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: 

Manage the relationship between an intermediary and a Long-Term insurer 
SAQA US ID UNIT STANDARD TITLE
242558  Manage the relationship between an intermediary and a Long-Term insurer 
ORIGINATOR
SGB Insurance and Investment 
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 5  Level TBA: Pre-2009 was L5 
REGISTRATION STATUS REGISTRATION START DATE REGISTRATION END DATE SAQA DECISION NUMBER
Reregistered  2018-07-01  2023-06-30  SAQA 06120/18 
LAST DATE FOR ENROLMENT LAST DATE FOR ACHIEVEMENT
2024-06-30   2027-06-30  

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 unit standard does not replace any other unit standard and is not replaced by any other unit standard. 

PURPOSE OF THE UNIT STANDARD 
This unit standard is intended for learners who are required to manage the risk in the relationship between an intermediary and Long-Term insurer to ensure sound relationships. It will be useful for Intermediaries, Broker Consultants, Consultants, Managers who work with intermediaries in establishing relationships and intermediaries.

The qualifying learner is capable of:
  • Demonstrating understanding of the relationships of long term insurance product suppliers to the different roles created by the Financial Advisory and Intermediary Services Act (FAIS).
  • Explaining how Long-Term product suppliers service relationships with intermediaries.
  • Negotiating a service level agreement (SLA) between a product supplier and a brokerage.
  • Monitoring the relationship between an intermediary and an insurer. 

  • LEARNING ASSUMED TO BE IN PLACE AND RECOGNITION OF PRIOR LEARNING 
    It is assumed that learners are competent in Communication and Mathematical Literacy at NQF Level 4. 

    UNIT STANDARD RANGE 
    The typical scope of this unit standard is:
  • Reasons for operating independently include, but are not limited to, prospecting, remuneration, commission and product mix. 

  • Specific Outcomes and Assessment Criteria: 

    SPECIFIC OUTCOME 1 
    Demonstrate understanding of the relationships of long term insurance product suppliers to the different roles created by the Financial Advisory and Intermediary Services Act (FAIS). 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    The contract or service level agreement (SLA) between an insurer and an financial service provider representative is analysed to ascertain the conditions of employment in terms of independence and/or line function of a selected intermediary. 

    ASSESSMENT CRITERION 2 
    Reasons why financial service providers elect to operate independently as representatives of other financial service providers are explained with examples. 

    ASSESSMENT CRITERION 3 
    Reasons why an insurer may elect to use a tied agency force are explained with examples. 

    ASSESSMENT CRITERION 4 
    The relationship between the product supplier and different categories of intermediary is explained with reference to FAIS compliance, product accreditation and accountability on both sides. 

    SPECIFIC OUTCOME 2 
    Explain how Long-Term product suppliers service relationships with intermediaries. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    Services that a specific product supplier offers an intermediary are investigated with reference to conditions attached to the service. 

    ASSESSMENT CRITERION 2 
    Different levels of service offered by the product supplier to intermediaries are analysed to determine profitability and return on investment (ROI) for the insurer. 

    ASSESSMENT CRITERION 3 
    Issues relating to incentives are discussed with reference to ethics, conflict of interests and rulings by the Ombud. 

    ASSESSMENT CRITERION 4 
    The role of broker consultants in the relationship between intermediary and product supplier is explained with reference to building the intermediary's business. 

    SPECIFIC OUTCOME 3 
    Negotiate a service level agreement (SLA) between an product supplier and a brokerage. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    The needs and expectations of the intermediary and the insurer are analysed to determine the required service level. 

    ASSESSMENT CRITERION 2 
    A written agreement is produced for the required service level agreement. 

    SPECIFIC OUTCOME 4 
    Monitor the relationship between an intermediary and an insurer. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    The business targets for a specific intermediary are monitored against the service level agreement. 

    ASSESSMENT CRITERION 2 
    A course of action is proposed and substantiated to deal with a situation where the intermediary has not met the agreed targets. 


    UNIT STANDARD ACCREDITATION AND MODERATION OPTIONS 
  • Anyone assessing a candidate against this Unit Standard must be registered as an assessor with the relevant ETQA or ETQA where a Memorandum of Understanding (MOU) exists with the relevant ETQA.
  • Any institution offering learning that will enable achievement of this Unit Standard must be accredited as a provider through the relevant ETQA or ETQA where a Memorandum of Understanding (MOU) exists with the relevant ETQA.
  • Moderation of assessment will be overseen by the relevant ETQA according to the moderation guidelines and the agreed ETQA procedures. 

  • UNIT STANDARD ESSENTIAL EMBEDDED KNOWLEDGE 
    N/A 

    UNIT STANDARD DEVELOPMENTAL OUTCOME 
    N/A 

    UNIT STANDARD LINKAGES 
    N/A 


    Critical Cross-field Outcomes (CCFO): 

    UNIT STANDARD CCFO IDENTIFYING 
    The learner is able to identify and solve problems in which responses show that responsible decisions using critical and creative thinking have been made in proposing a course of action to deal with a situation where an intermediary has not achieved the agreed targets. 

    UNIT STANDARD CCFO WORKING 
    The learner is able to work effectively with others as a member of a team, group or organisation in building relationships with intermediaries and product supplier. 

    UNIT STANDARD CCFO COLLECTING 
    The learner is able to collect, organise and critically evaluate information in monitoring the business targets of a selected intermediary. 

    UNIT STANDARD CCFO COMMUNICATING 
    The learner is able to communicate effectively in producing a written agreement and negotiating service levels. 

    UNIT STANDARD ASSESSOR CRITERIA 
    N/A 

    REREGISTRATION HISTORY 
    As per the SAQA Board decision/s at that time, this unit standard was Reregistered in 2012; 2015. 

    UNIT STANDARD NOTES 
    Search words: intermediary, representative, Long-Term insurer, compliance monitoring. 

    QUALIFICATIONS UTILISING THIS UNIT STANDARD: 
      ID QUALIFICATION TITLE PRE-2009 NQF LEVEL NQF LEVEL STATUS END DATE PRIMARY OR DELEGATED QA FUNCTIONARY
    Elective  66611   National Certificate: Wealth Management  Level 5  Level TBA: Pre-2009 was L5  Reregistered  2021-06-30  As per Learning Programmes recorded against this Qual 


    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.
     
    1. AFRICAN UNION SKILLS DEVELOPMENT PTY LTD 
    2. ALCARI 233 CC T/A ALCARI (Eversdal)(TP) 
    3. Boland Public FET College - Central Office 
    4. CKP Development Agency (Pty) Ltd. 
    5. COLLEGE OF CAPE TOWN 
    6. College of Cape Town - Central Office 
    7. False Bay College 
    8. Intec College 
    9. Masifunde Training Centre (Pty) Ltd 
    10. North Link College 
    11. Old Mutual Life Assurance Company South Africa 
    12. Ray Strodl Consulting (Pty) Ltd 
    13. Ripple Effect 4 (Pty) Ltd 
    14. Sanlam Life Insurance Ltd 
    15. Sanlam Life Insurance Ltd. 
    16. South Cape College 
    17. South Cape Public FET College - Central Office 
    18. The Institute of Health Risk Managers (Pty) Ltd 
    19. Umfolozi FET College - Central Office 
    20. Universal Healthcare Services (Pty) Ltd 



    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.