not registered):

N/A

2.8Name of ETQA responsible for quality assuring the qualification:

INSQA – Insurance Sector Quality Assurer

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INSETA Long Term Risk Assessment Diploma L5 28 December 05 L0036

3. Qualification and Unit Standards

Title / Code / NQF Level / Credit value / Percentage of assessment
Structured Learning / Workplace Experience / Practical Work
Details of Qualification / National Diploma: Financial Services: Long Term Risk Assessment Level 5 / 49860 / 5 / 245
Details of unit standards / Fundamental Learning / 41
Apply basic economic principles to the financial services sector / 14517 / Level 5 / 5 / 71% / 29%
Demonstrate insight into current affairs in the Financial Services sector / 120075 / Level 5 / 10 / 71% / 29%
Demonstrate knowledge and insight into the changing nature of the financial services industry and its consumers / 14518 / Level 5 / 6 / 71% / 29%
Demonstrate knowledge and understanding of risk in a Financial Services environment / 119997 / Level 5 / 5 / 71% / 29%
Describe the financial life cycle of an individual / 14523 / Level 5 / 10 / 71% / 29%
Present an informed argument on a current issue in a business sector / 14525 / Level 5 / 5 / 71% / 29%
Core Learning / 123
Analyse the impact of the South African Constitution and other legislation on ethical Long-Term risk assessment principles and practices in South Africa / 120062 / Level 5 / 7 / 71% / 29%
Analyse the medical risk impacting on occupations and avocations / 120063 / Level 5 / 8 / 71% / 29%
Title / Code / NQF Level / Credit value / Percentage of assessment
Structured Learning / Workplace Experience / Practical Work
Apply a researched trend to refine non-medical risk assessments in terms of avocation and occupation / 120010 / Level 5 / 10 / 71% / 29%
Apply technical knowledge of Long-Term risk to make a competitive business decision in a non-standard situation / 120007 / Level 5 / 10 / 71% / 29%
Apply technical knowledge to advise and support Intermediaries on risk in long term products / 120068 / Level 5 / 8 / 71% / 29%
Demonstrate knowledge and understanding of the financial consequences of a claim to an organisation and the carrier of insurance / 120066 / Level 5 / 10 / 71% / 29%
Evaluate the inherent risk to an organisation in a specific market / 119996 / Level 5 / 10 / 71% / 29%
Interpret how current trends impact on risk profiles / 120003 / Level 5 / 15 / 71% / 29%
Interpret medical reports on a high risk proposal or client to assess a long term risk / 120070 / Level 5 / 10 / 71% / 29%
Liase with decision makers in an organisation at strategic level to manage the risk in high risk target markets / 120073 / Level 5 / 8 / 71% / 29%
Research trends in disease and disease management that could impact on long term mortality and morbidity / 120072 / Level 5 / 15 / 71% / 29%
Apply the principles of ethics and professionalism to a business environment / 14505 / Level 6 / 6 / 71% / 29%
Demonstrate knowledge and insight into the impact of HIV/AIDS on financial products, markets and the workforce / 14510 / Level 6 / 6 / 71% / 29%
Title / Code / NQF Level / Credit value / Percentage of assessment
Structured Learning / Workplace Experience / Practical Work
Elective Learning
Select unit standards relevant to a Long Term Risk Assessment career path for a minimum of 81 Credits from the suggested list of electives. (It is also suggested that additional unit standards be chosen to ensure all relevant aspects of knowledge and skills is addressed). / 81 / 71% / 29%
Adapt and communicate a potential financial solution to a range of audiences / 14514 / Level 5 / 3 / 71% / 29%
Analyse a facultative arrangement in order to comment on its appropriateness to a specific organisation’s underwriting framework / 120004 / Level 5 / 6 / 71% / 29%
Analyse a potentially fraudulent Long-Term insurance claim / 120067 / Level 5 / 5 / 71% / 29%
Analyse and explain the impact of one’s personal interactive style on one’s relationship with a client / 14522 / Level 5 / 6 / 71% / 29%
Analyse the strategic impact of a successful wellness programme / 114206 / Level 5 / 5 / 71% / 29%
Apply a researched trend to individual financial risk / 14509 / Level 5 / 5 / 71% / 29%
Apply a researched trend to manage disability claims / 120074 / Level 5 / 15 / 71% / 29%
Apply actuarial knowledge to the assessment of risk in long term insurance / 119999 / Level 5 / 12 / 71% / 29%
Title / Code / NQF Level / Credit value / Percentage of assessment
Structured Learning / Workplace Experience / Practical Work
Apply knowledge of legislation, product features and risk to modify terms and conditions for a specific group risk contract / 120002 / Level 5 / 4 / 71% / 29%
Apply scenario planning to explain potential risk in a specified financial services context / 14530 / Level 5 / 6 / 71% / 29%
Apply technical knowledge and insight to manage the risks inherent in a group scheme / 119998 / Level 5 / 8 / 71% / 29%
Apply technical knowledge and insight to process a complex claim in Long-Term insurance / 120061 / Level 5 / 5 / 71% / 29%
Apply technical knowledge to advise Intermediaries on Long-Term insurance claims / 120064 / Level 5 / 6 / 71% / 29%
Demonstrate an understanding of stress in order to apply strategies to achieve optimal stress levels in personal and work situations / 15096 / Level 5 / 5 / 71% / 29%
Demonstrate insight into democracy as a form of governance and its implications for a diverse society / 15093 / Level 5 / 5 / 71% / 29%
Demonstrate insight into the application of theories of Emotional and Spiritual Intelligence in personal development / 15094 / Level 5 / 5 / 71% / 29%
Identify and analyse risk information that could impact on underwriting and/or pricing in the long term insurance industry / 120000 / Level 5 / 12 / 71% / 29%
Negotiate terms on a facultative basis to achieve a competitive advantage / 120001 / Level 5 / 6 / 71% / 29%
Title / Code / NQF Level / Credit value / Percentage of assessment
Structured Learning / Workplace Experience / Practical Work
Present a case to substantiate a decision to repudiate a high risk Long- Term claim in a legal action / 120071 / Level 5 / 5 / 71% / 29%
Review a claims department to determine whether a business is protected by an organisation’s business practices / 120065 / Level 5 / 10 / 71% / 29%
Demonstrate knowledge and understanding of e-business as a competitive tool / 14504 / Level 6 / 7 / 71% / 29%
Elective unit standards at levels 5 from insurance and financial services related fields may be included in order to ensure relevance. The qualification requirements must be met before additional unit standards from other relevant qualifications are chosen.
The qualification requires an integrated summative assessment based on 710 hours of practical mentored on the job experience in a Long Term Risk Assessment position in an organisation. This is assessed against the selected Elective unit standards and the Exit Outcomes and Assessment Criteria of the whole qualification. Refer to motivation Points 2.5 and 4.

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INSETA Long Term Risk Assessment Diploma L5 28 December 05 L0036

4. The Practical Component

Please note: The practical component of this Learnership will be assessed as continuous, formative assessment on the job by the line manager/mentor. Where appropriate practical application will be included in structured learning but is not counted as part of the credit split to allow for maximum flexibility in the selection of work appropriate electives.

Nature of work experience/practice work required for the Learnership.

Practical Time in the Workplace 710 hours
Assessment Criteria based on Core unit standards for Qualification Exit Outcomes and on Fundamentals: Hours. Refer to section 2.5, pages 3 to 5 - Mentored on the Job Training. / 29% of 164 Credits =
47.5 Credits = 475hrs
Note: this is a guide only, based simply on the related unit standards. Providers and Employers should plan this aspect of assessment together following the INSETA Assessment Policy.
Current events and developments that could impact on the financial services sector in general and the assessment of Long-Term risk in particular are analysed and discussed and an informed personal opinion is expressed and substantiated in the discussion indicating ability to anticipate or predict future trends and the potential impact on the industry. / 30 Hours
Knowledge learnt in various Unit Standards and current events as they occur is integrated with an informed understanding of Financial Services environment in general, and the Long-Term environment in particular so that knowledge of the industry is applied in authentic situations. / 30 Hours
Information is gathered, analysed, interpreted, and summarised, from a range of sources and presented reliably and accurately. / 30 Hours
Financial and other data is manipulated and interpreted to identify trends / 30 Hours
The Underwriting and/or claims assessing environment is explained as a system within the Financial Services sector in general and the Long-Term Insurance sub-sector in particular and an indication is given of current issues and changes in the sector.
/ 25 Hours
Methods, procedures and techniques of Long-Term Risk Assessment are applied with reference to specific company policy, legislative requirements and competitive industry practices. / 20 Hours
Decisions are substantiated based on available information with due regard for compliance and within own authority limits or mandate. / 30 Hours
The concept of ethics is explained with reference to the South African Constitution, the application in an organisation’s code of conduct and the implications for confidentiality and the right to information. / 20 Hours
Knowledge of legislation, regulations and LOA codes are applied to make an ethical non-standard assessment decision. / 35 Hours
Non-standard assessment decisions are made in line with an agreed mandate, relevant service agreements, treaties with reinsurers and an organisation’s customer service policy. / 35 Hours
The impact of current trends on risk profiles and a specific market are analysed and the principles of risk are applied to make a financial decision. / 30 Hours
Medical and risk related knowledge are applied to underwrite a non-standard risk or assess a complex claim. / 40 Hours
Evidence is evaluated and used to substantiate an argument and to interpret changing trends in the macro, micro and medical environments that impact on risk profiles. / 30 Hours
Decisions are substantiated based on research with due regard for compliance and within own authority limits or mandate. / 30 Hours
Trends and issues in Long-Term insurance that present an abnormal risk are analysed and interpreted in order recommend a course of action. / 30 Hours
A risk related topic or issue is identified and researched, using a variety of sources, and new ideas are accommodated to inform current practice.
/ 30 Hours
Selected Elective unit standards
Assessment according to a checklist provided by the trainer and customised for the organisation against the assessment criteria in the selected unit standards. / Minimum 81Credits @ 29% for workplace experience = 23.5credits = 235 hrs

5. Grant to the employer