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 UNIT STANDARD THAT HAS PASSED THE END DATE:

Demonstrate knowledge and understanding of the sales process in short term insurance

SAQA US ID	UNIT STANDARD TITLE
10379	Demonstrate knowledge and understanding of the sales process in short term insurance
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 4	NQF Level 04	5
REGISTRATION STATUS		REGISTRATION START DATE	REGISTRATION END DATE	SAQA DECISION NUMBER
Passed the End Date - Status was "Registered"		2002-06-12	2005-06-12	SAQA 0742/02
LAST DATE FOR ENROLMENT		LAST DATE FOR ACHIEVEMENT
2006-06-12		2009-06-12

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
120112	Demonstrate knowledge and understanding of the sales process in Short Term insurance	Level 4	NQF Level 04	3

PURPOSE OF THE UNIT STANDARD

This unit standard is intended for intermediaries who market short term insurance products.

The qualifying learner is capable of:

Explaining the planning required of a short term insurance intermediary.

Explaining the role of prospecting in sales success in short term insurance.

Describing how to access a potential short term insurance client.

Explaining the marketing process used in short term insurance.

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, Mathematical Literacy and Financial Literacy at Level 3.

UNIT STANDARD RANGE

The typical scope of this unit standard is
1. Questions in different situations include occupation, type of work, description of risk, type of risk and location.

Specific Outcomes and Assessment Criteria:

SPECIFIC OUTCOME 1

Explain the planning required of a short term insurance intermediary.

ASSESSMENT CRITERIA

ASSESSMENT CRITERION 1

1. The income and expenditure needs of the intermediary are indicated in a simple budget.

ASSESSMENT CRITERION 2

2. The amount of commission needed to meet the required income is analysed in terms of the number of prospects.

ASSESSMENT CRITERION 3

3. The cumulative effect of renewal income is explained with reference to guaranteed future income.

ASSESSMENT CRITERION 4

4. A work programme or diary is set up for a month to indicate the number of phone calls, presentations and personal contacts that are planned for the month.

ASSESSMENT CRITERION 5

5. A work programme is assessed and an indication is given of whether the plan could produce the required income.

SPECIFIC OUTCOME 2

Explain the role of prospecting in marketing success.

ASSESSMENT CRITERIA

ASSESSMENT CRITERION 1

1. The concepts of cold canvassing, centres of influence, referrals and prospecting letters are explained as potential sources of prospective clients.

ASSESSMENT CRITERION 2

2. Three different sources of prospective clients are identified and the positive and negative outcomes of working each source are indicated with authentic examples.

SPECIFIC OUTCOME 3

Describe how to access a potential short term insurance client.

ASSESSMENT CRITERIA

ASSESSMENT CRITERION 1

1. The importance of face-to-face communication with a prospective client is explained in terms of the role of non-verbal communication.

ASSESSMENT CRITERION 2

2. The role of time management in an initial communication situation is explained and an indication is given of why it is important to be precise.

ASSESSMENT CRITERION 3

3. Responses for overcoming specific objections are demonstrated in role play with or without a script.

SPECIFIC OUTCOME 4

Explain the marketing process used in short term insurance.

ASSESSMENT CRITERIA

ASSESSMENT CRITERION 1

1. Questions are demonstrated to elicit the required information in five different situations.

ASSESSMENT CRITERION 2

2. An accurate assessment is made of a prospective client's buying motive in five different situations.

ASSESSMENT CRITERION 3

3. The needs of a prospective client are prioritised in order to propose a solution.

ASSESSMENT CRITERION 4

4. An appropriate solution is matched to a product and to the needs, value system and wants of the prospective client.

ASSESSMENT CRITERION 5

5. The modus operandi in marketing a short term insurance product is described and an indication is given of possible ways to counteract resistance to a proposal for three different case studies.

ASSESSMENT CRITERION 6

6. The paperwork necessary to complete the contract is explained and an indication is given of activities that could support an on going relationship with a client.

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 are able to identify and solve problems in recommending appropriate products to prospective clients.

UNIT STANDARD CCFO ORGANISING

Learners are able to organise and manage themselves effectively in identifying and planning a work programme or diary and drawing up a simple budget.

UNIT STANDARD CCFO COLLECTING

Learners are able to collect, organise and critically evaluate information in gathering evidence and identifying a short term insurance solution.

UNIT STANDARD CCFO COMMUNICATING

Learners are able to communicate effectively asking questions, prospecting explaining the marketing process and counteracting resistance.

UNIT STANDARD CCFO DEMONSTRATING

Learners are able to demonstrate an understanding of the world as a set of related systems by matching products to the needs, wants, and value system of a prospective client.

UNIT STANDARD NOTES

This unit standard has been replaced by unit standard 120112, which is "Demonstrate knowledge and understanding of the sales process in Short Term insurance", Level 4, 3 credits.

QUALIFICATIONS UTILISING THIS UNIT STANDARD:

	ID	QUALIFICATION TITLE	PRE-2009 NQF LEVEL	NQF LEVEL	STATUS	END DATE	PRIMARY OR DELEGATED QA FUNCTIONARY
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	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

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.

NONE