Insurance Agent Insurance Underwriter

The purpose of this qualification is to prepare a learner to evaluate and interpret information to protect stakeholders' interests by using specialist technical knowledge to determine, price, manage and transfer risk. A qualified learner will be able to: • Apply and adhere to operational and administrative procedures and practices. • Evaluate risk information to determine risk profile and manage risk exposure. • Understand and apply basic legal and insurance principles to underwriting recommendations. • Understand and apply knowledge of product and pricing to underwrite profitable risks.

According to the Insurance Draft Sector Skills Plan (SSP) 2010, "the Inseta Scarce Skills for financial year 2009, top three are: Insurance Sales Consultant, Professionals in the Insurance Sector and Managers in the Insurance Sector" (SSP, 2010: 7). Whilst Underwriter is not explicitly named, the occupation is understood to be a professional in the insurance sector. The profession exists in all the major sub-sectors; Short term, Long term and medical and professional bodies and expert practitioners from all sub-sectors and professional bodies (IISA and ASISA) were therefore asked to participate in development. The resultant qualification is thus broad enough to represent all three sub-sectors. Learners can be taken from a wide range of individuals, including those with experience in the industry and new entrants. The areas of underwriting, claims or product development are best aligned to the outcomes of this qualification. This qualification will benefit individuals who have worked competently within the underwriting profession without any option for formal education to be certificated, based on Recognition of Prior Learning. It will also professionalise the occupation by providing a minimum educational standard against which to train new entrants and thus ensure that the ratio of technical expertise within industry to rate risk is kept at a sufficiently high level of competence, compliance and efficiency.

Recognition of Prior Learning (RPL): RPL for access to the integrated assessment: Accredited providers and approved workplaces must apply the internal assessment criteria specified in the related curriculum document to establish and confirm prior learning. Prior learning must be acknowledged by a statement of results. RPL for entry requirements to access the qualification: Accredited providers and approved workplaces may recognise prior learning against the relevant access requirements. Entry Requirements: Grade 12 and/or equivalent or at least five years of Insurance work experience.

• Apply and adhere to operational and administrative procedures and practices.
• Evaluate risk information to determine risk profile and manage risk exposure.
• Understand and apply basic legal and insurance principles to underwriting recommendations.
• Understand and apply knowledge of product and pricing to underwrite profitable risks.