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26 hours (incl. assessments) CPD  Classroom  In-house
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Insurance for the superannuation Industry

The course will provide learners with a broad understanding of how superannuation is invested. The course is suitable for people at all levels of the industry, covering both basic and advanced investment concepts. It may be completed as a standalone subject or combined with AIST's superannuation industry specific RG146 and Insurance for the superannuation industry to attain a FNS50715 Diploma of Superannuation.

This course is also available self-paced, and to in-house groups with a minimum of 8 people.

Self paced  


Who should register?

This course is suitable for individuals working in the insurance industry or in an insurance related role within a superannuation fund.

Learning outcomes

  • Summarise the types of insurances that trustees need to consider
  • Discuss the types of insurance benefit designs offered through superannuation
  • Outline the range of information considered as part of the underwriting process
  • Describe the evidence requirements for different insurance claims
  • Communicate the key requirements for a dispute resolution system

Topics will include

By the end of this module you will be able to:

  • Descibe origins of life insurance
  • Summarise the common forms of general insurance
  • Explain the range of life insurance products
  • Discuss how life insurance is priced
  • Understand the composition of the global life insurance industry

By the end of this module you will be able to:

  • Discuss the role of the regulatory bodies
  • Outline requirements of the Life Insurance Act
  • Describe the duties imposed by the Insurance Contracts Act
  • Explain the importance of disclosure and provision of advice

By the end of this module you will be able to :

  • Identify key areas of legislation covering trustee liability insurance
  • Describe the required prudential standards that relate to insurance in superannuation
  • Outline key exclusions and conditions that can feature in trustee liability insurance policies
  • List the importance areas of policy coverage required by trustees 
  • Explain the importance of crime insurance

By the end of this module you will be able to:

  • Describe the history and purpose of superannuation
  • Explain the different types and designs of super funds
  • Discuss the types of insurance available within super
  • Explain the roles and responsibilities of super trustees and insurers

By the end of this module you will be able to:

  • Describe the key components of the insurance management framework
  • Discuss appropriate performance standards that apply to the insurer
  • Explain how insurance premiums are calculated and paid to the insurer
  • Outline the various steps in the claims management process

By the end of this module you will be able to:

  • List the types of life cover available within a superannuation fund
  • Describe how funds use the various life products to meet the insurance needs of their members under group life cover
  • Describe how benefits are structured
  • List the essential elements of an insurance contract

By the end of this module you will be able to:

  • Describe how members may obtain insurance cover by joining a super fund
  • Outline the underwriting process
  • List the key considerations for applications to increase cover
  • Describe the role of reinsurance and the reinsurer

By the end of this module you will be able to:

  • Outline the requirements for verifying claims eligibility
  • Define who is eligible to reveive a death benefit from super
  • Discuss the different types of beneficiary nominations that can be made
  • Describe the range of TPD definitions
  • Explain the evidence requirements for disability claims

By the end of this module you will be able to:

  • Descirbe the types of evidence required for claims
  • Discuss what needs to be considered before a death benefit is paid
  • Explain the impact of different types of beneficiary nominations on how a death benefit is paid
  • Describe the different taxation treatment of different types of claims

By the end of this module you will be able to:

  • Explain the legislation and the relevant Acts that contain provisions around complaints against superannuation providers
  • List the past and current external dispute reolution bodies
  • Describe the requirements that must be met for internal dispute reolutions 
  • Describe the external dispute resolution process

Course duration

Students have up to six (6) months to successfully complete the course assessments. The six-month time frame commences from the first day of a facilitated course, or from the date of receipt of the course material for a student completing the course on a self-paced basis.

Students may need to spend up to 20 hours each week to complete their own reading, module review activities and the course assessment tasks. Students who are new to the financial services industry, or who have limited industry experience may need to spend additional time each week completing the course activities or conducting further research on topics that are not familiar to them.

 

Course locations

AIST courses are delivered nationally in Australian capital cities. Students will be notified of the training venue one week prior to the scheduled course date.


Additional Information

Delivery modes

AIST offers courses by either face-to-face facilitation or self-paced learning. Each method is outlined below:

Classroom learning

Classroom learning involves participation in a two-day facilitated course in a structured classroom setting which provides the opportunity to work closely with the training consultant. Facilitated courses give students the ability to work together through course content in an encouraging learning environment.

Key benefits include:

  • Facilitated courses are often preferable as they give students the opportunity to focus completely on course content for the two-day duration
  • The classroom structure allows students to study in an environment that promotes learning, understanding and discussion of course material
  • Facilitated courses allow students to discuss course content in a way that assists in the learning process

Self-paced learning

For students who cannot attend a facilitated course, or prefer a more flexible study method, self-paced learning provides the opportunity for students to take responsibility for the pace and structure of training. This style of study offers students the opportunity and flexibility to study without limitations such as time or location.

Key benefits include:

  • Ability to manage study according to your own timetable, without interruption to your work schedule
  • Flexibility to start and complete the course according to your needs
  • Ability to set your own pace and structure
  • Access to training consultants for assistance and guidance

Credit transfer (CT)

A Credit Transfer (CT) is formal recognition of the previous studies you have completed for the purpose of reducing the unit/s that you are required to complete in the course you are enrolled in with us.

You can apply for a CT at any time, however it is best you do this prior to the course commencement date so that credits are known upfront and you are not required to do any work that you otherwise may not have needed to do.

Please refer to the AIST Student Handbook for more details and information on how to apply for a CT.
 

Recognition of Prior Learning (RPL)

Recognition of Prior Learning (RPL) is a process where skills and knowledge that you have gained through work and life experience and other unrecognised training can be formally recognised.

It is best to apply for RPL prior to the course commencement date so that you are not required to do any work that you otherwise may not have needed to do.

Please refer to the AIST Student Handbook for more information on how to determine if RPL is a suitable option for you or to apply for RPL.

IMPORTANT - please review before enrolling in this course

AIST is here to support your student needs. If you have any questions or concerns surrounding the information below, please contact us on training@aist.asn.au or 03 8677 3800.   

Course entry requirements

There are no minimum education requirements. However, students are required to be 18 years or older to enrol in this course.

Prior to the course commencement date, students will be required to complete the Pre-Course Questionnaire to ensure that each student has the sufficient language, literacy and numeracy skills (as outlined below) to successfully complete the course and to identify if students have any specific individual support needs for their learning experience.

Additional information may be requested if AIST has any concerns about a student's ability to complete the course, which will be used to support a decision about the enrolment including any support for the student. If for any reason AIST is unable to accept a student’s enrolment, they will be contacted and the reasons for the decision will be explained and a full refund provided. Any alternative courses or pathways will be discussed with the student.

Please refer to the AIST Student Handbook to familiarise yourself with important information in relation to studying with AIST and relevant policies and procedures.

Language, Literacy and Numeracy (LLN) Requirements

AIST courses are delivered and assessed in English and require you to read comprehensive student materials, complete a range of written and verbal assessments and undertake independent study and homework activities. In addition, the delivery mode relies on the extensive use of written and verbal communication.

If you have any doubts about whether you have the language, literacy and numeracy skills to undertake this course, please contact our Education team on training@aist.asn.au or 03 8677 3800 to discuss your circumstances.

If you need additional support, there are a number of organisations who provide English language and literacy services. Some suggestions are listed below:

Please note that fees and charges for these services may apply and will be the responsibility of the student.

Technology Requirements

You will need access to a computer satisfying the following minimum systems requirements:

  • Windows or Mac OS X operating system
  • Adobe Acrobat Reader (latest versions available for free download at Adobe website)
  • Internet access with a reliable internet connection
  • Access to a printer may be required

You’ll also need to have access to one (1) of the following devices with audio and video recording functionality:

  • Smart phone
  • Laptop
  • Desktop computer
  • Tablet

Skill requirements

To successfully complete this qualification, individuals will require basic computing skills. This may include:

  • editing and saving documents in Microsoft Office
  • using the internet for research
  • downloading and saving documents from websites
  • uploading documents through websites
  • making an audio and video recording using a smartphone, laptop/computer or tablet

Support for Students with Special Needs

If you have a special learning need or condition which may impact on your ability to study or to complete the assessment tasks, please make us aware of your circumstances prior to commencing study or as soon as possible thereafter. 

Please contact our Education team on training@aist.asn.au or 03 8677 3800 to request assistance and discuss appropriate support options.

This course is comprised of three (3) units of competency from the FNS Financial Services Training Package:

FNSSUP407 Assess complex superannuation benefit or insurance claims
FNSSUP501 Supervise complaints procedures
FNSSUP502 Supervise insurer liaison

 

Assessment tasks

The assessment tasks are designed to test your understanding of the seven (7) units of competency and ensure that you can apply this knowledge in a practical way.

The assessment tasks are as follows:

  • Short answer written assessments – you will be required to complete a series of short answer questions
  • Verbal assessments – you will be required to answer a series of questions verbally while recording your responses
  • Research written assessment – you will be required to undertake research on an insurance product or service

Students must be deemed competent in all assessment tasks in order to be awarded their qualification. Students who complete the course will receive a certificate and statement of attainment.

All students have six (6) months to complete the assessments. If you have not completed the assessments within the six-month period you will be required to re-enrol in the course and incur the full enrolment fee again.

 

Submitting your assessments

Written assessments

Written assessment tasks must be submitted in the Microsoft Word template provided with a completed and signed Assessment Task cover sheet, which will be supplied with the assessment document. The cover sheet asks you to make a declaration that the work is your own. Assessment tasks will not be accepted without a signed cover sheet.

You must keep a copy of all tasks that you submit. We are not able to return copies because we must keep them as evidence in your file. Additionally, we will not be held responsible for any items that go missing in the post. If this occurs, you will be asked to re-submit your work.

A weblink and instructions on how to upload the written assessments will be provided with the assessment document.

Verbal and/or Role play assessments

You will need to submit the audio or video files of your verbal and/or role play assessment tasks along with a completed and signed Assessment Task cover sheet, which will be provided with the assessment document. The cover sheet asks you to make a declaration that the work is your own. Assessment tasks will not be accepted without a signed cover sheet.

You will need access to one of the following devices with audio and video recording functionality (most devices come with a free built-in audio/voice-recording app):

  • Smart phone
  • Laptop
  • Desktop Computer
  • Tablet

You will also need to have access to the internet in order to upload your audio or video recordings. A weblink and instructions on how to upload the recording will be provided with the assessment document.

We recommend you do a short test of your audio or video recording prior to commencing the recording of the assessment task.

Information on the functionality of your device should be available on the device manufacturer’s website. Below are some helpful links:

If you are experiencing any difficulty with the audio or video recording, please contact AIST for support on 03 8677 3800 or training@aist.asn.au

 

Reassessment

All students have the opportunity for reassessment if they receive a result of Not Yet Competent (NYC). AIST will allow up to two (2) resubmissions of an assessment task. A fee of $125 will apply if a student has to resubmit an assessment task a third time.

 

Results

Assessment results will be provided to you within four (4) weeks of AIST receiving your completed assessment tasks. Your assessor will provide you with written feedback and confirm the outcome of your assessment via email.

Your certificate and statement of attainment will be sent to you approximately four (4) weeks after your results have been provided.

Student handbook

The AIST Student Handbook is an important resource to guide you through your study. Please take the time to read this information to ensure you’re well informed.

Access the AIST Student Handbook here.

The handbook includes information on:

  • Recognition of Prior Learning
  • Credit Transfer
  • Student code of conduct
  • Support services
  • Legislation and Privacy policy
  • Complaints and Appeals policy
  • Fees and refunds policy
  • Additional course fees and charges

Student policies and procedures

It is the responsibility of all students to familiarise themselves with, and adhere to, all relevant AIST Education policies and procedures.

AIST Education policies and procedures can be viewed here:

Important notes

Please note: To ensure we are able to meet your dietary needs, please let us know via training@aist.asn.au at least 48 business hours prior to the event. Unfortunately, we are unable to cater to special requirements after this timeframe.

Dates

26 - 27 September 2019
9:00 am - 5:00 pm
7 - 8 November 2019
9:00 am - 5:00 pm
Early-bird
Member
$1765.00
Non-member
$2185.00
Standard
Member
$1940.00
Non-member
$2400.00