Application
This unit applies to job roles involving specialist knowledge and functions in a range of insurance sectors, particularly underwriting and may be applied within organisations of various sizes and across a range of customer bases. |
Elements and Performance Criteria
ELEMENT | PERFORMANCE CRITERIA |
1. Identify unusual or unwanted trends in claims | 1.1. Unusual or unwanted trends in a cover or claims are investigated and reported 1.2. Relevant data and documentation are accessed and analysed, including the impact of reinsurance |
2. Assess impact of claim and determine alternative strategies | 2.1. Strategies to minimise potential negative impacts to the portfolio are determined within requirements to meet policy obligations and legal requirements 2.2. Consumers' rights are protected according to compliance requirements and codes of practice 2.3. Information which impacts on the portfolio/line of business is communicated promptly to the underwriter 2.4. Need for urgent action to protect organisation interests is determined and acted upon |
Required Skills
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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: undertake statistical analysis 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 |
consumers rights issues and requirements industry sector compliance requirements such as the General Insurance Code of Practice industry trends loss surveying principles organisation policy, procedures, underwriting guidelines and authorities: best underwriting guides (BUG) loss control guides relevant legislation, regulatory guidelines and industry sector compliance requirements, such as the Insurance Contracts Act, Privacy Act, Trade Practices and Corporations Act research and analysis techniques risk management techniques and tools |
Evidence Required
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: identify and assess data relating to losses, analyse it and use the analysis as a basis for development of effective strategies. |
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 |
Range Statement
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. | |
Investigation may include: | whether there are any significant claim trends whether there are any significant changes to the premium pool whether there are changes in the insurance industry to coverage of risk. |
Relevant data may include: | claim statistic reports premium reports surveys other relevant materials. |
Documentation may include: | assessor comments premium income reports on claims solicitor's advice surveys. |
Strategies may include: | case studies changes in policy wording, list of risks, premium rates training. |
Potential negative impacts may be identified by: | accuracy of rates charged additional security arrangements analysing loss ratios analysing relevant geographic, demographic data types of risk written underwriting guidelines. |
Consumers' rights may include: | privacy and access to dispute resolution procedures. |
Types and categories of insurance portfolios/line of business may include: | accidental damage additional benefits burglary/theft business interruption business special risks commercial commercial motor construction risks crop defined events directors and officers domestic electronic equipment employee fraud engineering plant environment and pollution fire and perils general and products liability glass Industrial Special Risks (ISR) livestock machinery breakdown money multi-risk other personal items package contracts personal accident and illness professional indemnity public liability sprinkler leakage transit travel. |
Sectors
Unit sector | Insurance services |
Employability Skills
This unit contains employability skills. |
Licensing Information
Not applicable.