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Follow the links below to find material targeted to the unit's elements, performance criteria, required skills and knowledge

Elements and Performance Criteria

1. Establish viability of recovery
   • Identify sources and rights of recovery
   • Calculate achievable recovery amount
   • Evaluate extent of recovery success
2. Evaluate recovery methods
   • Determine recovery method based on assessing benefit to organisation and according to organisational operating procedures
   • Confirm that selected recovery method is appropriate to circumstances of loss and compliant with legislative and organisational requirements
3. Implement and monitor recovery progress and negotiate recovery
   • Issue demand to responsible party and appoint agents to undertake loss recovery, as required
   • Confirm knock for knock, as required
   • Make referral to solicitor and other relevant service provider, as required
   • Implement and follow up recovery within required timeframes and according to organisational procedures
   • Negotiate recovery settlement within required timeframes and according to organisational procedures
4. Process monies and record outcomes
   • Confirm receipt of recovery amounts
   • Prepare payment information and facilitation of claim payment, as required
   • Make recommendation to relevant team on payment of client’s share of recovery money, as required
   • Finalise claims according to legislation, regulations, organisational operating procedures and codes of practice, as required
   • Update required records and advise underwriter of any special circumstances, as required

Performance Evidence

The candidate must demonstrate the ability to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including evidence of the ability to:

implement claim recovery procedures for at least three different insurance claims.

In the course of the above, the candidate must:

collate information and determine viability of the recovery

review options and determine a suitable claim recovery method

engage in negotiations to secure settlement conditions

calculate achievable recovery amounts

oversee financial transactions of payments

maintain accurate records.

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Knowledge Evidence

The candidate must be able to demonstrate knowledge to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including knowledge of:

legislative requirements, regulatory guidelines and industry sector compliance requirements as they apply to:

insurance contracts

consumer protection

privacy

collection of monies

Corporations Act

General Insurance Code of Practice

organisational policies, procedures, insurance guidelines and key stakeholders in claim recovery processes

legal aspects of insurance agents and brokers that apply when implementing claim recovery procedures

key aspects of claim recovery methods and their application

techniques for negotiating recovery settlements

insurance fundamentals and methods to interpret and apply policy wording, including rights of subrogation

key aspects of procedures of claims recovery from reinsurance

legal precedents and previous organisational results for insurance claims recovery.

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