Competency Framework: insurance

Technical Domains

9. Insurance

This domain is about issues relating to insurance, including: the purpose of insurance; types of insurance products; protection insurance; purchasing insurance; risk factors that affect insurance; insurance claims; shopping around; sources of support; scams; making complaints. The domain comprises Tiers 1 and 2. 

It is important that you are aware of where the regulated boundaries are and do not go beyond them (please refer to ‘The boundaries of the service and of your role’ and the description of advice and guidance). Guidance should provide information and/or options regarding insurance, without making an explicit recommendation on a product. 

9.1.1 Awareness of the benefits and purposes of insurance
9.1.2 Awareness of the main types of insurance products (e.g. buildings and contents; vehicle, travel etc.)
9.1.3 Awareness of the different types of protection insurance
9.1.4 Awareness of national and local sources of guidance on insurance products, including comparison sites
9.1.5 Awareness of the importance of shopping around for an insurance policy and keeping insurance providers up-to-date with changes to circumstances
9.1.6 Awareness of how to make an insurance claim
9.1.7 Signpost of refer customers to appropriate sources of information on insurance products, including price comparison sites
9.1.8 Awareness of scams and what to do if a customer has been the subject of a scam
9.2.1 Knowledge of a range of different types of insurance, whether they are mandatory, and their purposes (e.g. home buildings insurance, vehicle insurance, Guaranteed Asset Protection (GAP) insurance etc.)
9.2.2 Knowledge of ways in which insurance products can be purchased (e.g. brokers, comparison sites, supermarkets etc.)
9.2.3 Knowledge of how to search for insurances which may have been forgotten
9.2.4 Knowledge of insurance claims procedures including steps involved and likely timescales
9.2.5 Knowledge of the regulations covering insurance
9.2.6 Understanding of the factors to take into account when assessing whether or not to take out an insurance policy
9.2.7 Understanding of what counts towards the risk when taking out an insurance policy, and how risk factors affect insurance premiums
9.2.8 Understanding of the circumstances under which a customer may require specialist insurance and methods of securing this (including referrals to the British Insurance Brokers' Association (BIBA))
9.2.9 Understanding of the different types of protection insurance and their main features
9.2.10 Understanding of the process of making an insurance claim
9.2.11 Understanding of how to make a complaint when something goes wrong
9.2.12 Understanding of the ability to use comparison sites to compare insurance policies and quotes

Training and qualifications

Find out about external training for the insurance domain.

Next step: check my confidence now

When you're clear on the boundaries in giving money guidance, and its breadth and depth, you’re ready to move on. See how confident you are in giving money guidance and get pointers.