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: 

Apply knowledge and insight of insurance to complex commercial and corporate enterprises 
SAQA US ID UNIT STANDARD TITLE
243169  Apply knowledge and insight of insurance to complex commercial and corporate enterprises 
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  10 
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 Internal Audit Managers, Senior Financial Managers, Directors of Companies, people involved in corporate financial planning, Risk Managers and Intermediaries who operate at corporate, commercial and industrial level. It enables learners to design insurance solutions to meet the needs of specific complex corporate and large commercial or industrial clients.

The qualifying learner is capable of:
  • Analysing broad descriptions of commercial, industrial and corporate insurance used by different insurers and the implications of each for the insurer.
  • Investigating a specific industry for insurance purposes.
  • Conducting an insurance needs analysis to determine the risks in an enterprise.
  • Analysing the expertise required to write complex corporate and large commercial or industrial insurance.
  • Demonstrating ability to negotiate insurance cover for a complex commercial or corporate account. 

  • 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:
  • Documentation includes, but is not limited to, financials, Poor and Savages' financial status report, quotes from different insurers and an insurance proposal.
  • Commercial insurance includes industrial insurance. 

  • Specific Outcomes and Assessment Criteria: 

    SPECIFIC OUTCOME 1 
    Analyse broad descriptions of commercial and corporate insurance used by different insurers and the implications of each for the insurer. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    Definitions of different insurers and intermediaries are analysed to determine the criteria used to classify an enterprise as commercial or corporate. 

    ASSESSMENT CRITERION 2 
    The implications if an enterprise is classified as commercial or corporate are explained with reference to the allocation of resources of the insurer or intermediary in servicing the account. 

    SPECIFIC OUTCOME 2 
    Investigate a specific industry for insurance purposes. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    An industry is selected and researched in terms of risks, insurance needs, industry specific legislation, uninsurable risks, existing and new products and loss history of the industry in the broad South African market. 

    ASSESSMENT CRITERION 2 
    The characteristics of a possible insurance product that would be suitable for the selected industry are negotiated with the risk manager in terms of insurable, non-insurable and uninsurable risks. 

    SPECIFIC OUTCOME 3 
    Conduct an insurance needs analysis to determine the risks in an enterprise. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    An insurance needs analysis is conducted on site with reference to business processes, quality control and risk exposure. 

    ASSESSMENT CRITERION 2 
    The circumstances under which an insurer will pay out a claim for a specific enterprise are explained with reference to responsibility for managing insurance risk, insurance cover and exclusions. 

    ASSESSMENT CRITERION 3 
    An enterprise's risk aversion is evaluated with a view to proposing alternative ways of controlling the insurance risk. 

    SPECIFIC OUTCOME 4 
    Analyse the expertise required to write complex corporate, commercial or industrial insurance. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    Specialist experience required to service a complex corporate client is analysed in order to place business risk and provide intermediary services. 

    ASSESSMENT CRITERION 2 
    Experience needed to underwrite commercial insurance is compared to the specialist experience required to underwrite a complex corporate and large commercial risk. 

    ASSESSMENT CRITERION 3 
    Alternative resources required to quote on insurance for a large corporate are identified with reference to the use of survey reports and the credibility of the intermediary or underwriter. 

    SPECIFIC OUTCOME 5 
    Demonstrate ability to negotiate insurance cover for a complex commercial or corporate account. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    Cover is negotiated with the Financial Manager and the proposal is presented to the Board of a corporate and supported with the necessary documentation. 

    ASSESSMENT CRITERION 2 
    Questions about the proposal are anticipated and answered accurately with evidence of industry and insurance expertise and in depth knowledge of the insurers. 


    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 
    Learners are capable of identifying and solving problems in which responses show that responsible decisions using critical thinking have been made in analysing an organisation's needs and risk exposure and negotiating an insurance solution. 

    UNIT STANDARD CCFO COLLECTING 
    Learners are capable of collecting, organising and critically evaluating information in conducting a needs analysis, analysing the risk exposure and recommending an appropriate insurance solution. 

    UNIT STANDARD CCFO COMMUNICATING 
    Learners are capable of communicating effectively in negotiating with the Financial Manager and presenting a proposal to the Board of a corporate or commercial enterprise. 

    UNIT STANDARD CCFO DEMONSTRATING 
    Learners are capable of demonstrating an understanding of the world as a set of related systems by recognising that problem-solving contexts do not exist in isolation in comparing the expertise needed to write corporate and commercial insurance and recognising the relationship between an industry and an enterprise's insurance needs. 

    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.