SAQA ID 91784: Occupational Certificate: Insurance Agent: Insurance Underwriter
WHO would benefit from this programme?
This qualification will benefit individuals who have worked competently within the underwriting profession without any option for formal education to be certificated, based on Recognition of Prior Learning. Learners can be taken from a wide range of individuals, including those with experience in the industry and new entrants. The areas of underwriting, claims or product development are best aligned to the outcomes of this qualification.
This programme is suitable for those who have access to mentorship within the workplace. One of the requirements is to complete a workplace based assignment and capture it in a logbook.
The Curriculum is aligned to the Occupational Certificate: Insurance Agent: Insurance Underwriter: 91784 with a total credit value of 156 credits. The Programme consists of Knowledge: 48 credits, Practical: 40 credits and Work Experience: 68 credits. The programme is presented by way of e-learning or distance learning or facilitated learning, group discussions, case studies and role plays and delivered at NQF Level 5. To qualify for the external assessment one must provide proof of completion of all required modules by means of a statement of results provided by Integrity Academy and work experience (logbook).
Apply and adhere to operational and administrative procedures and practices.
o Legislative, regulatory and industry requirements related to record keeping.
o Administrative functions and business procedures.
o Introduction to Business Communication Skills.
o Basic Financial Literacy
Evaluate risk information to determine risk profile and manage risk exposure.
o Insurance Risk Management for Underwriters.
o Insurance principles and technical terms.
o Risk and risk classifications.
o Risk management principles and their application.
o The impact of, and compliance with, relevant legislation and underwriting mandate.
o Market and competitor activities.
Understand and apply basic legal and insurance principles to underwriting recommendations.
o Application of Legal and Insurance principles.
o Insurance related legal principles.
o Legal interpretation of statute.
o Consequences of relevant legislation.
Understand and apply knowledge of product and pricing to underwrite profitable risk.
o Rating and Pricing of Insurance Risks and Products.
o Rating factors.
o Research methodologies.
o Market/Competitor Products.
Applying and adhering to operational and administrative procedures and practices:
o Keep accurate records in an efficient manner in accordance with internal procedures and regulatory requirements.
o Apply Financial Skills.
o Apply Business Communication.
Evaluating risk information to determine risk profile and manage risk exposure:
o Gather all information relevant to the risk from the relevant parties.
o Identify the risk and the factors influencing the risk.
o Apply special terms and conditions.
o Make an underwriting decision to decline or accept the risk.
o Determine, review and revise risk profile.
Understanding and applying basic legal and insurance principles to underwriting recommendations:
o Confirmation of contract validity.
o Determine and apply relevant legislation.
o Apply legal related insurance principles to the decision making.
Understanding and applying knowledge of product and pricing to underwrite profitable risks:
o Understand the application and implementation of rating.
o Enforcing endorsements, restrictions and limitations according to risk profile.
o Apply analytical skills.
o Analyse market/ competitor products by applying relevant research methodology.
- Learners employed in Short Term Insurance or Long Term Insurance.
- Insurance Underwriter: Medical
- Insurance Underwriter: Short Term
- Insurance Underwriter: Long Term
- Face to Face Facilitated Learning (10 or more learners)
- E-Learning Courses
- Distance Learning
The minimum entry requirements for admission are:
- Grade 12 and or equivalent or
- At least five years of Insurance work experience
Learners with this qualification should be able to articulate vertically to an Advanced Certificate or Diploma at NQF Level 6 in any of the related areas such as finance, selling, real estate or insurance. Vertically one should be able to articulate with any qualification at NQF level 5 with cross-cutting credits in the Knowledge Specifications.