SAQA

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.

SOUTH AFRICAN QUALIFICATIONS AUTHORITY

REGISTERED QUALIFICATION:

Occupational Certificate: Insurance Underwriter

SAQA QUAL ID	QUALIFICATION TITLE
117329	Occupational Certificate: Insurance Underwriter
ORIGINATOR
Development Quality Partner - INSETA
PRIMARY OR DELEGATED QUALITY ASSURANCE FUNCTIONARY			NQF SUB-FRAMEWORK
-			OQSF - Occupational Qualifications Sub-framework
QUALIFICATION TYPE	FIELD		SUBFIELD
Occupational Certificate	Field 03 - Business, Commerce and Management Studies		Finance, Economics and Accounting
ABET BAND	MINIMUM CREDITS	PRE-2009 NQF LEVEL	NQF LEVEL	QUAL CLASS
Undefined	163	Not Applicable	NQF Level 05	Regular-ELOAC
REGISTRATION STATUS		SAQA DECISION NUMBER	REGISTRATION START DATE	REGISTRATION END DATE
Registered		SAQA 12129/20	2020-07-30	2025-07-30
LAST DATE FOR ENROLMENT		LAST DATE FOR ACHIEVEMENT
2026-07-30		2029-07-30

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 qualification does not replace any other qualification and is not replaced by any other qualification.

PURPOSE AND RATIONALE OF THE QUALIFICATION

Purpose:
The purpose of this qualification is to prepare a learner to operate as an Insurance Underwriter. An Insurance Underwriter evaluates and interprets information to protect stakeholders' interests 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 the risk information to determine risk profile and manage risk exposure.

Apply basic legal and insurance principles to underwriting recommendations.

Apply knowledge of product and pricing to arrive at an equitable underwriting decision.

Rationale:
The currently registered Insurance Agent: Insurance Underwriter was due for review. This prompted INSETA together with industry stakeholders encompassing Insurance Institute of South Africa, recognised market specialists and accredited Skills Development Providers, to embark on the review process.

The review was informed by lessons learnt from the pilot project that was implemented. This project highlighted gaps in terms of relevancy, affordability and currency in relation to content. In addition to the above-mentioned reasons, the review took into consideration the latest changes in the regulatory environment, including but not limited to the likes of Twin Peaks, Insurance Acts, and incorporation of the Financial Services Board (FSB) to Financial Sector Conduct Authority (FSCA).

This qualification brings professionalism to a highly specialised occupation across the three principal spheres of short term, long term and medical insurance.

Learners can be taken from a wide range of individuals, including those with experience in the industry and new entrants. Qualified learners will be able to: apply and adhere to operational, administrative procedures and practices; evaluate basic risk information to determine risk profile and manage risk exposure; apply basic legal and insurance principles to underwriting recommendations and apply knowledge of product and pricing to arrive at an equitable underwriting decision, within insurance (small/medium/large insurance and statutory organisations). Statutory insurance organisations include the Road Accident Fund, National Health Insurance, South African Special Risks Insurance Association (Sasria) and Compensation for Occupational Injuries and Diseases Act (COIDA).

This qualification will also 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 further allows learners to advance their careers both horizontally and vertically within the sector and to equip them to move horizontally onto more specialised areas such as Marine, Engineering and Liabilities. The competencies covered in this qualification also expose learners to management concepts in preparation for career advancement.

The qualification benefits the industry at large as it ensures that scarce and critical skills are reintroduced into the sector, thereby closing the skills gap.

LEARNING ASSUMED TO BE IN PLACE AND RECOGNITION OF PRIOR LEARNING

Recognition of Prior Learning (RPL):
RPL for Access to the External Integrated Summative Assessment:
Accredited providers and approved workplaces must apply the internal assessment criteria specified in the related curriculum document to establish and confirm prior learning. Accredited providers and workplaces must confirm prior learning by issuing a statement of results or by certifying a work experience record.

RPL for Access to the Qualification:
Accredited providers and approved workplaces may recognise prior learning against the relevant access requirements.

Entry Requirements:

NQF Level 4 qualification.

RECOGNISE PREVIOUS LEARNING?

QUALIFICATION RULES

This qualification is made up of the following compulsory Knowledge, Practical Skill and Work Experience Modules:

Knowledge Modules:

332101-001-01-KM-01, Administration and Record-Keeping in Insurance, Level 4, 16 Credits.

332101-001-01-KM-02, Insurance Risk Management for Underwriter, Level 5, 16 Credits.

332101-001-01-KM-03, Application of legal and Insurance Principles, Level 5, 8 Credits.

332101-001-01-KM-04, Rating and Pricing of Insurance Risks and Products, Level 5, 8 Credits.

The total number of credits for Knowledge Modules: 48.

Practical Skill Modules:

332101-001-01-PM01, Apply and Adhere to Insurance Operational and Administrative Procedures and Practices, Level 5, 15 Credits.

332101-001-01-PM02, Evaluate Risk Information to Determine Risk Profile and Manage Risk Exposure, Level 5, 8 Credits.

332101-001-01-PM03, Apply Basic Legal and Insurance Principles to Underwriting Recommendations, Level 5, 6 Credits.

332101-001-01-PM04, Apply Knowledge of Insurance Product and Pricing to Underwrite, Level 5, 13 Credits.

The total number of credits for Practical Skill Modules: 42.

Work Experience Modules:

332101-001-01-WM01, Exposure to insurance, Operational and Administrative Procedures and Practices, Level 5, 17 Credits.

332101-001-01-WM02, Management of Risk, Level 5, 17 Credits.

332101-001-01-WM03, Application of Legal and Insurance Principles to Underwriting, Level 5, 12 Credits.

332101-001-01- WM04, Equitable Underwriting, Decision Making Process Level 5, 27 Credits.

The total number of credits for Work Experience Modules: 73.

EXIT LEVEL OUTCOMES

1. Apply and adhere to insurance operational and administrative procedures and practices.
2. Evaluate risk information to determine the risk profile and manage risk exposure.
3. Apply basic insurance legal and principles to underwriting recommendations.
4. Apply knowledge of insurance product and pricing to arrive at an equitable underwriting decision.

ASSOCIATED ASSESSMENT CRITERIA

Associated Assessment Criteria for Exit Level Outcome 1:

Efficiently maintain accurate records in accordance with internal procedures and regulatory requirements.

Apply financial management skills in relation to insurance sector environment.

Apply suitable business communication to an insurance sector environment as per the Standard Operating Procedures.

Associated Assessment Criteria for Exit Level Outcome 2:

Gather information relevant to the risk type from the relevant parties.

Analyse and identify factors influencing the insurable risk(s).

Make an underwriting decision (whether to decline or accept the risk).

Identify and apply special terms and conditions, endorsements, restrictions and limitations in respect of given insurance application scenarios.

The risk profile is reviewed and revised in respect of given scenarios.

Associated Assessment Criteria for Exit Level Outcome 3:

Confirm all aspects of insurance contract validity.

Identify and apply relevant insurance legislation appropriately.

Identify and apply legal insurance principles influencing decision making appropriately.

Associated Assessment Criteria for Exit Level Outcome 4:

Calculate and apply ratings/pricing to given risk scenarios.

Identify and apply the role of re-insurance in arriving at an equitable underwriting decision appropriately.

Integrated Assessment:
Integrated Formative Assessment:
The skills development providers will use the curriculum to guide them on the stipulated internal assessment criteria and weighting. They will also apply the scope of practical skills and applied knowledge as specified by the internal assessment criteria. This formative assessment leads to entrance into the integrated external summative assessment.

External Integrated Summative Assessment:
External Integrated Summative Assessment (EISA), conducted through the relevant QCTO Assessment Quality Partner is required for the issuing of certificates for this qualification. The external integrated summative assessment will focus on the Exit Level Outcomes and associated assessment criteria.

The external integrated summative assessment will be conducted through integrated written exercises and practical assessment by registered assessors at accredited assessment centres. Assessment will take over a day.

INTERNATIONAL COMPARABILITY

International comparability study was conducted in Ireland and Canada. Similarities have influenced the choice of these countries in financial advisory markets.

Ireland:
The Insurance Institute of Ireland offers an online long-distance Certificate in Insurance Practice through an institution called IT Sligo. This qualification is aimed at learners who want to pursue a career within the insurance sector. Qualified learners will earn a designation as Certified Insurance Practitioners. The qualification is pegged at NQF Level 7.

Learners should have completed a course that earned them the title 'Accredited Product Advisor (APA)', whose modules are also covered in this qualification to access the qualification. Courses covered in this qualification are as follows:

Two compulsory modules, Nature of Insurance as well as Compliance and Advice are found in the APA certificate. Learners can also choose any two of the product modules, namely Personal General Insurance, Commercial General Insurance and Health Insurance and Associated Insurances. These modules are also found in the APA certificate.

Qualified learners should continue their learning by choosing any two modules from these three: Practice of Risk Control and Underwriting, Practice of Claims and Loss Adjusting, Practice of General Insurance Broking. Upon completion of this, learners will earn the title of Certified Insurance Practitioner.

Canada:
The National Occupational Classification (NOC 2011) has registered Insurance Underwriters as one of Canada's recognised occupations. Diploma in Business (Insurance) offered by Saskatchewan Polytechnic College and Fanshawe College of Applied Arts and Technology, is one of the qualifications that equip the learner with the necessary skills to become an Insurance Underwriter. This qualification is offered for 2 years.

Courses covered in this two-year diploma include general insurance in automobile insurance, commercial law, insurance against liability, insurance broker/agent skills, investigation, risk analysis, insurance on the property, loss adjusting, relationship selling and contracts.

Upon completion of the qualification, qualified learners are required to perform the duties listed below:

Review individual and group applications for automobile, fire, health, liability, life, property, marine, aircraft and other insurance.

Evaluate new and renewal applications to determine insurance risks, insurance premiums, extent of insurance coverage and other conditions of the insurance contract using medical reports, rate tables and other documents and reference materials; adjust premiums, coverage or risk itself to make acceptance of new and renewal applications possible.

Approve the sale of insurance policies and ensure compliance with government regulations.

Provide recommendations on individual or group insurance plan designs.

Provide underwriting advice and answer inquiries from clients and insurance agents, consultants and other company personnel.

Prepare underwriting reports and update insurance forms when necessary.

Similarities:
This qualification is similar to those insurance related qualifications offered in the Canada and Ireland, in terms of content covered, complexity and overall competencies to be demonstrated by qualified learners.

Conclusion:
The South African Insurance Underwriter qualification compares favourably with qualification offered in other countries in terms of scope and complexity.

ARTICULATION OPTIONS

Horizontal Articulation:

Occupational Certificate: Long Term Insurance Adviser, NQF Level 5.

National Certificate: Loss Adjusting, NQF Level 5.

Higher Certificate in Insurance, NQF 5.

National Certificate: Short Term Insurance, NQF Level 5.

Vertical Articulation:

Advanced Certificate in Short Term Insurance, NQF Level 6.

Occupational Certificate: Investment Adviser, NQF Level 6.

MODERATION OPTIONS

N/A

CRITERIA FOR THE REGISTRATION OF ASSESSORS

N/A

NOTES

Qualifying for External Assessment:
In order to qualify for the external assessment, learners must provide proof of completion of all required modules by means of a statement of results and work experience records.

Additional Legal or Physical Entry Requirements:

None, subject to workplace requirements.

Criteria for the Accreditation of Providers:
Accreditation of providers will be done against the criteria as reflected in the relevant curriculum on the QCTO website.

The curriculum title and code is: Insurance Underwriter: 332101-001-01-00.

Encompassed Trades:
This qualification encompasses the following trades as recorded on the NLRD:
This is not a trade qualification.

Assessment Quality Partner:

Insurance Sector Education and Training Authority (INSETA).

LEARNING PROGRAMMES RECORDED AGAINST THIS QUALIFICATION:

NONE

PROVIDERS CURRENTLY ACCREDITED TO OFFER THIS QUALIFICATION:

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.

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