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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 THAT HAS PASSED THE END DATE: |
| Further Education and Training Certificate: Long-term Insurance |
| SAQA QUAL ID | QUALIFICATION TITLE | |||
| 49649 | Further Education and Training Certificate: Long-term Insurance | |||
| ORIGINATOR | ||||
| SGB Insurance and Investment | ||||
| PRIMARY OR DELEGATED QUALITY ASSURANCE FUNCTIONARY | NQF SUB-FRAMEWORK | |||
| INSETA - Insurance Sector Education and Training Authority | OQSF - Occupational Qualifications Sub-framework | |||
| QUALIFICATION TYPE | FIELD | SUBFIELD | ||
| Further Ed and Training Cert | Field 03 - Business, Commerce and Management Studies | Finance, Economics and Accounting | ||
| ABET BAND | MINIMUM CREDITS | PRE-2009 NQF LEVEL | NQF LEVEL | QUAL CLASS |
| Undefined | 140 | Level 4 | NQF Level 04 | Regular-Unit Stds Based |
| REGISTRATION STATUS | SAQA DECISION NUMBER | REGISTRATION START DATE | REGISTRATION END DATE | |
|
Passed the End Date - Status was "Reregistered" |
SAQA 9999/99 | 2018-07-01 | 2023-06-30 | |
| LAST DATE FOR ENROLMENT | LAST DATE FOR ACHIEVEMENT | |||
| 2026-06-30 | 2029-06-30 | |||
| 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 the Qualification is to build knowledge and skill required by employees in Long-term Insurance who have had schooling at or below NQF level 4. It serves as a bridging Qualification into Long-term Insurance as learners will not have acquired the necessary knowledge and skills as part of the school curriculum. It is intended to empower learners to acquire knowledge, skills, attitudes and values required to operate confidently as individuals in the South African community and to respond to the challenges of the economic environment and changing world of work in the financial services industry. It should add value to the qualifying learner in terms of enrichment of the person, status and recognition. As a Qualification that covers Long-term Insurance related learning, it provides a framework for learners to develop competencies that will give them insight into the Long-term Insurance sub sector. It introduces a basic understanding of the key terms, rules, concepts and principles of the field that will enable learners to be informed workers in the industry. It provides a balanced learning experience that allows flexible access to life long learning, higher education and to productive employment in Long-term Insurance. It provides an opportunity for learners to learn and apply academic skills in relation to the workplace and will allow for multi-skilling. The FETC: Long-term Insurance allows the individual to work towards a nationally recognised Qualification. It is flexible enough to accommodate both learners in formal education and learners already employed in the Long-term Insurance sector. The focus is on basic information gathering, analysis, presentation and the ability to apply knowledge of the field to solve routine problems within given frameworks. Qualifying learners should be knowledgeable about and competent in: These Unit Standards are intended as building blocks for the further development of skills that will make the learner a more fulfilled, informed, efficient and cost effective worker in the industry. This should result, in turn, in more effective and efficient service to the consumer and should make the industry more competitive in the global market. Rationale: The FETC: Long-term Insurance replaces the National Certificate in Long-term Insurance: NQF Level 4, after review. The National Certificate in Long-term Insurance: NQF Level 4 was previously registered in 2001 to meet the needs of learners in a variety of positions in the Long-term Insurance sub-sector which includes life insurance, retirement and group benefits and Healthcare Benefits Administration. The FETC: Long-term Insurance is a generic Qualification with specialisation in a selected career path in the Long-term Insurance industry. The original Qualification has been expanded and is now a more holistic Qualification than the previous Qualification. It is a first step for learners who: Learners employed in Long-term Insurance at this level may be Administrators, Consultants, Personal Assistants, Secretaries, Service Centre Staff or Category B Intermediaries, Term Broker Consultants, Client Liaison Officers, IT Systems Designers and Analysts in Long-term organisations, Product Developers or Business Analysts in Personal or Corporate Benefits, Marketing or Life Administration. They do work that requires an understanding of the Long-term sub-sector within the context of the Financial Services Industry and some specialisation in their selected career path. They require insurance knowledge at a fundamental level and are required to interpret information and may be required to adjust an application of Scheme/Policy rules. Trustee training has been identified as a necessity by the Department of Finance and the Financial Services Board. |
| LEARNING ASSUMED TO BE IN PLACE AND RECOGNITION OF PRIOR LEARNING |
Recognition of prior learning: |
| RECOGNISE PREVIOUS LEARNING? |
| Y |
| QUALIFICATION RULES |
| The Qualification consists of a Fundamental, a Core and an Elective Component.
To be awarded the Qualification, learners are required to obtain a minimum of 140 credits as detailed below. Fundamental Component: The Fundamental Component consists of Unit Standards in: It is compulsory therefore for learners to do Communication in two different South African languages, one at NQF Level 4 and the other at NQF Level 3. All Unit Standards in the Fundamental Component are compulsory. Core Component: The Core Component consists of Unit Standards to the value of 52 credits all of which are compulsory. Elective Component: Electives that add up to at least twenty credits should be selected from the allocated list of Electives. The Electives does not imply that learners should select Electives from only one specific category. Electives selected may relate directly to the learner's work role in an organisation or may be life skills to enhance employability. The Electives have been grouped under the headings: General Long-term (total 19 credits): Group Retirement (total 13 credits): General industry (total 50 credits): Legislation (total 36 credits): Computer Literacy (total 24 credits). Service Centres (total 5 credits). Sales and Marketing (total 13 credits). Investment (total 23). Healthcare Benefits Administration (total 38). Personal Development (total 34). Management (total 24 credits). |
| EXIT LEVEL OUTCOMES |
| The focus of the FETC: Long-term Insurance is on fundamental knowledge of Long-term Insurance and an ability to apply appropriate processes and procedures to solve problems in a familiar context, to adjust applications when required and to motivate the change. Learners are required to apply literacy and numeracy skills to different Long-term Insurance contexts. They are expected to gather, analyse and evaluate information from a range of sources and to present and communicate information reliably and accurately verbally and in writing.
Learners should have the capacity to take responsibility for their own learning within a supervised environment and should be able to evaluate their own performance and address their shortcomings. Exit Level Outcomes The learner will be capable of: 1. Carrying out basic research tasks and applying literacy and numeracy skills to analyse, interpret and evaluate information from a range of sources related to Long-term Insurance or reinsurance and the assessment of risk. 2. Managing personal finances and risk. 3. Applying knowledge of legislation, ethics, compliance and organisational protocols in the Long-term Insurance environment. Exit Level Outcomes for the Critical Cross-Field Outcomes The learner can demonstrate ability to: In addition this Qualification contributes to the full personal development of each learner and the social and economic development of the society at large, by making it the underlying intention of any programme of learning to make the individual aware of the importance of: Exit points for learners who do not complete a Qualification |
| ASSOCIATED ASSESSMENT CRITERIA |
| 1.
2. 3. Integrated Assessment: Assessment practices must be fair, transparent, valid and reliable and should ensure that no learner is disadvantaged. Learners who wish to be assessed against the competencies in the Qualification and/or associated Unit Standards should direct enquiries to the relevant ETQA. The focus of assessment must be on the assessment of the learning outcomes rather than learning outputs. The Specific Outcomes guide the learning and training process towards the outcomes on a continuous basis. The purpose is to determine whether the outcomes have been attained. Situations should present a wide range of options. Applications should require significant choices from a wide range of procedures and in a number of contexts. Learning, teaching and assessment are inextricably linked. Where appropriate, assessment of knowledge, skills, attitudes and values indicated in the various Unit Standards should be integrated. Assessment in communication, mathematical literacy and financial literacy should use authentic workplace contexts wherever practical. Assessment has a formative monitoring function. Formative assessment should be used to assess gaps in the learners' skill and knowledge and to indicate where there is a need for expanded opportunities. The goal is to promote learning and to assess the efficacy of the teaching and learning process. Feedback from assessment informs teaching and learning and allows for the critique of outcomes, methodology and materials. Formative assessment is diagnostic and as such it should guide the learner and the trainer. It is continuous and is used to plan appropriate learning experiences to meet the learner's needs. It provides information about problems experienced at different stages in the learning process. As it is criterion referenced, if the learner has met the assessment criteria, he/she has achieved the outcomes. Assessment should also have a summative component. Summative assessment may be used on completion of a Unit Standard, but should not be the only form of assessment. A variety of methods must be used in assessment and tools and activities must be appropriate to the context in which the learner is working. Assessment should take place in an authentic context as far as is possible. Where it is not possible to assess competence in the workplace, simulations, case studies and other similar techniques should be used to provide a context appropriate to the assessment. Integration implies that theoretical and practical components should, where possible, be assessed together. Integrative techniques should be used to assess applied competence. Learners should be required to demonstrate that they can perform the outcomes with understanding and insight. Assessment should ensure that all Specific Outcomes, embedded knowledge and Critical Cross-Field Outcomes are evaluated. Assessment of the Critical Cross-Field Outcomes should be integrated with the assessment of the Specific Outcomes. The Critical Cross-Field Outcomes are implicit in some Unit Standards and programmes should be designed to extend and further reflect the integration. Before The FETC: Long-term Insurance is awarded learners are required to demonstrate competence in the required Unit Standards and complete a summative assessment based on the exit outcomes of the Qualification. |
| INTERNATIONAL COMPARABILITY |
| Traditionally, the training of employees in Long-term Insurance in South Africa was done in-house by the larger insurers, the Insurance Institute of South Africa and other small private providers. Expertise was accumulated through experience. There were no providers in formal education that offered courses at Level 4 specifically in Long-term Insurance and there was no way of comparing the merit of the various in-house courses. In terms of current SAQA definitions most of the Long-term Insurance courses available in South Africa would be classified as short courses or skills programmes rather than Qualifications. The National Certificate in Long Term Insurance: NQF Level 4 was registered in 2001 to meet the needs of learners in a variety of positions in the Long-term Insurance sub sector. It is a generic Qualification with specialisation in a selected career path in the Long-term Insurance industry. At the time of registration it was not compared to specific international Qualifications.
This comparison for the FETC: Long Term Insurance is based on the following Qualifications: Skills Council for Financial Services National Standards: registered on NVQ. Functional groups of Unit Standards were downloaded from the Skills Council for Financial Services website. Unfortunately, neither the Financial Services Skills Council nor the Qualification and Curriculum Authority (QCA) websites make the rules of combination clear in terms of selecting the Unit Standards. This comparison is therefore based on the key skills units (fundamentals). The UK Financial Service Skills Council Qualification includes the following functional groups: > Accounting and credit control (Standards at level 2) > Account Services (Standards at levels 2 and 3) > Administration and using IT (Standards at levels 2 and 3) > Asset management and arrears (Standards at levels 3 and 4) > Call Handling (Standards at levels 2-4) > Customer Service (Standards at level 2-4) > Health and Safety (Standards at levels 2-4) > Insurance Claims (Standards at Levels 2 and 3) > Insurance Contracts and Policies (Standards at Levels 2 and 3) > Insurance Intermediaries (Standards at Levels 2 and 3) > Mortgages and lending (Standards at Levels 3 and 4) > Organisation and Resource Management (Standards at levels 2 and 3) > Pensions Administration (Standards at level 3 and 4) > Providing advice (Standards at level 3) > Reinsurance (Standards at level 3) > Sales and Marketing (Standards at levels 2 and 4) > Self Development (Standards at levels 2-4) > Underwriting (Standards at levels 2-3) > Working with others - (Standards at levels 2-4) > Certificate IV in Financial Services, soon to be registered on Australian Qualification Framework (AQF): Standards for this comparison were obtained from draft documentation sent to the SGB by Gina Hockley, project manager of the task team currently rewriting the Financial Services package in Australia - ghockley@fseaa.com.au For the Certificate IV in Financial Services, learners are required to complete. > Industry Capability: > Generic > Account Management > Advice (Include ASIC Tier 2) > Organisational Skills > Customer Relationship > Product Skills > Sales and Marketing > Product Skills Sites researched and/or organisations contacted: UK AUSTRALIA AFRICA OTHER Previous comparisons for Financial Services Qualifications at Levels 2 and 3 established that a comparison in a country with an emerging economy is not possible at present. This is because the web sites of the countries considered are either not presented in English or their accreditation systems are based on internal quality management systems and audits and not on alignment with national standards. The web sites considered for these comparisons are: Background and rationale for the choice of countries for comparison with the FETC: Long-term Insurance A search or information for the international comparisons for the FETC: Medical Claims Assessing conducted during September 2004, and the FETC: Long-term Risk Assessment in October 2004 provided information relevant to the international comparison of the FETC: Long-term Insurance. The countries selected for this comparison therefore were motivated by available information and an attempt to maximise resources and minimise time and costs, without losing quality. A document detailing the core Unit Standards level 4 UK Qualifications, as well as the draft version of the Financial Services learning pathway in Australia were obtained as part of the information search for the international comparison of the FETC: Medical Claims Assessing and the FETC: Long-term Risk Assessment. These documents form the basis for this comparison. Level Descriptors: UK: Competence at level 4 involves the application of knowledge in a broad range of complex, technical or professional work activities performed in a variety of contexts and with a substantial degree of personal responsibility and autonomy. Responsibility for the work of others and the allocation of resources is often present. AQF: Competence at level 4 involves the following: Detailed comparison Fundamentals Mathematical Literacy: > Develop a strategy for using application of number skills over an extended period of time. > Monitor progress and adapt your strategy, as necessary, to achieve the quality of outcomes required in work involving: > Deductive and inferential reasoning > Algebraic modelling. > Evaluate your overall strategy and present the outcomes from your work, including use of charts, graphs and diagrams to illustrate complex data. The UK standard is similar to the SA standards in that the use of Mathematics is applied to a work or life problem. A hypothesis is stated, and mathematics is used to research and evaluate a work related problem. The UK standard is broader than the three SA standards as it does not state which mathematical strategy or methodology (statistics, algebra, geometry) the learner should use for the problem. It would seem that any of these methods (depending on the research problem) is acceptable whereas the SA learner will have to be competent against a range of mathematical methods. Communication > Develop a strategy for using communication skills over an extended period of time. > Monitor progress and adapt your strategy, as necessary, to achieve the quality of outcomes required in work involving at least: > One group discussion about a complex subject > One document of 1,000 words or more about a complex subject. > Evaluate your overall strategy and present the outcomes from your work, using at least one formal oral presentation. Include a variety of verbal, visual and other techniques to illustrate your points. There are some synergies with the contextualised communication Unit Standard - Use the writing process to compose texts required in a business environment. The UK standard requires the additional competencies of making a business presentation. Financial Literacy The financial literacy Unit Standards in the FETC: Long Term Insurance introduce entry-level financial related competencies for learners, and ensure that individuals are able to apply the financial literacy concepts in their own lives to be financially responsible and therefore more productive and responsible employees. i.e. the industry requires financially responsible and empowered employees to work with their client's money and investments. > Develop and use a personal budget: addresses the basic knowledge and skills required to develop implement and monitor a personal savings budget. It covers exploring the benefits of budgeting, identifying income and expenses and ways to monitor the budget. > Facilitate customer understanding of personal financial statements covers the skills and knowledge to educate customers in understanding and interpreting information contained in personal financial statements. It covers a range of statements including bank and credit card statements. The two units have a South African equivalent classified as Financial Literacy in the FETC: Long-term Insurance in terms of competencies. However, the SA Qualification has no obvious emphasis on consumer education, as this is not an industry requirement for insurance workers. Note that previous comparisons with the Australian Qualifications have indicated that Financial Literacy concepts are embedded in the Australian core units but do not extend to application in the learners own lives. This is no longer the case at these new standards assist learners to manage finances in their own lives as well as educate clients on relevant financial concepts. Conclusion (Fundamentals) There are four other key skills units registered at level 4 on the NVQ that do not have South African fundamental counterparts but are covered by the South African critical cross-field outcomes either across the Qualification or by the core and elective Unit Standards in the Qualification: All the key skills units follow generic formulae: Develop a strategy using the specific competencies, monitor progress, evaluate and present objectives using new skills acquired. The industry core standards registered on the AQF at certificate 4 level are fundamental and must be demonstrated at diploma or advanced diploma level. > AQF: Deliver a professional service to customers: Knowledge requirements include the finance industry, customer relations, customer service, organisational product and service knowledge, complaint documentation requirements, relevant industry legislation. Skills requirements include: basic communication skills such as basic questioning, listening, speaking and writing skills and the ability to interpret and demonstrate appropriate non-verbal skills, basic interpersonal/relationship building skills, sales techniques, time management skills, recording skills, problem solving skills, organisational skills such as prioritising, appropriate documentation, and maintaining records. Core > AQF: Apply principles of professional practice to work in the financial services industry and Comply with financial services legislation, industry and professional codes of practice have elements of competency relating to ethical codes of behaviour included in the performance criteria. > AQF: The Product Skills Stream has three Unit Standards that are relevant: Develop and maintain in depth knowledge of products and services used by your organisation or sector; Match financial products to customer needs; Tailor a product/service to meet customer needs. > NVQ: Within the Customer Service functional group the following standards have various overlapping outcomes with the South African standard: Maintain and Improve Customer Service Delivery (L3); Develop Customer Relationships and Business Networks (L3); Develop Productive Relationships With Callers (L3), Establish and Maintain Productive Business Relationships (L4); Develop and Maintain Positive Working Relationships With Customers (L3) . Notes: Analysis of personality styles is unique to the South African standard, although the UK standards do look at the wants and needs of the client and balancing these with the organisational needs. There is a wide choice of customer care standards on the NVQ and some have outcomes that are not specifically addressed, but are embedded in the South African Unit Standard. These are: > (US) Address problems and complaints on behalf of customers: > (SO) Deal with problems and queries on behalf of customers > (SO) Deal with complaints > (US) Manage and enhance customer service delivery > (SO) Monitor and manage customer service delivery > (SO) Initiate changes to improve customer service delivery The following standards do not have South African equivalents in this qualification: > (US) Establish and maintain productive business relationships > (SO) Identify potential customers, influencers and decision makers > (SO) Develop and enhance positive working relationships with customers (This is met in the SA Standard) > (SO) Develop and maintain a network of key contacts > AQF: The standard Respond to customer enquiries (4) has synergies with the South African standard. Again, analysis of personality styles is unique to the South African standard. > NVQ & AQF: Whilst there are no specific Unit Standards that cover the concept of risk there are various Unit Standards across the groupings that have insurable risk as embedded knowledge. > NVQ: In the standard, Process New Business as an Intermediary (L3) the outcome, finalise contracts for insurance products and services - (and related performance criteria) at all times comply with the relevant regulatory code indicates an understanding on the law of contract. However, the standard does not require the depth of knowledge required in the South African Unit Standard. > AQF: There is no specific standard relating to the law of contract however, the embedded knowledge in various units require extensive legislative knowledge and the application of compliance. > AQF: The compliance groupings of standards have various standards relating to implementing procedures for non-compliance with knowledge of the results of non-compliance embedded. > NVQ: Authorise transactions using telecommunications equipment (L2), Settle claims on behalf of the insurer (L3) and Contribute to a safe, secure and effective working environment (L3) have performance criteria relating to identification of fraud but the competence relating to fraud is not as detailed as that in the South African Unit Standard and is not specific to Long- term Insurance. > NVQ: Sell Financial Products and Services (L4) and Promote the organisations products and services has outcomes that imply understanding of the products mentioned in the South African standards. > AQF: The product groupings: Develop and maintain in depth knowledge of products and services used by your organisation or sector, Match financial products to customer needs, and tailor a product/service to meet customer needs, has knowledge of life insurance embedded (if the learner's industry is life insurance). Note: Since the UK and Australian Qualification are more generic than the South African Qualification, the equivalence of the South African outcomes will only be met, if the learner selects the Long Term Insurance grouping in the AQF Qualification. > AQF: There are no specific units that correspond to this Unit Standard, however, the knowledge of pensionable benefits (excluding healthcare) is embedded in the Superannuation and Personal trustees functional groupings. > AQF: Develop understanding of superannuation is designed to enhance consumer financial literacy and covers the skills and knowledge required to understand the role of superannuation and other longer term investment devices and to make effective and informed decisions about the related products. It covers the purpose of superannuation, the role and range of investment vehicles in the building of personal wealth and the active monitoring of a superannuation scheme's performance over time. It provides competencies to invest for retirement. No equivalents were found for on the international qualifications research for: Group Retirement NVQ: It is difficult to compare the UK standards to the SA standards as the NVQ standards refer to tasks and not competencies as do the SA standards. Within the Pensions Administration Functional Grouping the following standards indicate overlapping or embedded competencies with the Group Retirement standards of the South African standards: Process applications for early leavers (L3); Process applications for retirement benefits (L3); Process applications for death benefits (L3); Maintain member and scheme records (L4); Communicate pensions information (L4); Determine retirement benefits (L4); Determine death benefits (L4); Determine leavers' benefits (L4); Determine transfers in and transfers out (L4) and Settle benefits (L4). On the AQF the following units exist relating to superannuation: Process complex superannuation benefits and /or insurance claims; Assist in meeting superannuation compliance requirements; Work within a defined benefit fund, Administer retirement income streams; Establish and customise complex employer accounts; Implement fund review practices; Establish and maintain fund or plan; Assess complex superannuation benefit and/or insurance claims. General Industry > AQF: Manage and maintain small/medium business: This unit requires the application of management, communication and problem solving skills to operate a micro to small business or department. It may be applied to the financial services industry operations. > AQF: Although the standard is for an already established business Grow the practice, has the following overlapping competencies: Knowledge of marketing principles, ability to acquire and interpret relevant data, Skills to: analyse and manipulate data, communicate, negotiate, problem solve, and plan. > NVQ: Reconcile Accounts (L2) The NVQ Unit Standard focuses on the process, but has the embedded knowledge of accounting principles in order to apply the task of reconciling accounts. > AQF There are standards available in the Accounting Stream that have overlapping competencies. > AQF: Establish, supervise and monitor practice systems to conform with legislation and regulations (L4), Undertake risk identification (L4), Assess risks (L4), Develop and implement risk mitigation plan (L4), Determine and manage risk exposure strategies (L4). > NVQ: Communicate Pensions Information (L4); Determine Retirement Benefits (L4); > AQF: Liaise with and support trustees - AQF- (L3). No explicit standards were found on the NVQ or AQF for the following standards although the standards on both the NVQ and AQF have the several of the underlying competencies embedded across their Qualifications to a greater or lesser extent. Legislation As regulation is specific to a country the legislation Unit Standards cannot be compared standard for standard. All insurance qualifications do in fact put value on acquisition of competencies relating to the legal environment: Computer Literacy NVQ: The Key skills include information technology. There are further optional units (depending on the learning pathway) that test competence of various computer knowledge and skills. There are equivalent NVQ standards for all the South African Standards in the FETC: Long-term Insurance. AQF: The industry core unit: Use technology in the workplace as has similarities with the South African Unit Standards. Computer literacy is an embedded competency in the units across the Qualification which indicates the importance of computer literacy in the AQF. Definite synergies were also found for: > NVQ: Data processing: (L3), Process sales support (L3), Enter and retrieve information using a computer system (L2). Service Centres > NVQ: Enter and retrieve information using a computer system (L2). > AQF: Collect, assess and use information (L4) - Industry core unit. > NVQ: Advise customers as an insurance intermediary (L3); Ensure the quality of call handling services (L4); Contribute to developing and maintaining positive caller relationships (L3) Supervising Call Handling (L3), Call Handling Operations (L2); Solve problems for telephone callers (L3), Supervising Call Handling (L3), Develop and maintain supportive relationships with telephone callers (L3). > AQF: Liaise with clients, other professionals and third parties (L3). Sales and Marketing > AQF: Although not specific to management of an intermediary function, the units at L4: Contribute to resource planning and Work with specialist and outsourced functions and Establish or review human resources (L4) administration and information support (L4) have overlapping competencies. > NVQ: Identify sales leads for follow up calls (L4), Sell financial products and services (L2-4), Contribute to financial services sales action plans (L4), Provide feedback on financial products and services (L4). > AQF: Coordinate, evaluate and improve customer service, (L4) Maintain customer database (L4), Maintain customer relationship (L4), Co-ordinate, evaluate and improve customer service (L4) and Implement a service support system (L4) Establish or review marketing, client services and supplier relationships (L4). > NVQ: Sell financial products and services (L2-4), Promote the organisations products and services (L3). > AQF: Establish client relationship and analyse needs (L4) and Develop, present and negotiate client solutions (L4). > NVQ: Sell products and services over the telephone (L2, 3.) > AQF: Prospect for new clients (L4). > NVQ: Sell products and services over the telephone. > AQF: Sell financial products and services (L4), Implement a sales plan (L4). Investments NVQ and AQF: There are no standards in the Qualifications researched for competencies associated with Collective Investment Schemes. Healthcare Benefits Administration There are no equivalent standards on the NVQ and AQF for the Healthcare Benefits standards. Personal Development > NVQ: Manage personal work priorities and professional development (L2). > NVQ: Contribute to the development of own performance (L2), Manage yourself (L2), Develop your own resources (L4), Maintain own professional development (Level Unspecified) in the Self Development functional grouping all have elements of setting work performance standards, identifying areas for development and improving work performance. > NVQ: Maintain business relationships (L3), Develop and maintain business relations with introducers (L4), Establish And Maintain Productive Business Relationships (L4), Develop productive working relationships (L4), Develop positive working relationships with customers and colleagues (L3), Develop and maintain positive working relationships with other members of staff (L3), Develop and maintain positive working relationships with customers (L3), Develop and maintain positive working relationships (L4) and Create effective working relationships (L3) have similar outcomes across the standards. There do not appear to be any stand-alone standards that matched the following: Management There are NVQ and AQF standards that match the following Unit Standards, but they are not packaged in the Qualifications researched. However, to some extent, several of the management competencies of the South African Unit Standards are met across the NVQ and AQF Qualifications: > NVQ: Lead the work of teams and individuals to achieve their objectives (L3), Develop teams and individuals to enhance performance (L4), Manage the use of financial resources, Manage the performance of teams and individuals (L4) , Select personnel for activities (L4), Contribute to the development of teams and individuals (L4) , Coordinate the work activities of others for the achievement of organisational objectives (level unspecified) , Contribute to influencing change within the organisation (L4), Manage the use of physical resources (L4), Maintain activities to meet quality standards (L4). > AQF: The Organisational Skills Functional group includes standards: Contribute to resource planning with embedded competencies of knowledge requirements include: company policy and procedure, job specifications, work objectives, and responsibilities, relevant guidelines and legislation, observation skills, analysis of data, trend identification, reporting skills, written communication skills, and Work with Specialist and outsourced services which includes the competencies: features, compliance and reporting requirements of the relevant legislation, timeframe requirements for compliance reports for specialist services, relationship between specialist roles and organisational requirements, general knowledge of the roles of relevant specialists, organisational procedures for ensuring PS146 compliance or relevant legislation, organisational procedures for working with specialist services, communication and documentation requirements of specialists, communication, documentation, ability to assess validity and usefulness of information, teamwork, ability to effectively manage change and integrate new information and procedures. General long term insurance (life, pension funds, healthcare benefits administration) > NVQ: Authorise payments of claims against Long-term contracts (L3), Process claims against a Long-term contract (L2). > AQF: Process policy payments and terminations (L4) - this unit has various competencies including payment of Long-term claims. Although the following standards on the NVQ and AQF are task focused there are overlapping competencies with the SA standard. > NVQ: Process member records (L3), validate and record member options and elections (L3), process applications for retirement benefits (L3), process applications for death benefits (L3), maintain member and scheme records (L4), communicate pensions information (L4), determine retirement benefits (L4), determine death benefits (L4), determine leavers' benefits (L4), settle benefits (L4). > AQF: Process complex superannuation benefits and/or insurance claims; Assist in meeting superannuation compliance requirements; Work within a defined benefit fund; Administer retirement income streams; Establish and customise complex employer accounts; Implement fund review practices; Establish and maintain fund or plan; Assess complex superannuation benefit and/or insurance claims. > Note: The standards only overlap as far as employee benefits with regard to pension funds. No standards were found on the AQF with regard to medical scheme membership. No corresponding standards were found within the qualifications researched for the following standards (Previous comparisons indicate that some of these may well exist, but they have not been packaged for the qualifications researched): Conclusion It is encouraging to note the synergies in terms of the competencies of three Qualifications if learners select a Long-term stream as the international Qualifications are not limited to Long- term Insurance outcomes. The differences lie primarily in: The core and key skills of the UK and Australian Qualifications provide skills that are essential in the financial services industry such as communication, team work, using it, etc and the electives branch to areas of specialistation. In the UK and Australia, the Qualifications can lead to competencies including but not limited to, banking, short term, long term, trustee, Pensions, sales and marketing, etc. They do not include competencies in the Healthcare Benefits or funeral funds. The core of the FETC: Long-term Insurance provides a general overview of the Insurance and Investments areas and then the electives provide specialisation knowledge in one of the eleven fields within the INSETA designations. The SA Qualification does not cover banking or accounting. Both the NVQ and AQF standards focus on steps in the processes in an insurance environment such as Pay a claim, and Process a new business proposal. The competency-based nature of the SA Unit Standards makes them more sustainable, as processes can become outdated. There are more electives to choose from the personal development and management basket for South African learners. i.e. the focus is not limited to work based competencies, but to increasing competency of the learner as a whole person. Overall, the learners who follow the Long Term grouping in the international qualifications will have similar core competencies at similar levels to the learner exiting with this South African Qualification. However, the specialisation of the different UK and Australian fields of learning make the certificates more rigid and there may be a few gaps in terms of specialisation knowledge. |
| ARTICULATION OPTIONS |
| This Qualification articulates horizontally with:
It articulates vertically with: Fundamental Competencies gained in Communication and Mathematical Literacy in this Qualification should enable the learner to access an appropriate industry Qualifications at NQF Level 5. |
| MODERATION OPTIONS |
| CRITERIA FOR THE REGISTRATION OF ASSESSORS |
| This Qualification will be internally assessed by the provider and moderated by a moderator registered by a relevant accredited ETQA or an ETQA that has a Memorandum of Understanding with the relevant accredited ETQA.
|
REREGISTRATION HISTORY |
| As per the SAQA Board decision/s at that time, this qualification was Reregistered in 2012; 2015. |
| NOTES |
| UNIT STANDARDS: |
| ID | UNIT STANDARD TITLE | PRE-2009 NQF LEVEL | NQF LEVEL | CREDITS | |
| Core | 117141 | Describe healthcare cover in South Africa | Level 3 | NQF Level 03 | 2 |
| Core | 114983 | Describe life insurance | Level 3 | NQF Level 03 | 3 |
| Core | 117146 | Indicate the scope of life insurance in South Africa | Level 3 | NQF Level 03 | 4 |
| Core | 114960 | Investigate the need to provide financially for own retirement | Level 3 | NQF Level 03 | 3 |
| Core | 119478 | Analyse the different products available in the Long-term Insurance industry and the benefits of each | Level 4 | NQF Level 04 | 5 |
| Core | 118011 | Analyze new developments reported in the media that could impact on long-term insurance | Level 4 | NQF Level 04 | 10 |
| Core | 14991 | Apply the law of contract to insurance | Level 4 | NQF Level 04 | 2 |
| Core | 119676 | Apply the skills of customer care in a specific work environment | Level 4 | NQF Level 04 | 4 |
| Core | 13940 | Demonstrate knowledge and application of ethical conduct in a business environment | Level 4 | NQF Level 04 | 4 |
| Core | 14994 | Demonstrate knowledge and understanding of insurable risk | Level 4 | NQF Level 04 | 2 |
| Core | 113910 | Describe disability insurance solutions in the context of financial planning | Level 4 | NQF Level 04 | 4 |
| Core | 117137 | Describe group insured benefits | Level 4 | NQF Level 04 | 2 |
| Core | 14979 | Describe issues of compliance or non-activity that could result in civil or criminal liability in terms of business law | Level 4 | NQF Level 04 | 2 |
| Core | 119261 | Describe the control of fraud in Long-term Insurance | Level 4 | NQF Level 04 | 3 |
| Core | 113913 | Investigate dread disease products and their place in wealth management | Level 4 | NQF Level 04 | 2 |
| Fundamental | 8968 | Accommodate audience and context needs in oral communication | Level 3 | NQF Level 03 | 5 |
| Fundamental | 8969 | Interpret and use information from texts | Level 3 | NQF Level 03 | 5 |
| Fundamental | 8973 | Use language and communication in occupational learning programmes | Level 3 | NQF Level 03 | 5 |
| Fundamental | 8970 | Write texts for a range of communicative contexts | Level 3 | NQF Level 03 | 5 |
| Fundamental | 9015 | Apply knowledge of statistics and probability to critically interrogate and effectively communicate findings on life related problems | Level 4 | NQF Level 04 | 6 |
| Fundamental | 117127 | Describe and apply the basic principles of personal income tax | Level 4 | NQF Level 04 | 3 |
| Fundamental | 8974 | Engage in sustained oral communication and evaluate spoken texts | Level 4 | NQF Level 04 | 5 |
| Fundamental | 117156 | Interpret basic financial statements | Level 4 | NQF Level 04 | 4 |
| Fundamental | 117158 | Investigate ways of managing financial risk in own lives | Level 4 | NQF Level 04 | 5 |
| Fundamental | 8975 | Read analyse and respond to a variety of texts | Level 4 | NQF Level 04 | 5 |
| Fundamental | 9016 | Represent analyse and calculate shape and motion in 2-and 3-dimensional space in different contexts | Level 4 | NQF Level 04 | 4 |
| Fundamental | 8979 | Use language and communication in occupational learning programmes | Level 4 | NQF Level 04 | 5 |
| Fundamental | 7468 | Use mathematics to investigate and monitor the financial aspects of personal, business, national and international issues | Level 4 | NQF Level 04 | 6 |
| Fundamental | 8976 | Write for a wide range of contexts | Level 4 | NQF Level 04 | 5 |
| Elective | 9302 | Access information in order to respond to client enquiries in a financial services environment | Level 3 | NQF Level 03 | 2 |
| Elective | 117104 | Administer a long term insurance claim | Level 3 | NQF Level 03 | 2 |
| Elective | 117124 | Administer basic asset related transactions in a Retirement Fund | Level 3 | NQF Level 03 | 3 |
| Elective | 117136 | Administer long term employee benefits and medical scheme membership | Level 3 | NQF Level 03 | 3 |
| Elective | 117111 | Apply knowledge of basic accounting principles to financial services | Level 3 | NQF Level 03 | 4 |
| Elective | 114941 | Apply knowledge of HIV/AIDS to a specific business sector and a workplace | Level 3 | NQF Level 03 | 4 |
| Elective | 116966 | Apply knowledge of self and own situation to manage risks resulting from change in the workplace | Level 3 | NQF Level 03 | 3 |
| Elective | 113909 | Coach a team member in order to enhance individual performance in work environment | Level 3 | NQF Level 03 | 5 |
| Elective | 9303 | Communicate verbally with clients in a financial environment | Level 3 | NQF Level 03 | 3 |
| Elective | 12548 | Demonstrate ability to use and interpret texts that apply to the role and responsibilities of trustees of Retirement Funds | Level 3 | NQF Level 03 | 4 |
| Elective | 12550 | Demonstrate knowledge and understanding of the role functions and responsibilities of Trustees of Medical Schemes | Level 3 | NQF Level 03 | 4 |
| Elective | 12547 | Demonstrate knowledge and understanding of the role, functions and duties of trustees of Retirement Funds | Level 3 | NQF Level 03 | 4 |
| Elective | 8990 | Describe collective investment schemes | Level 3 | NQF Level 03 | 2 |
| Elective | 114956 | Describe funeral insurance | Level 3 | NQF Level 03 | 2 |
| Elective | 114943 | Describe how to manage workplace relationships | Level 3 | NQF Level 03 | 2 |
| Elective | 117132 | Explain basic economics | Level 3 | NQF Level 03 | 3 |
| Elective | 9001 | Explain basic transactions in the collective investment industry | Level 3 | NQF Level 03 | 2 |
| Elective | 114972 | Explain healthcare benefits administration in South Africa | Level 3 | NQF Level 03 | 2 |
| Elective | 114932 | Explain how to manage diversity in the workplace | Level 3 | NQF Level 03 | 2 |
| Elective | 113907 | Explain the impact of personal wellness on work performance | Level 3 | NQF Level 03 | 2 |
| Elective | 113922 | Explain the structure of the financial services industry in South Africa | Level 3 | NQF Level 03 | 3 |
| Elective | 114966 | Explain the types of compulsory statutory insurance in South Africa | Level 3 | NQF Level 03 | 2 |
| Elective | 114946 | Identify causes of stress and techniques to manage it in the workplace | Level 3 | NQF Level 03 | 2 |
| Elective | 9000 | Indicate how collective investment scheme portfolios are reported | Level 3 | NQF Level 03 | 2 |
| Elective | 117128 | Investigate the upside and downside business risk in hand held electronic devices. | Level 3 | NQF Level 03 | 3 |
| Elective | 114984 | Manage electronic mail in a business environment | Level 3 | NQF Level 03 | 2 |
| Elective | 117133 | Manage own work performance in relation to an organisation's performance management system | Level 3 | NQF Level 03 | 2 |
| Elective | 117171 | Manage time effectively to enhance productivity and enable a balanced lifestyle | Level 3 | NQF Level 03 | 2 |
| Elective | 114979 | Operate a computer workstation in a business environment | Level 3 | NQF Level 03 | 2 |
| Elective | 119681 | Research costs associated with marriage, birth, divorce and death in own circumstances | Level 3 | NQF Level 03 | 4 |
| Elective | 114980 | Use a presentation package to produce business documents | Level 3 | NQF Level 03 | 3 |
| Elective | 114977 | Use a spreadsheet package to produce and manage business documents | Level 3 | NQF Level 03 | 3 |
| Elective | 114975 | Use a web browser in a business environment | Level 3 | NQF Level 03 | 3 |
| Elective | 114978 | Use a word processing package to produce business documents | Level 3 | NQF Level 03 | 3 |
| Elective | 113911 | Use an electronic system as a tool in a financial services context | Level 3 | NQF Level 03 | 2 |
| Elective | 117123 | Analyse different group retirement products | Level 4 | NQF Level 04 | 2 |
| Elective | 119677 | Analyse healthcare funding in South Africa and the role of intermediaries in the sector | Level 4 | NQF Level 04 | 4 |
| Elective | 119679 | Analyse the Financial Services industry and the role of insurance in a business environment | Level 4 | NQF Level 04 | 9 |
| Elective | 117120 | Analyse the Pension Funds Act as it applies to the administration of retirement funds | Level 4 | NQF Level 04 | 3 |
| Elective | 113927 | Analyse the proposed National Health policy as a means of providing healthcare for the nation | Level 4 | NQF Level 04 | 4 |
| Elective | 117122 | Analyse the role of group retirement benefits in the insurance industry | Level 4 | NQF Level 04 | 2 |
| Elective | 12154 | Apply comprehension skills to engage oral texts in a business environment | Level 4 | NQF Level 04 | 5 |
| Elective | 12155 | Apply comprehension skills to engage written texts in a business environment | Level 4 | NQF Level 04 | 5 |
| Elective | 113930 | Apply industry knowledge to develop an investment strategy for a group retirement fund or medical scheme | Level 4 | NQF Level 04 | 2 |
| Elective | 117126 | Apply knowledge and insight into aspects of the Long Term Insurance Act, Act 52 of 1998 | Level 4 | NQF Level 04 | 2 |
| Elective | 117149 | Apply knowledge and insight into the statutory cover afforded under the Compensation for Occupational Injuries and Diseases Act, 130 of 1993, as amended (COIDA) | Level 4 | NQF Level 04 | 3 |
| Elective | 117118 | Apply knowledge of the current Medical Schemes Act and the accompanying regulations | Level 4 | NQF Level 04 | 3 |
| Elective | 113921 | Apply knowledge of the sales cycle in wealth management | Level 4 | NQF Level 04 | 3 |
| Elective | 114209 | Apply Return on Investment (ROI) theory and practice to a business unit | Level 4 | NQF Level 04 | 6 |
| Elective | 13941 | Apply the budget function in a business unit | Level 4 | NQF Level 04 | 5 |
| Elective | 13953 | Apply the principles of situational leadership to a business unit | Level 4 | NQF Level 04 | 5 |
| Elective | 117129 | Apply the regulations for disclosure that are required as part of the financial sales process | Level 4 | NQF Level 04 | 2 |
| Elective | 119262 | Demonstrate knowledge and application of the relationship between Life Style Measurement (LSM) and Long-term insurance | Level 4 | NQF Level 04 | 6 |
| Elective | 119682 | Demonstrate knowledge and application of the Value Added Tax (VAT) Act 89 of 1991 as amended as it applies to insurance policies | Level 4 | NQF Level 04 | 2 |
| Elective | 12167 | Demonstrate knowledge and insight into the Capital Gains Tax Legislation as it applies to insurance and investment | Level 4 | NQF Level 04 | 2 |
| Elective | 12166 | Demonstrate knowledge and insight into the Collective Investment Schemes Act, 45 of 2003 (CICSA) | Level 4 | NQF Level 04 | 2 |
| Elective | 14315 | Demonstrate knowledge and insight into the Income Tax Act (58 of 1962 and the accompanying regulations) as amended as it applies to insurance and investment products | Level 4 | NQF Level 04 | 2 |
| Elective | 12164 | Demonstrate knowledge and insight of the Financial Advisory and Intermediary Services Act (FAIS) (Act 37 of 2002) | Level 4 | NQF Level 04 | 2 |
| Elective | 113903 | Demonstrate skills and techniques required to build a relationship with a client in a financial services environment | Level 4 | NQF Level 04 | 3 |
| Elective | 118019 | Describe managed care as it is applied in Medical Scheme Administration in South Africa | Level 4 | NQF Level 04 | 6 |
| Elective | 118018 | Describe the control of fraud in Healthcare Benefits Administration | Level 4 | NQF Level 04 | 8 |
| Elective | 113931 | Describe the main aspects of pre and post retirement planning | Level 4 | NQF Level 04 | 2 |
| Elective | 15008 | Determine risk exposure in order to manage the risk in a specific situation | Level 4 | NQF Level 04 | 2 |
| Elective | 117241 | Develop a business plan for a small business | Level 4 | NQF Level 04 | 5 |
| Elective | 119678 | Explain and apply the basic principles of the Estate Duty Act (45 of 1955) | Level 4 | NQF Level 04 | 2 |
| Elective | 113916 | Explain basic investment principles | Level 4 | NQF Level 04 | 3 |
| Elective | 119260 | Explain credit life insurance | Level 4 | NQF Level 04 | 2 |
| Elective | 113923 | Explain fiduciary responsibilities and the associated risks | Level 4 | NQF Level 04 | 1 |
| Elective | 113928 | Explain the application of the Promotion of Access to Information Act, 2 of 2002 and the Electronic Transactions and Communications Act, 25 of 2002, in Wealth Management | Level 4 | NQF Level 04 | 2 |
| Elective | 113917 | Explain the basic principles of asset management that apply to financial markets and insurance | Level 4 | NQF Level 04 | 4 |
| Elective | 118014 | Explain the cycle of a medical claim | Level 4 | NQF Level 04 | 2 |
| Elective | 14506 | Explain the Finance Intelligence Centre Act, Act 38 of 2001 and its implications for client relations | Level 4 | NQF Level 04 | 3 |
| Elective | 117131 | Explain the legislation relating to marriage, divorce and maintenance as it applies to retirement benefits | Level 4 | NQF Level 04 | 2 |
| Elective | 113932 | Explain the Medicines and Related Substances Control Amendment Act, 59 of 2003, as it impacts on medical schemes | Level 4 | NQF Level 04 | 2 |
| Elective | 113919 | Explain the options available for post retirement healthcare funding | Level 4 | NQF Level 04 | 3 |
| Elective | 119259 | Explain the roles of actuaries, underwriters, claims assessors and reinsurers in Long-term insurance | Level 4 | NQF Level 04 | 3 |
| Elective | 117155 | Explain the scope of the Compensation for Occupational Injuries and Diseases Act 130 of 1993 (COIDA) | Level 4 | NQF Level 04 | 2 |
| Elective | 117215 | Explain the use of coding in Healthcare Benefits Administration | Level 4 | NQF Level 04 | 4 |
| Elective | 14319 | Explore strategies to retain or expand existing business in the insurance/investment industry | Level 4 | NQF Level 04 | 3 |
| Elective | 119264 | Identify and explain trends and issues in the Long-term insurance market that present an abnormal risk | Level 4 | NQF Level 04 | 4 |
| Elective | 119680 | Indicate how different needs lead to the development of different investment products | Level 4 | NQF Level 04 | 5 |
| Elective | 113920 | Investigate possible funding options for investors exiting a group retirement fund | Level 4 | NQF Level 04 | 2 |
| Elective | 117244 | Investigate the possibilities of establishing and running a small business enterprise (SMME) | Level 4 | NQF Level 04 | 3 |
| Elective | 113914 | Investigate the range of options available for wealth management | Level 4 | NQF Level 04 | 5 |
| Elective | 119675 | Manage a business offering financial advice | Level 4 | NQF Level 04 | 2 |
| Elective | 119265 | Manage risk in own work environment | Level 4 | NQF Level 04 | 2 |
| Elective | 114215 | Mentor a colleague to enhance the individual`s knowledge, skills, values and attitudes in a selected career path | Level 4 | NQF Level 04 | 3 |
| Elective | 118012 | Research the Medical Scheme Administration sub-sector in South Africa | Level 4 | NQF Level 04 | 5 |
| Elective | 113912 | Use an electronic system to propose a financial solution | Level 4 | NQF Level 04 | 3 |
| Elective | 12153 | Use the writing process to compose texts required in the business environment | Level 4 | NQF Level 04 | 5 |
| 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. |
| NONE |
| 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. |