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SOUTH AFRICAN QUALIFICATIONS AUTHORITY 
REGISTERED UNIT STANDARD: 

Identify and analyse risk information that could impact on underwriting and/or pricing in the long term insurance industry 
SAQA US ID UNIT STANDARD TITLE
120000  Identify and analyse risk information that could impact on underwriting and/or pricing in the long 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  12 
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 Long-Term risk and people in Research and Development who decide on pricing practice based on claims.

The qualifying learner is capable of:
  • Analyse available information to determine underwriting and/or pricing trends.
  • Analyse risk assessment practices to make a competitive risk assessment.
  • Recommending changes to current company practice in Long-Term risk assessment.
  • Communicating information to internal and external customers. 

  • LEARNING ASSUMED TO BE IN PLACE AND RECOGNITION OF PRIOR LEARNING 
    Learners should be competent in Communication and Mathematical Literacy at Level 4. 

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

  • Specific Outcomes and Assessment Criteria: 

    SPECIFIC OUTCOME 1 
    Identify underwriting and/or pricing trends in Long-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 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 to make a competitive risk assessment. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    Assessment practices in the reassurance market, historical practices and other global trends are identified and compared to company principles and practice. 

    ASSESSMENT CRITERION 2 
    Changes to the relevant Acts and LOA protocols are identified and applied where necessary. 

    ASSESSMENT CRITERION 3 
    Inconsistent principles and practices are identified against policy and practice. 

    ASSESSMENT CRITERION 4 
    Opportunities are identified for providing feedback to the market. 

    ASSESSMENT CRITERION 5 
    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 Long-Term risk assessment. 

    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, the market and LOA. 

    ASSESSMENT CRITERION 4 
    Specialised knowledge, applicable to Long-Term insurance and the relevant Acts is applied to company practice. 

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

    ASSESSMENT CRITERION 6 
    Changes in mortality and morbidity 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 raised given to intermediaries 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 
    This Unit Standard will be internally assessed by the provider and moderated by a moderator registered by a relevant accredited ETQA or an ETQA that has a Memorandum of Understanding with the relevant accredited ETQA. 

    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 problems, make decisions and recommendations and give feedback on matters that impact on business in the Long-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 order to identify trends, recommend changes and deal with issues proactively. 

    UNIT STANDARD CCFO ORGANISING 
    The learner is able to organise his/her activities responsibly and effectively to maximise effectiveness and productivity. 

    UNIT STANDARD CCFO COLLECTING 
    The learner is able to critically evaluate information in order to identify trends, inform decisions and make recommendations. 

    UNIT STANDARD CCFO COMMUNICATING 
  • The learner is able to communicate effectively in writing in order to create accurate reports, design underwriting documentation and develop a written argument to support recommendations.
  • The learner is able to communicate effectively in order to explain issues and relay information orally to colleagues and intermediaries. 

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

    UNIT STANDARD CCFO DEMONSTRATING 
    The learner is able to recognise 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  49834   National Certificate: Financial Services: Long-Term Risk Assessment  Level 5  Level TBA: Pre-2009 was L5  Passed the End Date -
    Status was "Reregistered" 
    2012-06-30  INSETA 
    Elective  49860   National Diploma: Financial Services: Long-Term Risk Assessment  Level 5  NQF Level 05  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. CKP Development Agency (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.