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: 

Identify and analyse risk information that could impact on underwriting and pricing in the short term insurance industry 
SAQA US ID UNIT STANDARD TITLE
243167  Identify and analyse risk information that could impact on underwriting and pricing in the short term insurance industry 
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 people in research and development who decide on underwriting practice, Underwriters and Claims Assessors who assess Short Term risk and people in who decide on pricing practice. It requires the ability to work with actuarial information and statistics.

The qualifying learner is capable of:
  • Identifying underwriting and pricing trends in short term insurance.
  • Analysing risk assessment practices in short term insurance to make a competitive risk assessment.
  • Recommend changes to current company practice in the assessment of risk in short term insurance.
  • Communicating information to internal and external customers. 

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

    UNIT STANDARD RANGE 
    The typical scope of this Unit Standard is short term insurance:
  • Relevant parties include, but are not limited to, Managers, Actuaries, Lawyers, Underwriters and tender parties. 

  • Specific Outcomes and Assessment Criteria: 

    SPECIFIC OUTCOME 1 
    Identify underwriting and pricing trends in short term insurance. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    Assessment decisions are analysed and deviations from standard practice are documented according to company practice. 

    ASSESSMENT CRITERION 2 
    Major forces, changes and goals affecting the assessment of risk in short term insurance are identified and compared to company policy. 

    ASSESSMENT CRITERION 3 
    Trends in quantity of work in the market are analysed and compared to company experience and company market share. 

    SPECIFIC OUTCOME 2 
    Analyse risk assessment practices in short term insurance to make a competitive risk assessment. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    Inconsistent principles and practices are identified against policy and practice. 

    ASSESSMENT CRITERION 2 
    Opportunities are identified for providing feedback to the market. 

    ASSESSMENT CRITERION 3 
    Factors affecting business underwritten and not taken up (NTUs) are identified and recommendations are made to improve the situation. 

    SPECIFIC OUTCOME 3 
    Recommend changes to current company practice in the assessment of risk in short term insurance. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    Feedback on problems that have been identified is provided on marketing activity. 

    ASSESSMENT CRITERION 2 
    Information on assessment activities is supplied and changes and improvements to company practice are recommended and supported with appropriate documentation. 

    ASSESSMENT CRITERION 3 
    Issues that may have an impact on business are raised proactively with the company and the market. 

    ASSESSMENT CRITERION 4 
    Specialised knowledge, applicable to Short Term insurance and the relevant Legislation is applied to company practice. 

    ASSESSMENT CRITERION 5 
    Input is provided into the setting of authority levels. 

    ASSESSMENT CRITERION 6 
    Changes in rates are identified and explained based on an analysis of claims. 

    SPECIFIC OUTCOME 4 
    Communicate information to internal and external customers. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    Monthly statistical reports are written according to company requirements. 

    ASSESSMENT CRITERION 2 
    Accurate feedback on problems that have been raised is given to representatives or clients. 

    ASSESSMENT CRITERION 3 
    Changes in risk assessment practice are relayed to interested parties. 

    ASSESSMENT CRITERION 4 
    Input based on the analysis of trends and changes in company statistics, is provided to reinsurers. 

    ASSESSMENT CRITERION 5 
    Changes to the design of documentation are suggested to improve information available to relevant parties. 


    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 making decisions and recommendations and giving feedback on matters that impact on business in the Short Term insurance industry. 

    UNIT STANDARD CCFO WORKING 
    The learner is able to recognise the need to work effectively as a member of a team in identifying trends, recommending changes and dealing with issues proactively. 

    UNIT STANDARD CCFO COLLECTING 
    The learner is able to collect, organise and critically evaluate information in identifying trends, and making recommendations. 

    UNIT STANDARD CCFO COMMUNICATING 
  • The learner is able to communicate effectively in writing in creating accurate reports, designing underwriting documentation and developing a written argument to support recommendations.
  • The learner is able to communicate effectively in explaining issues and relaying information orally to colleagues and intermediaries. 

  • UNIT STANDARD CCFO SCIENCE 
    The learner is able to use technology effectively in using a computer to retrieve information. 

    UNIT STANDARD CCFO DEMONSTRATING 
    The learner is able to demonstrate an understanding of the world as a set of related systems by recognising that problem-solving contexts do not exist in isolation in recognising that there is an interplay of a number of related systems when assessing risk. 

    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 
    N/A 

    QUALIFICATIONS UTILISING THIS UNIT STANDARD: 
      ID QUALIFICATION TITLE PRE-2009 NQF LEVEL NQF LEVEL STATUS END DATE PRIMARY OR DELEGATED QA FUNCTIONARY
    Elective  57918   National Certificate: Short Term Insurance  Level 5  Level TBA: Pre-2009 was L5  Reregistered  2023-06-30  INSETA 


    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 Resources & Financial Training (Pty) Ltd 
    2. Invuya Institute of Learning (Pty) Ltd 
    3. Masifunde Training Centre (Pty) Ltd 
    4. Ripple Effect 4 (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.