LEARNERSHIP TITLE: Retail Insurance

Learnership Code: 13 Q 130037 94 140 4

1.Information pertaining to the SETA

1.1Name of SETA:INSETA

1.2Name of Chamber (if applicable):N/A

1.3Name of SETA official responsible for learnerships:Mr Aubrey Maseko

1.4SETA’s telephone number:(011) 544 2000

1.5SETA’s fax number:(011) 484 0862

1.6SETA’s postal address:PO Box 32035, BRAAMFONTEIN, 2017

1.7SETA’s e mail address:

2. Learnership information

2.1 Title of the Learnership:Retail Insurance

Title of the Qualification: Further Education and Training Certificate: Retail Insurance

2.2 NQF field:NSB 03

2.3 NQF sub-field:Finance, Economics and Accounting

2.4 NQF level:Level 4

2.5Number of credits to be earned: 140 credits.

Skills in the insurance industry are mainly cognitive skills and the application of theory and knowledge that are generic across different positions in the industry. For this Learnership learners are required to complete a minimum of 410 hours mentored practical work experience.

In the insurance industry it is difficult to state categorically where training is provided. Larger organisations have ETQA accredited in-house training departments who train some aspects of insurance and may out-source other more generic skills. Smaller organisations use a range of private providers. It is almost certain that the communication, mathematics and financial literacy units will be out-sourced to private providers. All providers of training involved in INSETA Learnerships have to be accredited with an ETQA. In every Learnership situation within the insurance & investment sector there is an agreement signed between the learner, the training provider and the lead employer binding the learner to a specific, consistent and stable working environment for the duration of the Learnership. Training providers should use their discretion and be alert to situations where learners

  • can be recognised for prior learning,
  • can be fast tracked, or
  • should be permitted additional time working on a task.

It is our intention to allow providers, maximum flexibility and application across all areas of the industry. The Retail Insurance Learnership:

  • offers an opportunity for people in a retail insurance career path to obtain a recognised qualification where there was previously none
  • offers opportunities for multi-skilling
  • provides access for learners who could not otherwise be employed in the industry

Electives should be relevant to both the learner and organisation so the choice of the unit standards for this particular Learnership may be made on the basis of

  1. The learner’s own interest and selected career path
  2. The needs of the organisation as identified in the Workplace Skills Plan
  3. A need identified as part of a performance appraisal by a line manager
  4. A need identified as part of an organisation’s strategy towards an identified goal.

The FETC: Retail Insurance is designed to meet the needs of learners who earn commission from the sale of insurance or financial service products, but do not necessarily work in the insurance sector. Learners may be employed in a variety of positions in retail outlets across a number of different industries. The Financial Advisory and Intermediary Services Act (FAIS) (Act 37 of 2002) imposes licensing requirements in terms of the Fit and Proper determination of the Financial Services Board (FSB).

The work roles are in retail outlets and include, but are not limited to:

  • Travel agents.
  • Telemarketing.
  • Finance and Insurance Managers in motor dealers.
  • Salesman who insure packaged goods.
  • Agents who insure household goods in transit.
  • Sales people in furniture and electrical appliances.
  • Credit card insurance.
  • Employees in retail outlets that run accounts, in-store cards or debtors books and who sell debt protection insurance.
  • Estate Agents who offer credit life cover and life cover for owners of bonds and rentals.
  • Aviation management agents and people who recommend insurance or give advice.
  • Managing Agents who advise on insurance for Sectional Title Schemes.

Mentored on-job training

Based on the whole qualification: Further Education and Training Certificate: Retail Insurance, registered in October 2005 - ID 49835

The work experience programme based on Core and selected Elective unit standards should total 410 hours. It should assess the application of knowledge from the structured learning components in the learner’s own work situation in Retail Insurance.

Assessment Criteria for mentored on the job experience. For 29% of the 58 Credits, which are in Core.

The focus of The FETC: Retail Insurance is on fundamental knowledge of 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 Retail 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.

The Exit Level Outcomes and their Associated Assessment Criteria are the following, which means that the learner will be capable of:

  1. Carry out basic research tasks and apply literacy and numeracy skills to analyse, interpret and evaluate information from a range of sources related to Retail Insurance.

2. Manage personal finances and risk.

3. Apply knowledge of legislation, ethics, compliance and organisational protocols in the Retail Insurance environment.

4. Apply knowledge of Short and Long-Term insurance in a retail environment.

  1. Apply the skills of customer care to project a professional image and build a relationship with a client.

Associated Assessment Criteria


  • Current events and developments that could impact on Short-Term Insurance are analysed and discussed and a personal point of view is offered in the discussion indicating ability to anticipate or predict future trends.
  • Knowledge learnt in various Unit Standards and current events as they occur are integrated with a developing understanding of the Retail Insurance environment in general and a selected sector in particular, so that knowledge of the industry is applied in authentic situations.
  • Information is gathered, analysed, summarised, interpreted from a range of sources and presented reliably and accurately. Positions taken are motivated and substantiated.

2.

  • The basic principles and different forms of individual income tax are explained with reference to an individual’s liability and duty to pay tax.
  • Basic financial statements are analysed and used to make a personal financial decision.
  • Financial risk in own life is analysed and ways to reduce own financial risk are investigated for different types of risk.
  • Work related risk in own life is analysed and ways of managing the positive and negative risk are proposed for a specific work situation.

3.

  • The concept of ethics is explained with reference to an organisations code of conduct and an individual’s personal and property rights.
  • Knowledge of legislation is applied to Retail Insurance.
  • Risks associated with non-compliance that could result in liability are identified within the context of Retail Insurance.
  • Knowledge of personality styles and emotional intelligence are applied to customer service.
  • The “know your client” requirements in FAIS and FICA are explained with reference to interactions with a client and record keeping.

4.

  • The differences between Short and Long-Term insurance are explained with reference to the role of each in the Retail environment.

5.

  • Communication is adapted to the needs and personality style of a specific client.
  • Information is accessed electronically in order to respond to customer needs.
  • Own time management and performance are critically evaluated in with a view to improved client service.

Elective unit standards: For 29% of a minimum of 14 credits from a selection of unit standards relating to Retail Insurance.

The Elective section in the qualification, reflected in the unit standards table in section 3 of this document shows unit standards that may be chosen according to the learners’ career path and relevant needs.

Practical formative, continuous assessment according to a checklist provided by the trainer for assessors, against the assessment criteria of the chosen elective unit standards. Assessment should use a variety of methods such as observation, taped evidence, examination of work or product etc. Formative and summative assessment should follow the relevant ETQA’s Assessment Policy and guidelines.

2.6Date of registration of the qualificationon the NQF (if registered) and code and number of the qualification:

ID 49835 – Registered in October 2005

2.7Date of application to SAQA for registration of the qualification (if not registered):

N/A

2.8Name of ETQA responsible for quality assuring the qualification:

INSQA – Insurance Sector Quality Assurer

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INSETA Retail Insurance 28 December 05 L0033

3. Qualification and Unit Standards

Title / Code / NQF Level / Credit value / Percentage of assessment
Structured Learning / Workplace Experience / Practical Work
Details of Qualification / FETC: Retail Insurance / 49835 / 4 / 140
Details of unit standards / Fundamental Learning / 68
Communication
20 credits / 20
Engage in sustained oral communication and evaluate spoken texts / 8974 / 4 / 5 / 71% / 29%
Read analyse and respond to a variety of texts / 8975 / 4 / 5 / 71% / 29%
Write for a wide range of contexts / 8976 / 4 / 5 / 71% / 29%
Use language and communication in occupational learning programmes / 8979 / 4 / 5 / 71% / 29%
Title / Code / NQF Level / Credit value / Percentage of assessment
Structured Learning / Workplace Experience / Practical Work
Mathematics / 16
Use mathematics to investigate and monitor the financial aspects of personal, business, national and international issues / 7468 / 4 / 6 / 71% / 29%
Apply knowledge of statistics and probability to critically interrogate and effectively communicate findings on life related problems / 9015 / 4 / 6 / 71% / 29%
Represent analyse and calculate shape and motion in 2-and 3-dimensional space in different contexts / 9016 / 4 / 4 / 71% / 29%
Financial Literacy / 12
Investigate ways of managing financial risk in own lives / 117158 / 4 / 5 / 71% / 29%
Interpret basic financial statements / 117127 / 4 / 3 / 71% / 29%
Describe and apply the basic principles of personal income tax / 117156 / 4 / 4 / 71% / 29%
Title / Code / NQF Level / Credit value / Percentage of assessment
Structured Learning / Workplace Experience / Practical Work
An additional SA Language at NQF level 3
For 20 Credits
Learners may select from Sepedi, Sesotho, Setwana, siSwati, Tshivenda, Xotsonga, Afrikaans, English, isiNdebele, isiXhosa, isiZulu, and sigh language provided that
  • The language has not been offered under fundamental
  • Only one language from the Nguni group may be offered as either elective or fundamental
  • Only one language from the Sotho group may be offered as either elective or fundamental
The Elective unit standards for an alternate South African language have not been listed, however learners may choose any of the registered Communication unit standards / 20
Accommodate audience and context needs in oral communication / 8968 / 3 / 5 / 71% / 29%
Interpret and use information from texts / 8969 / 3 / 5 / 71% / 29%
Write texts for a range of communicative contexts / 8970 / 3 / 5 / 71% / 29%
Use language and communication in occupational learning programmes / 8973 / 3 / 5 / 71% / 29%
Title / Code / NQF Level / Credit value / Percentage of assessment
Structured Learning / Workplace Experience / Practical Work
Core Learning / 58
Describe life insurance / 114983 / Level 3 / 3 / 71% / 29%
Describe short term insurance / 114964 / Level 3 / 3 / 71% / 29%
Explain basic economics / 117132 / Level 3 / 3 / 71% / 29%
Indicate the scope of life insurance in South Africa / 117146 / Level 3 / 4 / 71% / 29%
Indicate the scope of short term insurance in South Africa / 117134 / Level 3 / 3 / 71% / 29%
Manage own work performance in relation to an organisation’s performance management system / 117133 / Level 3 / 2 / 71% / 29%
Manage time effectively to enhance productivity and enable a balanced lifestyle / 117171 / Level 3 / 2 / 71% / 29%
Operate a computer workstation in a business environment / 114979 / Level 3 / 2 / 71% / 29%
Analyse new developments reported in the media that could impact on Short Term insurance / 120019 / Level 4 / 10 / 71% / 29%
Apply the law of contract to insurance / 14991 / Level 4 / 2 / 71% / 29%
Apply the regulations for disclosure that are required as part of the financial sales process / 117129 / Level 4 / 2 / 71% / 29%
Title / Code / NQF Level / Credit value / Percentage of assessment
Structured Learning / Workplace Experience / Practical Work
Apply the skills of customer care in a specific work environment / 119676 / Level 4 / 4 / 71% / 29%
Demonstrate knowledge and application of ethical conduct in a business environment / 13940 / Level 4 / 4 / 71% / 29%
Demonstrate knowledge and insight of the Financial Advisory and Intermediary Services Act (FAIS) (Act 37 of 2002) / 12164 / Level 4 / 2 / 71% / 29%
Demonstrate knowledge and understanding of aspects of the regulatory framework relating to consumer credit agreements in Retail Insurance in South Africa / 120017 / Level 4 / 2 / 71% / 29%
Demonstrate skills and techniques required to build a relationship with a client in a financial services environment / 113903 / Level 4 / 3 / 71% / 29%
Describe issues of compliance or non-activity that could result in civil or criminal liability in terms of business law / 14979 / Level 4 / 2 / 71% / 29%
Explain the Finance Intelligence Centre Act, Act 38 of 2001 and its implications for client relations / 14506 / Level 4 / 3 / 71% / 29%
Manage risk in own work environment / 119265 / Level 4 / 2 / 71% / 29%
Title / Code / NQF Level / Credit value / Percentage of assessment
Structured Learning / Workplace Experience / Practical Work
Elective learning
Select unit standards relevant to a Retail Insurance career path for a minimum of 14 Credits from the suggested list of electives. (It is also suggested that additional unit standards be chosen to ensure all relevant aspects of knowledge and skills is addressed). / 14
Access information in order to respond to client enquiries in a financial services environment / 9302 / Level 3 / 2 / 71% / 29%
Apply knowledge of basic accounting principles to financial services / 117111 / Level 3 / 4 / 71% / 29%
Apply knowledge of self and own situation to manage risks resulting from change in the workplace / 116966 / Level 3 / 3 / 71% / 29%
Apply knowledge of self and team in order to develop a plan to enhance team performance / 13912 / Level 3 / 5 / 71% / 29%
Apply problem-solving techniques to make a decision or solve a problem in a real life context / 114952 / Level 3 / 2 / 71% / 29%
Coach a team member in order to enhance individual performance in work environment / 113909 / Level 3 / 5 / 71% / 29%
Communicate verbally with clients in a financial environment / 9303 / Level 3 / 3 / 71% / 29%
Demonstrate ability to use and interpret texts that apply to the role and responsibilities of trustees of Retirement Funds / 12548 / Level 3 / 4 / 71% / 29%
Demonstrate knowledge and understanding of the role functions and responsibilities of Trustees of Medical Schemes / 12550 / Level 3 / 4 / 71% / 29%
Title / Code / NQF Level / Credit value / Percentage of assessment
Structured Learning / Workplace Experience / Practical Work
Demonstrate knowledge and understanding of the role, functions and duties of trustees of Retirement Funds / 12547 / Level 3 / 4 / 71% / 29%
Describe how to manage workplace relationships / 114943 / Level 3 / 2 / 71% / 29%
Explain aviation insurance / 117130 / Level 3 / 2 / 71% / 29%
Explain how to manage diversity in the workplace / 114932 / Level 3 / 2 / 71% / 29%
Explain insurance transactions specific to Lloyd’s of London / 117135 / Level 3 / 2 / 71% / 29%
Explain the impact of personal wellness on work performance / 113907 / Level 3 / 2 / 71% / 29%
Explain the structure of the financial services industry in South Africa / 113922 / Level 3 / 3 / 71% / 29%
Identify causes of stress and techniques to manage it in the workplace / 114946 / Level 3 / 2 / 71% / 29%
Investigate the need to provide financially for own retirement / 114960 / Level 3 / 3 / 71% / 29%
Investigate the upside and downside business risk in hand held electronic devices. / 117128 / Level 3 / 3 / 71% / 29%
Manage electronic mail in a business environment / 114984 / Level 3 / 2 / 71% / 29%
Manage personal expenditure / 119915 / Level 3 / 3 / 71% / 29%
Title / Code / NQF Level / Credit value / Percentage of assessment
Structured Learning / Workplace Experience / Practical Work
Research costs associated with marriage, birth, divorce and death in own circumstances / 119681 / Level 3 / 4 / 71% / 29%
Use a presentation package to produce business documents / 114980 / Level 3 / 3 / 71% / 29%
Use a spreadsheet package to produce and manage business documents / 114977 / Level 3 / 3 / 29%
Use a web browser in a business environment / 114975 / Level 3 / 3 / 29%
Use a word processing package to produce business documents / 114978 / Level 3 / 3 / 29%
Use an electronic system as a tool in a financial services context / 113911 / Level 3 / 2 / 29%
Apply comprehension skills to engage oral texts in a business environment / 12154 / Level 4 / 5 / 29%
Apply comprehension skills to engage written texts in a business environment / 12155 / Level 4 / 5 / 29%
Apply financial knowledge and skill to compile a finance agreement / 120027 / Level 4 / 2 / 29%
Apply knowledge and insight into aspects of the Long Term Insurance Act, Act 52 of 1998 / 117126 / Level 4 / 2 / 29%
Apply knowledge and insight into the Short Term Insurance Act (No 53 of 1998) and the accompanying regulations / 117121 / Level 4 / 3 / 29%
Apply knowledge and understanding of personal accident insurance / 120022 / Level 4 / 2 / 29%
Title / Code / NQF Level / Credit value / Percentage of assessment
Structured Learning / Workplace Experience / Practical Work
Apply knowledge of insurance of personal household contents / 120016 / Level 4 / 4 / 71% / 29%
Apply knowledge of insurance to the transportation of a consignment of goods / 120020 / Level 4 / 3 / 71% / 29%
Apply knowledge of personal all risks insurance / 120011 / Level 4 / 2 / 71% / 29%
Apply knowledge of the sales cycle in wealth management / 113921 / Level 4 / 3 / 71% / 29%
Apply technical knowledge and skill in order to manage risk in motor vehicle losses due to theft and hijacking / 14997 / Level 4 / 3 / 71% / 29%
Apply technical knowledge and skill to align business unit performance to business goals / 13949 / Level 4 / 5 / 71% / 29%
Apply the budget function in a business unit / 13941 / Level 4 / 5 / 71% / 29%
Demonstrate a basic understanding of the role of a business strategy in managing a small business or a business unit / 13942 / Level 4 / 5 / 71% / 29%
Demonstrate knowledge and application of aviation legislation that impacts on insurance / 120006 / Level 4 / 3 / 71% / 29%
Demonstrate knowledge and application of Sectional Title Insurance / 120018 / Level 4 / 3 / 71% / 29%
Demonstrate knowledge and application of the Value Added Tax (VAT) Act 89 of 1991 as amended as it applies to insurance policies / 119682 / Level 4 / 2 / 71% / 29%
Title / Code / NQF Level / Credit value / Percentage of assessment
Structured Learning / Workplace Experience / Practical Work
Demonstrate knowledge and understanding of house owners insurance / 120015 / Level 4 / 3 / 71% / 29%
Demonstrate knowledge and understanding of personal motor insurance / 120005 / Level 4 / 4 / 71% / 29%
Demonstrate knowledge and understanding of the insurance of pleasure craft / 120008 / Level 4 / 3 / 71% / 29%
Demonstrate knowledge and understanding of the risks involved in the manufacture, use, handling and storage of dangerous and hazardous substances / 14988 / Level 4 / 3 / 71% / 29%
Demonstrate knowledge and understanding of the Road Ordinance as it applies to motor insurance / 120026 / Level 4 / 2 / 71% / 29%
Demonstrate knowledge and understanding of the scope of transportation insurance / 120013 / Level 4 / 3 / 71% / 29%
Demonstrate knowledge and understanding of the scope of travel insurance in South Africa / 120012 / Level 4 / 2 / 71% / 29%
Demonstrate knowledge and understanding of the standard in insurance cover in terms of NASRIA / 120023 / Level 4 / 2 / 71% / 29%
Demonstrate knowledge and understanding of transportation insurance / 120009 / Level 4 / 3 / 71% / 29%
Demonstrate knowledge and understanding of warranty as a class of insurance / 120014 / Level 4 / 3 / 71% / 29%
Title / Code / NQF Level / Credit value / Percentage of assessment
Structured Learning / Workplace Experience / Practical Work
Describe and apply the management functions of an organization / 14667 / Level 4 / 10 / 71% / 29%
Describe standard insurance cover in terms of SASRIA / 117117 / Level 4 / 4 / 71% / 29%
Determine risk exposure in order to manage the risk in a specific situation / 15008 / Level 4 / 2 / 71% / 29%
Explain credit life insurance / 119260 / Level 4 / 2 / 71% / 29%
Explain fiduciary responsibilities and the associated risks / 113923 / Level 4 / 1 / 71% / 29%
Mentor a colleague to enhance the individual’s knowledge, skills, values and attitudes in a selected career path / 114215 / Level 4 / 3 / 71% / 29%
Motivate a team / 13947 / Level 4 / 6 / 71% / 29%
Elective unit standards at level 3, and 4 from insurance and financial services related fields may be included as electives in order to ensure relevance.
The qualification requirements must be met before additional unit standards from other relevant qualifications are chosen.
Title / Code / NQF Level / Credit value / Percentage of assessment
Structured Learning / Workplace Experience / Practical Work
The qualification requires an integrated summative assessment based on 410 hours of practical mentored on the job experience in a Retail Insurance position in an organisation. This is assessed against the selected Elective unit standards and the Exit Outcomes and Assessment Criteria of the whole qualification. Refer to motivation Points 2.5 and 4.

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