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Evidence Guide: FNSISV517A - Review claims settlement policies and procedures

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

 

FNSISV517A - Review claims settlement policies and procedures

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

Collect data on claims trends

  1. Data gathering processes are designed and implemented
  2. New data requirements and sources of information are identified and process for collecting the data established
Data gathering processes are designed and implemented

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

New data requirements and sources of information are identified and process for collecting the data established

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Monitor and report on claims trends

  1. Data collected is analysed to identify trends
  2. Accurate and timely claims reports are prepared to document trends where appropriate
Data collected is analysed to identify trends

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Accurate and timely claims reports are prepared to document trends where appropriate

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify required changes to portfolio, claims settlement policy or procedures

  1. Information which impacts on the various portfolios is communicated promptly to management according to company procedures
  2. Changes to policy and procedures are instigated to minimise future losses
Information which impacts on the various portfolios is communicated promptly to management according to company procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Changes to policy and procedures are instigated to minimise future losses

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:

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

Required Skills and Knowledge

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.

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.

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.