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Evidence Guide: FNSISV503A - Undertake post-loss risk management

Student: __________________________________________________

Signature: _________________________________________________

Tips for gathering evidence to demonstrate your skills

The important thing to remember when gathering evidence is that the more evidence the better - that is, the more evidence you gather to demonstrate your skills, the more confident an assessor can be that you have learned the skills not just at one point in time, but are continuing to apply and develop those skills (as opposed to just learning for the test!). Furthermore, one piece of evidence that you collect will not usualy demonstrate all the required criteria for a unit of competency, whereas multiple overlapping pieces of evidence will usually do the trick!

From the Wiki University

 

FNSISV503A - Undertake post-loss risk management

What evidence can you provide to prove your understanding of each of the following citeria?

Identify unusual or unwanted trends in claims

  1. Unusual or unwanted trends in a cover or claims are investigated and reported
  2. Relevant data and documentation are accessed and analysed, including the impact of reinsurance
Unusual or unwanted trends in a cover or claims are investigated and reported

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Relevant data and documentation are accessed and analysed, including the impact of reinsurance

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assess impact of claim and determine alternative strategies

  1. Strategies to minimise potential negative impacts to the portfolio are determined within requirements to meet policy obligations and legal requirements
  2. Consumers' rights are protected according to compliance requirements and codes of practice
  3. Information which impacts on the portfolio/line of business is communicated promptly to the underwriter
  4. Need for urgent action to protect organisation interests is determined and acted upon
Strategies to minimise potential negative impacts to the portfolio are determined within requirements to meet policy obligations and legal requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Consumers' rights are protected according to compliance requirements and codes of practice

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Information which impacts on the portfolio/line of business is communicated promptly to the underwriter

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Need for urgent action to protect organisation interests is determined and acted upon

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

Evidence Guide

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

Required Skills and Knowledge

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

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.