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Evidence Guide: FNSISV515 - Evaluate and report on status of claims portfolio

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

 

FNSISV515 - Evaluate and report on status of claims portfolio

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

Evaluate status of claims portfolio

  1. Identify organisation’s expectations for claims portfolio performance
  2. Analyse and evaluate claims portfolio data and information to identify trends and determine status of portfolio
  3. Research industry to determine benchmarks for claims portfolios
Identify organisation’s expectations for claims portfolio performance

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Analyse and evaluate claims portfolio data and information to identify trends and determine status of portfolio

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Research industry to determine benchmarks for claims portfolios

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Recommend changes to claims portfolio, policy and/or procedures, as required

  1. Identify changes to portfolio, policy and procedures to improve portfolio performance and minimise claims losses
  2. Document all changes and update records in compliance with organisational policy and procedures
Identify changes to portfolio, policy and procedures to improve portfolio performance and minimise claims losses

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Document all changes and update records in compliance with organisational policy and procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Prepare status report

  1. Prepare accurate and timely claims portfolio reports to document status and trends, where appropriate
  2. Make recommendations on improvements to claims portfolio
Prepare accurate and timely claims portfolio reports to document status and trends, where appropriate

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Make recommendations on improvements to claims portfolio

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Communicate findings to key stakeholders

  1. Communicate promptly information which impacts on various portfolios to stakeholders according to organisational procedures
Communicate promptly information which impacts on various portfolios to stakeholders according to organisational procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Review status report findings

  1. Use feedback from stakeholders to review key findings and recommendations
  2. Document all feedback and subsequent amendments to status report and record according to organisational policy and procedures
Use feedback from stakeholders to review key findings and recommendations

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Document all feedback and subsequent amendments to status report and record according to organisational policy and procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

Evidence Guide

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Evaluate status of claims portfolio

1.1 Identify organisation’s expectations for claims portfolio performance

1.2 Analyse and evaluate claims portfolio data and information to identify trends and determine status of portfolio

1.3 Research industry to determine benchmarks for claims portfolios

2. Recommend changes to claims portfolio, policy and/or procedures, as required

2.1 Identify changes to portfolio, policy and procedures to improve portfolio performance and minimise claims losses

2.2 Document all changes and update records in compliance with organisational policy and procedures

3. Prepare status report

3.1 Prepare accurate and timely claims portfolio reports to document status and trends, where appropriate

3.2 Make recommendations on improvements to claims portfolio

4. Communicate findings to key stakeholders

4.1 Communicate promptly information which impacts on various portfolios to stakeholders according to organisational procedures

5. Review status report findings

5.1 Use feedback from stakeholders to review key findings and recommendations

5.2 Document all feedback and subsequent amendments to status report and record according to organisational policy and procedures

Required Skills and Knowledge

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Evaluate status of claims portfolio

1.1 Identify organisation’s expectations for claims portfolio performance

1.2 Analyse and evaluate claims portfolio data and information to identify trends and determine status of portfolio

1.3 Research industry to determine benchmarks for claims portfolios

2. Recommend changes to claims portfolio, policy and/or procedures, as required

2.1 Identify changes to portfolio, policy and procedures to improve portfolio performance and minimise claims losses

2.2 Document all changes and update records in compliance with organisational policy and procedures

3. Prepare status report

3.1 Prepare accurate and timely claims portfolio reports to document status and trends, where appropriate

3.2 Make recommendations on improvements to claims portfolio

4. Communicate findings to key stakeholders

4.1 Communicate promptly information which impacts on various portfolios to stakeholders according to organisational procedures

5. Review status report findings

5.1 Use feedback from stakeholders to review key findings and recommendations

5.2 Document all feedback and subsequent amendments to status report and record according to organisational policy and procedures

Evidence of the ability to:

effectively apply planning, data collection, analysis, communication and report writing skills to the interpretation and evaluation of the status of a claims portfolio

accurately interpret charts, graphs and statistical information

research industry trends in portfolio management to reduce losses

prepare claims portfolio reports to document status and trends of the portfolio.

Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.

To complete the unit requirements safely and effectively, the individual must:

explain and apply data analysis techniques relevant to claims portfolios

explain and apply evaluation methodologies

describe industry trends in insurance portfolio management

outline organisational policy, procedures, underwriting guidelines and levels of authority relating to claims portfolios

outline key features of relevant legislation, regulatory guidelines and industry sector codes of practice relating to claims management and reporting

explain risk prevention and loss minimisation methods and application in the development of claims portfolios

define types and categories of insurance policies.