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SOUTH AFRICAN QUALIFICATIONS AUTHORITY 
REGISTERED UNIT STANDARD: 

Apply technical knowledge and understanding of the origin and use of technical market data in the insurance industry 
SAQA US ID UNIT STANDARD TITLE
243173  Apply technical knowledge and understanding of the origin and use of technical market data in the 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 provides a general introduction to the type of data collected by insurers relating to funds held in trust, risk premium collection and risks exposed solvency. It deals with data required by regulatory bodies and supplied to the Financial Services Board (FSB) and other industry bodies. It is intended for Loss Adjusters, Trustees of Retirement Funds, Underwriters, Intermediaries, Financial Advisors, Underwriting Managers, Claims Administrators, and senior people across the Long-Term and Short Term insurance industry.

The qualifying learner is capable of:
  • Demonstrating knowledge of the kinds of data required of a specific sub-sector of the insurance industry for regulatory reporting purposes.
  • Interpreting reports issued by the Financial Services Board (FSB) and industry bodies relevant to a selected sub-sector.
  • Analysing an insurance entity's costs in relation to the market.
  • Explaining how a specific insurer uses technical market data. 

  • 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:
  • Short Term, Long-Term Insurance and Medical Scheme Administrators.
  • Reporting categories include, but are not limited to, claims, gross premium, net premium and solvency.
  • Use of data to manage costs includes, but is not limited to, management, advertising, administration, operational and commission. 

  • Specific Outcomes and Assessment Criteria: 

    SPECIFIC OUTCOME 1 
    Demonstrate knowledge of the kinds of data required of a specific sub-sector of the insurance industry for regulatory reporting purposes. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    Categories used for regulatory reporting in a selected insurance sub-sector are identified and explained with examples. 

    ASSESSMENT CRITERION 2 
    Financial information required by the Financial Services Board (FSB) of insurers is identified with reference to the purpose of the required data. 

    ASSESSMENT CRITERION 3 
    Reasons why insurers are required to submit returns to the FSB are explained with reference to the implications of solvency margins and other financial considerations on FSB decisions. 

    SPECIFIC OUTCOME 2 
    Interpret reports issued by the Financial Services Board (FSB) and industry bodies relevant to a selected sub-sector. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    The FSB quarterly reports for a selected insurance sub-sector are analysed with reference to the data contained in the reports and how these could be used in an organisation. 

    ASSESSMENT CRITERION 2 
    Reports issued by industry bodies are analysed and an indication is given of how these could be used in a selected organisation. 

    SPECIFIC OUTCOME 3 
    Analyse an insurance entity's costs in relation to the market. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    The costs in a selected industry are analysed with reference to management and administration, operational costs, commission and advertising. 

    ASSESSMENT CRITERION 2 
    FSB and industry reports are analysed with reference to the influence of the industry on Gross Domestic Product (GDP) and the economy as a whole. 

    ASSESSMENT CRITERION 3 
    An insurance entity's premium is used to determine market share, cost of claims and management costs in relation the market as a whole. 

    SPECIFIC OUTCOME 4 
    Explain how a selected organisation uses technical market data. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    The use of technical market data is discussed as a strategic planning and marketing tool. 

    ASSESSMENT CRITERION 2 
    The use of technical data in managing costs is explained for a selected insurer. 

    ASSESSMENT CRITERION 3 
    Claims in different categories of insurance are compared to the market to check the adequacy of underwriting principles. 


    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 and comparing an organisation's costs in relation to the market and using data to manage costs. 

    UNIT STANDARD CCFO COLLECTING 
    Learners are capable of collecting, organising and critically evaluating information in analysing industry and FSB reports. 

    UNIT STANDARD CCFO COMMUNICATING 
    Learners are capable of communicating effectively in explaining how insurers could use technical reports. 

    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 an insurer's performance to the market and recognizing the influence of the industry on GDP. 

    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
    Fundamental  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.