This unit applies to those involved in the development and monitoring of policies and procedures associated with organisational underwriting risk within the insurance sector.
Not applicable.
1. Collect data on claims trends | 1.1 Data gathering processes are designed and implemented 1.2 New data requirements and sources of information are identified and process for collecting the data established |
2. Monitor and report on claims trends | 2.1 Data collected is analysed to identify trends 2.2 Accurate and timely claims reports are prepared to document trends where appropriate |
3. Identify required changes to portfolio, claims settlement policy or procedures | 3.1 Information which impacts on the various portfolios is communicated promptly to management according to company procedures 3.2 Changes to policy and procedures are instigated to minimise future losses |
Required skills
communication skills to:
liaise and share information with others
gather and check information
IT skills to:
use computer applications (word processing, spreadsheet, database, specific purpose computer systems)
access and update records electronically
access web-based information services
numeracy skills to:
interpret numeric data and relevant statistics relative to claims and prudential risk
undertake trend analysis
perform portfolio analysis
organisational skills to efficiently plan and sequence work
reading skills to:
read and understand relevant procedures
read and understand reports and statistics
research and analysis skills to:
identify and interpret relevant information
analyse information and data
interpret statistics
writing skills to:
accurately record information
appropriately reference source documents including policy definitions and submitted evidentiary documents
prepare reports
draft policy documents.
Required knowledge
claims policies and procedures
data analysis techniques
industry trends in insurance prudential risk management
portfolio management techniques in insurance prudential risk management
design and practice in data collection.
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: collect and interpret data from a wide range of sources analyse the causes of trends and the effects on claims settlement policies and procedures. |
Context of and specific resources for assessment | Assessment must ensure: competency is demonstrated in the context of the financial services 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 financial services product information access to information about workplace policy and procedures. |
Method of assessment | A range of assessment methods should be used to assess practical skills and knowledge. The following examples 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 simulated tasks involving preparation of reports from supplied data verbal or written questioning on underpinning knowledge and skills evaluating samples of work. |
Guidance information for assessment |
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 information may include: | reports on claims declinature claims inter-disciplinary rehabilitation (IDR) referrals claim statistic reports previous policies and historical documents premium income claims settlement costs loss ratios claims frequency surveys. |
Claims reports may include: | loss ratios claims settlement costs claims frequencies. |
Insurance services
This unit contains employability skills.
No licensing, legislative, regulatory or certification requirements apply to this unit at the time of publication.