What is a competency framework?
A competency framework outlines the ability, knowledge and skills required of an individual to proficiently practice a profession.
Competency frameworks are commonly used to establish the minimum level of competency and performance expected of a regulated professional in a variety of occupations. In the case of the General Insurance Competency Framework, it establishes the minimum level of performance and competency expectations for each general insurance licence level.
What’s in the General Insurance Competency Framework?
The General Insurance Competency Framework is divided into three sections:
Knowledge of the insurance industry – Including understanding of principles and practices, the function of the Insurance Council, and knowledge of products and services.
Technical abilities – Understanding of product sales, processing, and servicing, as well as the legal and regulatory requirements regarding sales and processing.
Business skills – Basic business acumen skills such as conduct and ethics, errors and omissions insurance coverage, communication skills, customer service, information management, planning and organization as well as leadership and supervision.
The required knowledge for each section is defined by listed competencies. A learning objective is also provided for each competency to highlight its educational intent for course providers. Examples of industry skills and experiences, referred to as indicators, provide examples of proof of competency at each licence level.
