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SOUTH AFRICAN QUALIFICATIONS AUTHORITY 
REGISTERED UNIT STANDARD THAT HAS PASSED THE END DATE: 

Indicate how different needs lead to the development of different insurance products 
SAQA US ID UNIT STANDARD TITLE
8987  Indicate how different needs lead to the development of different insurance products 
ORIGINATOR
SGB Financial Services 
PRIMARY OR DELEGATED QUALITY ASSURANCE FUNCTIONARY
-  
FIELD SUBFIELD
Field 03 - Business, Commerce and Management Studies Finance, Economics and Accounting 
ABET BAND UNIT STANDARD TYPE PRE-2009 NQF LEVEL NQF LEVEL CREDITS
Undefined  Regular  Level 3  NQF Level 03 
REGISTRATION STATUS REGISTRATION START DATE REGISTRATION END DATE SAQA DECISION NUMBER
Passed the End Date -
Status was "Registered" 
2002-02-13  2004-08-11  SAQA 0540/02 
LAST DATE FOR ENROLMENT LAST DATE FOR ACHIEVEMENT
2005-08-11   2008-08-11  

In all of the tables in this document, both the pre-2009 NQF Level and the NQF Level is shown. In the text (purpose statements, qualification rules, etc), any references to NQF Levels are to the pre-2009 levels unless specifically stated otherwise.  

This unit standard is replaced by: 
US ID Unit Standard Title Pre-2009 NQF Level NQF Level Credits Replacement Status
114985  Indicate how different needs lead to the development of different Financial Service products  Level 3  NQF Level 03  Complete 

PURPOSE OF THE UNIT STANDARD 
This unit standard deals with the background needed to deepen understanding of the people who make up the insurance market in South Africa. It allows for the collection, presentation and interpretation of data that provides insight into the industry.

The qualifying learner is capable of:
  • Collecting, presenting and interpreting data.
  • Comparing the different insurance markets and insurance and investment products in South Africa.
  • Matching the needs of potential customers to insurance products.
  • Planning an advocacy campaign for potential new customers.
  • Planning questions to obtain information.
  • Using graphic techniques to represent information. 

  • LEARNING ASSUMED TO BE IN PLACE AND RECOGNITION OF PRIOR LEARNING 
  • There is open access to this unit standard. Learners should be competent in Communication and Mathematical Literacy at NQF Level 2.
  • Learners should know how to conduct a simple survey. 

  • UNIT STANDARD RANGE 
    The typical scope of this unit standard is:

    1. A survey of a sample of 20 people from two different communities.
    2. Formulation of a questionnaire to establish why people would/not purchase insurance.
    3. Graphic presentation in a bar graph or pie chart.
    4. Classification of investment markets: individual, groups, corporate, unions.
    5. Decision making/selection of a product according to own needs.
    6. Particular events include loss, e.g. burglary, death, legal disability; change in health status e.g. onset of dread disease; change in life status e.g. birth, adoption of a child, marriage, divorce, retrenchment, retirement.
    7. Products refer to Endowment, Retirement Annuity, Life Policy, Healthcare Cover, Unit Trusts, Funeral, Short Term Risk and multi-class type policies.
    8. Published data accessed from Annual Reports, Statistics SA, HSRC and newspapers. 

    Specific Outcomes and Assessment Criteria: 

    SPECIFIC OUTCOME 1 
    Survey opinions on the need for insurance in two different communities. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    1. The insurance needs of two different communities are compared in terms of their lifestyle, needs, buying power and value systems. 

    ASSESSMENT CRITERION 2 
    2. The reasons why people would/would not choose an insurance investment are explored by means of a survey. 

    ASSESSMENT CRITERION 3 
    3. Existing insurance products offered by various providers are listed and compared to the community needs identified in the survey. 

    ASSESSMENT CRITERION 4 
    4. A gap analysis is conducted to identify where the existing products do not meet the consumer needs for the communities surveyed. 

    ASSESSMENT CRITERION 5 
    5. The information obtained from the survey is represented graphically. 

    SPECIFIC OUTCOME 2 
    Compare different insurance & investment markets in SA for short term, long term & healthcare 
    OUTCOME NOTES 
    Compare the different insurance and investment markets in South Africa for short term, long term and healthcare benefits administration. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    1. The different insurance and investment markets are classified and compared and reasons for the differences between the markets are given with reference to the historical and cultural situation in South Africa. 

    ASSESSMENT CRITERION 2 
    2. The potential for marketing the different insurance and investment products is explored in terms of the nature of services needed by the different market sectors. 

    ASSESSMENT CRITERION 3 
    3. The effects of a particular event on a person are compared for a scenario with or without insurance or investment. 

    ASSESSMENT CRITERION 4 
    4. Actions that constitute fraud and non-declaration are indicated and measures that are taken to reduce fraud are explained with reference to a selected sub-sector. 

    ASSESSMENT CRITERION 5 
    5. Existing avenues of insurance and investment for consumers in lower income groups are investigated and possibilities for investment are presented in a poster. 

    SPECIFIC OUTCOME 3 
    Match the needs of potential consumers with available products. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    1. Data from the survey of the two communities is used to group people according to their insurance and investment requirements. The wants and needs of people are compared for different groups in terms of age, income, commitments and priorities. 

    ASSESSMENT CRITERION 2 
    2. The different products and services available in the industry are named and an indication is given of the profile of consumers most likely to invest in the products indicated. 

    ASSESSMENT CRITERION 3 
    3. Two similar products offered by two selected insurance or investment companies are named and a decision is made as to which of the products offers the best value for money in the learner's opinion and circumstances. 

    ASSESSMENT CRITERION 4 
    4. Suggestions are made for new products that combine or offer different combinations of insurance or investments or meet different needs of potential new customers. 

    ASSESSMENT CRITERION 5 
    5. A plan is presented for an awareness or advocacy campaign to introduce the idea of insurance or investment to potential new customers. 

    SPECIFIC OUTCOME 4 
    Interpret statistical information to determine type of insurance/investment most valued. 
    OUTCOME NOTES 
    Interpret statistical information to determine the type of insurance or investment most valued by the two communities. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    1. Different interpretations that could be given to the data from own and other's surveys are considered and compared in terms of the most valued types of insurance and investment. 

    ASSESSMENT CRITERION 2 
    2. The survey data is interpreted and possible reasons are suggested for trends indicated in the data. 

    ASSESSMENT CRITERION 3 
    3. The type of insurance or investment most valued by different communities is compared from published statistics at different periods over the past 10 years. 

    ASSESSMENT CRITERION 4 
    4. Published data is interpreted and possible social, political and environmental reasons are suggested for trends in the data. 

    ASSESSMENT CRITERION 5 
    5. Implications of the trends in different communities are indicated for the insurance or investment industry. 


    UNIT STANDARD ACCREDITATION AND MODERATION OPTIONS 
    This unit standard will be internally assessed by the provider and moderated by a moderator registered by INSQA or a relevant accredited ETQA. The mechanisms and requirements for moderation are contained in the document obtainable from INSQA, - INSQA framework for assessment and moderation. 


    Critical Cross-field Outcomes (CCFO): 

    UNIT STANDARD CCFO IDENTIFYING 
    Learners can identify and solve problems by interpreting the data collected from their own surveys and by making decisions regarding products affording the best value for money.

    A learner is able to identify entrepreneurial opportunities by exploring the potential for marketing insurance and investment products, and by planning an awareness campaign to introduce the concept of insurance and investment to new customers. 

    UNIT STANDARD CCFO ORGANISING 
    A learner is able to organise and manage his/her activities responsibly and effectively when developing a questionnaire and scheduling interviews for Specific Outcome 1. 

    UNIT STANDARD CCFO COLLECTING 
    A learner is able to collect, organise and evaluate information when interpreting the statistical information accumulated during the interviews with his/her sample group. 

    UNIT STANDARD CCFO COMMUNICATING 
    A learner is able to communicate effectively using visual, mathematics and language skills when interviewing a sample of the community and presenting the findings graphically and visually. 

    UNIT STANDARD CCFO DEMONSTRATING 
    Learners can demonstrate cultural sensitivity by understanding individual preferences most valued by different communities in terms of their insurance or investment needs. 

    UNIT STANDARD CCFO CONTRIBUTING 
    A learner is able to act as a responsible citizen in the organisation and his/her community by identifying what constitutes fraud and by indicating, or suggesting, what measures could be used to reduce fraud. 

    UNIT STANDARD NOTES 
    This unit standard has been replaced by unit standard 114985, which is "Indicate how different needs lead to the development of different Financial Service products", NQF Level 3, 4 credits, as from 11 Aug 2004 

    QUALIFICATIONS UTILISING THIS UNIT STANDARD: 
      ID QUALIFICATION TITLE PRE-2009 NQF LEVEL NQF LEVEL STATUS END DATE PRIMARY OR DELEGATED QA FUNCTIONARY
    Core  20177   National Certificate: Insurance  Level 3  NQF Level 03  Passed the End Date -
    Status was "Registered" 
    2004-10-10  Was INSETA until Last Date for Achievement 
    Core  20773   National Certificate: Long Term Insurance  Level 4  NQF Level 04  Passed the End Date -
    Status was "Registered" 
    2004-12-05  INSETA 
    Core  21796   National Certificate: Short Term Insurance  Level 4  NQF Level 04  Passed the End Date -
    Status was "Registered" 
    2005-06-12  Was INSETA until Last Date for Achievement 
    Elective  48493   National Certificate: Financial Services: Wealth Management  Level 4  NQF Level 04  Passed the End Date -
    Status was "Registered" 
    2007-02-11  Was INSETA until Last Date for Achievement 
    Elective  20639   National Certificate: Healthcare Benefits Administration: Claims Assessing  Level 4  NQF Level 04  Passed the End Date -
    Status was "Registered" 
    2004-12-05  INSETA 


    PROVIDERS CURRENTLY ACCREDITED TO OFFER THIS UNIT STANDARD: 
    This information shows the current accreditations (i.e. those not past their accreditation end dates), and is the most complete record available to SAQA as of today. Some Primary or Delegated Quality Assurance Functionaries have a lag in their recording systems for provider accreditation, in turn leading to a lag in notifying SAQA of all the providers that they have accredited to offer qualifications and unit standards, as well as any extensions to accreditation end dates. The relevant Primary or Delegated Quality Assurance Functionary should be notified if a record appears to be missing from here.
     
    1. Discovery Life Ltd 
    2. Faisit (Pty) Ltd 
    3. Intec College 
    4. Invuya Institute of Learning (Pty) Ltd 
    5. Umfolozi FET College - Central Office 



    All qualifications and part qualifications registered on the National Qualifications Framework are public property. Thus the only payment that can be made for them is for service and reproduction. It is illegal to sell this material for profit. If the material is reproduced or quoted, the South African Qualifications Authority (SAQA) should be acknowledged as the source.