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SOUTH AFRICAN QUALIFICATIONS AUTHORITY 
REGISTERED UNIT STANDARD: 

Market a single need insurance policy to a niche market 
SAQA US ID UNIT STANDARD TITLE
9004  Market a single need insurance policy to a niche market 
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 2  NQF Level 02 
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 introduces the concept of specifically structured insurance policies aimed at the lower end of the insurance market. These are usually in bundled form with little variation other than the amount of the premium or number of units of benefits. The unit standard introduces the knowledge, skills, attitudes and values needed by individuals accredited to market a particular product for a particular insurance organisation. It does not include giving financial advice.

The qualifying learner is capable of:
  • Marketing a specific policy to specific target market.
  • Matching the person to the product.
  • Researching and explain the profile of the organisations that markets the product.
  • Understanding the specific product in relation to the market.
  • Explaining the specific product to individuals or groups. 

  • LEARNING ASSUMED TO BE IN PLACE AND RECOGNITION OF PRIOR LEARNING 
    There is open access to this unit standard only communication and Mathematical Literacy at Level 1 are assumed. 

    UNIT STANDARD RANGE 
    The typical scope of this unit standard is:

    1. Specifically structured insurance products aimed at one or more lower income target markets with little variation other than the amount of premium or number of units and benefits.
    2. Single need products aimed at a particular niche market such as funeral insurance products. Note that other needs and the financial situation of the customer are not considered and no advice is given.
    3. Legislation includes the Insurance Acts and any other legislation governing compliance.
    4. Appropriate sources: rate book, pamphlet, brochure, video, flip chart, electronic software or combined application form brochure. 

    Specific Outcomes and Assessment Criteria: 

    SPECIFIC OUTCOME 1 
    Demonstrate knowledge and understanding. 
    OUTCOME NOTES 
    Demonstrate knowledge and understanding of legislation governing the marketing of single need insurance policies. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    1. Relevant Legislation governing the selling of insurance policies is identified as the legislation governing the marketing of single need policies. 

    ASSESSMENT CRITERION 2 
    2. Policy holder protection risk is identified as the main focus of the legislation and an explanation is given as to why the legislation is necessary. 

    ASSESSMENT CRITERION 3 
    3. The disclosures required in marketing a single need insurance product are summarised in a table or mind map. 

    ASSESSMENT CRITERION 4 
    4. The implications of non-compliance with the legislation governing the marketing of single need policies are explained for the broker's representative, the broker and the customer. 

    SPECIFIC OUTCOME 2 
    Demonstrate knowledge and understanding of a needs range in relation to the market. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    1.The profile of possible customers identified according to set criteria for a specified insurance product. 

    ASSESSMENT CRITERION 2 
    2.The profile of a single need product is described for a specified insurance product. 

    ASSESSMENT CRITERION 3 
    3.Exclusions and limitations of the product are explained as they would apply to a particular customer. 

    ASSESSMENT CRITERION 4 
    4.Appropriate sources are used to determine the premium 

    ASSESSMENT CRITERION 5 
    5.Proof that the premium and benefit package are accepted by the buyer is provided and a corporate quote is later issued by the insurer 

    SPECIFIC OUTCOME 3 
    Research the organisation that markets a specific niche insurance product 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    1.The background of a specific organisation is researched and the information is organised and presented in a poster or mind map. 

    ASSESSMENT CRITERION 2 
    2.The poster or mind map is used to explain the background of the organisation to a small group clearly and in a manner that creates interest. 

    ASSESSMENT CRITERION 3 
    3.The importance of knowledge in creating own credibility is known and the credibility of the specific organisation in the market is indicated in a manner that conveys own knowledge and credibility. 

    SPECIFIC OUTCOME 4 
    Communicate effectively in order to market a single need product. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    1.Information contained in brochures and marketing material for a niche product is understood and explained in own words. 

    ASSESSMENT CRITERION 2 
    2.Questions are asked of the customer in order to identify whether the needs of the potential customer match the specific product marketed. 

    ASSESSMENT CRITERION 3 
    3.The benefits of the specific insurance product are explained and objections and queries are clarified for the potential customer in response to questions. 

    ASSESSMENT CRITERION 4 
    4.Sales aids are used effectively to aid comprehension and the main concepts are explained in more than one way to ensure that the meaning is accurately communicated to the customer. 

    ASSESSMENT CRITERION 5 
    5.A customer is persuaded in a role play situation that the product s/he has is the one that s/he wants. 

    ASSESSMENT CRITERION 6 
    6.The process for submitting an application within the stipulated time frames is explained for a specific insurance product. 

    ASSESSMENT CRITERION 7 
    The importance of keeping accurate records is explained and records of sales are kept as required by a specific company/organisation 


    UNIT STANDARD ACCREDITATION AND MODERATION OPTIONS 
    This unit standard will be internally assessed by the provider and moderated by a moderator registered by INSQA or a relevant accredited ETQA. The mechanisms and requirements for moderation are contained in the document obtainable from INSQA,
    INSQA framework for assessment and moderation. 


    Critical Cross-field Outcomes (CCFO): 

    UNIT STANDARD CCFO IDENTIFYING 
    The learner is able to solve problems when persuading the customer in a role-play situation that the product s/he has is the one that s/he wants, and when the potential customer`s objections and queries are clarified for them in response to questions about the of the benefits of the specific insurance product. 

    UNIT STANDARD CCFO COMMUNICATING 
    The learner is able to communicate effectively using visual, mathematics and language skills when:
  • Disclosures required in marketing a single need insurance product are summarised in a table or mind map, and
  • The background of a specific organisation is researched and the information is presented in a poster or mind map. 

  • UNIT STANDARD CCFO DEMONSTRATING 
    The learner can demonstrate an understanding of the world as a set of related systems when demonstrating the knowledge and understanding of legislation governing the marketing of single need policies. 

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

    QUALIFICATIONS UTILISING THIS UNIT STANDARD: 
      ID QUALIFICATION TITLE PRE-2009 NQF LEVEL NQF LEVEL STATUS END DATE PRIMARY OR DELEGATED QA FUNCTIONARY
    Core  20639   National Certificate: Healthcare Benefits Administration: Claims Assessing  Level 4  NQF Level 04  Passed the End Date -
    Status was "Registered" 
    2004-12-05  INSETA 
    Elective  48494   National Certificate: Financial Services Management  Level 3  NQF Level 03  Passed the End Date -
    Status was "Reregistered" 
    2012-06-30  INSETA 
    Elective  20177   National Certificate: Insurance  Level 3  NQF Level 03  Passed the End Date -
    Status was "Registered" 
    2004-10-10  Was INSETA until Last Date for Achievement 
    Elective  48493   National Certificate: Financial Services: Wealth Management  Level 4  NQF Level 04  Passed the End Date -
    Status was "Registered" 
    2007-02-11  Was INSETA until Last Date for Achievement 
    Elective  20773   National Certificate: Long Term Insurance  Level 4  NQF Level 04  Passed the End Date -
    Status was "Registered" 
    2004-12-05  INSETA 
    Elective  21796   National Certificate: Short Term Insurance  Level 4  NQF Level 04  Passed the End Date -
    Status was "Registered" 
    2005-06-12  Was INSETA until Last Date for Achievement 


    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. Discovery Life Ltd 
    2. Faisit (Pty) Ltd 
    3. Intec College 
    4. Invuya Institute of Learning (Pty) Ltd 
    5. Umfolozi FET College - Central Office 



    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.