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Evidence Guide: FNSISV525 - Evaluate and report on status of insurance claims portfolios

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

 

FNSISV525 - Evaluate and report on status of insurance claims portfolios

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

Evaluate data on an insurance claims portfolio or a line of business claim

  1. Source portfolio or line of business claims data using organisational collection processes in preparation for analysis
  2. Identify any additional claims data sources, external influences and improvement to policies and procedures
  3. Identify organisation’s expectations for claims portfolio performance
  4. Analyse data and undertake risk analysis to determine profitability, loss ratio, claims reserves and future trends according to organisational policies and procedures
  5. Research industry to determine benchmarks for claims portfolio
Source portfolio or line of business claims data using organisational collection processes in preparation for analysis

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify any additional claims data sources, external influences and improvement to policies and procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify organisation’s expectations for claims portfolio performance

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Analyse data and undertake risk analysis to determine profitability, loss ratio, claims reserves and future trends according to organisational policies and procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Research industry to determine benchmarks for claims portfolio

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Interpret findings to report on assumptions and recommendations

  1. Identify findings and formulate assumptions and recommendations to identify trends, future profitability, claims reserves and loss ratio for the line of business
  2. Review and suggest amendments to policies and procedures to improve line of business financial outcomes
  3. Prepare a report documenting findings, identified issues and assumptions
Identify findings and formulate assumptions and recommendations to identify trends, future profitability, claims reserves and loss ratio for the line of business

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Review and suggest amendments to policies and procedures to improve line of business financial outcomes

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Prepare a report documenting findings, identified issues and assumptions

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Communicate and review report

  1. Communicate findings and recommendations to required stakeholders within required timeframe and according to organisational policies and procedures
  2. Collate feedback and identified issues, and amend report accordingly
Communicate findings and recommendations to required stakeholders within required timeframe and according to organisational policies and procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Collate feedback and identified issues, and amend report accordingly

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Finalise report findings and confirm approval

  1. Submit final report for approval according to organisational lines of approval and delegation of authority
  2. Document final report and communicate to relevant stakeholders for implementation according to organisational procedures
Submit final report for approval according to organisational lines of approval and delegation of authority

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Document final report and communicate to relevant stakeholders for implementation according to organisational procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

Required Skills and Knowledge

The candidate must demonstrate the ability to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including evidence of the ability to:

evaluate and report on status of at least one insurance claims portfolio or line of business.

In the course of the above, the candidate must:

research industry trends in portfolio management to reduce losses

make assumptions and recommendations based on findings

engage with required colleagues, communicate findings, and apply feedback.

The candidate must be able to demonstrate knowledge to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including knowledge of:

legislative requirements, regulatory guidelines and industry sector codes of practice relating to claims management and reporting

organisational policies and procedures, underwriting guidelines and levels of authority relating to evaluating and reporting on insurance claims portfolios

data and risk analysis techniques relevant to insurance claims portfolios

key aspects of financial theories and statistics relevant to insurance claims portfolios, including financial modelling and related mathematics

evaluation methodologies relevant to insurance claims portfolios

industry trends in insurance portfolio management

insurance fundamentals and methods to interpret, comprehend and apply policy wording

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

reporting techniques to communicate assumptions used and recommendations developed

types and categories of insurance policies.