Assessor Resource

FNSISV507A
Implement claim recovery procedures

Assessment tool

Version 1.0
Issue Date: May 2024


This unit applies to job roles such as underwriting involving specialist knowledge and functions in a range of insurance sectors and may be applied within organisations of various sizes and across a range of customer bases.

This unit describes the performance outcomes, skills and knowledge required to recover money relating to a claim. It encompasses the complete process from initiating the recovery to finalisation of the claim.

This unit is applicable to individuals working within enterprises and job roles subject to licensing, legislative, regulatory or certification requirements including legislation administered by the Australian Securities and Investments Commission (ASIC).

You may want to include more information here about the target group and the purpose of the assessments (eg formative, summative, recognition)

Employability Skills

This unit contains employability skills.



Evidence Required

List the assessment methods to be used and the context and resources required for assessment. Copy and paste the relevant sections from the evidence guide below and then re-write these in plain English.

The Evidence Guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, range statement and the Assessment Guidelines for the Training Package.

Overview of assessment

Critical aspects for assessment and evidence required to demonstrate competency in this unit

Evidence of the ability to:

apply a strategic overview of the organisation objectives and industry obligations

implement an effective recovery process.

Context of and specific resources for assessment

Assessment must ensure:

competency is demonstrated in the context of the work environment and conditions specified in the range statement either in a relevant workplace or a closely simulated work environment

access to and the use of a range of common office equipment, technology, software and consumables

access to organisation records

access to organisation policies and procedures.

Method of assessment

A range of assessment methods should be used to assess practical skills and knowledge. The following examples, in combination, are appropriate for this unit:

evaluating an integrated activity, which combines the elements of competency for the unit, or a cluster of related units of competency

observing processes and procedures in workplaces

verbal or written questioning on underpinning knowledge and skills

evaluating samples of work

accessing and validating third party reports

setting and reviewing workplace projects and business simulations or scenarios.

Guidance information for assessment

Submission Requirements

List each assessment task's title, type (eg project, observation/demonstration, essay, assingnment, checklist) and due date here

Assessment task 1: [title]      Due date:

(add new lines for each of the assessment tasks)

Assessment Tasks

Copy and paste from the following data to produce each assessment task. Write these in plain English and spell out how, when and where the task is to be carried out, under what conditions, and what resources are needed. Include guidelines about how well the candidate has to perform a task for it to be judged satisfactory.

Required skills

highly developed communication skills to:

determine and confirm information, using questioning and active listening as required

relate effectively to customers

liaise with others, share information, listen and understand

use language and concepts appropriate to cultural differences

well-developed numeracy and IT skills to:

perform calculations related to achieving required outcomes

use computer applications (word processing, spreadsheet, database, specific purpose computer systems) to assist in achieving required outcomes

access and update records electronically

access web based information services

well-developed literacy skills to read and interpret documentation from a variety of sources and record and consolidate relevant related information

learning skills to maintain knowledge of changes to compliance legislation and requirements

problem solving skills to identify any issues that have the potential to impact on work outcomes and to develop options to resolve these issues when they arise

self-management skills for complying with ethical, legal and procedural requirements research and analysis skills for accessing and interpreting relevant information

organisational skills, including the ability to plan and sequence work

Required knowledge

Credit Acts

industry sector compliance requirements

Insurance (Agents and Brokers) Act

legal precedents and previous organisation and industry results

organisation and industry sector policy wording

organisation policy, procedures, underwriting guidelines and authorities

Privacy Act

relative industry sector hazards

relevant common law Insurance Contracts Act

relevant legislative requirements including taxation law

Trade Practices Act

The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that may be present with training and assessment (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) may also be included.

Sources of recovery may include:

goods sale

liable parties

other insurers

reinsurers

salvage and disposal.

Recovery methods may include:

direct

solicitors

third party agents.

Service providers may include:

mercantile agents

solicitors.

Negotiation/viability may include:

compromised settlement

contributory negligence.

Best terms basis refers to:

the best possible terms in the circumstances, including factors such as time, money and brand image.

Legislation may include:

Carriage of Goods Acts

Credit Acts

Insurance (Agents and Brokers) Act

international conventions

law of liability and negligence

Privacy Act

small claims procedures

Trade Practices Act.

Records include:

claims files

relevant client files.

Copy and paste from the following performance criteria to create an observation checklist for each task. When you have finished writing your assessment tool every one of these must have been addressed, preferably several times in a variety of contexts. To ensure this occurs download the assessment matrix for the unit; enter each assessment task as a column header and place check marks against each performance criteria that task addresses.

Observation Checklist

Tasks to be observed according to workplace/college/TAFE policy and procedures, relevant legislation and Codes of Practice Yes No Comments/feedback
Sources and rights of recovery are identified 
Accurate calculation of achievable recovery amounts is made 
Extent of recovery success is evaluated 
The benefit to the organisation of using each of the available recovery methods is determined following organisation operating procedures 
Methods are assessed for compliance with relevant legislative and organisation policy requirements 
Recovery action decided upon is appropriate to circumstances of loss 
Recovery of correct amount from reinsurers is instigated where appropriate 
Where necessary loss recovery agents are appointed to undertake loss recovery 
Demand is issued to responsible party 
Knock for knock is confirmed, if applicable 
Diary system is utilised to monitor follow-up 
Referral is made to solicitor or other relevant service provider, if applicable 
Recovery is implemented and followed up within specified timeframes and organisation guidelines 
Recovery settlement is negotiated on best terms according to organisation policy 
Negotiation is completed within timeframes and organisation procedures 
File is checked to determine whether recovery money has been received 
Payment information is preparation and entered on the system to facilitate payment of claim by finance department, where applicable 
Where applicable, client's share of recovery money is paid promptly 
Claims are finalised according to legislation, regulations, organisation operating procedures and codes of practice, if applicable 
All relevant records and files are promptly updated to display recovery action, amounts, and so on 
Underwriter is advised of any special circumstances, if applicable 

Forms

Assessment Cover Sheet

FNSISV507A - Implement claim recovery procedures
Assessment task 1: [title]

Student name:

Student ID:

I declare that the assessment tasks submitted for this unit are my own work.

Student signature:

Result: Competent Not yet competent

Feedback to student

 

 

 

 

 

 

 

 

Assessor name:

Signature:

Date:

Assessment Record Sheet

FNSISV507A - Implement claim recovery procedures

Student name:

Student ID:

Assessment task 1: [title] Result: Competent Not yet competent

(add lines for each task)

Feedback to student:

 

 

 

 

 

 

 

 

Overall assessment result: Competent Not yet competent

Assessor name:

Signature:

Date:

Student signature:

Date: