List the assessment methods to be used and the context and resources required for assessment. Copy and paste the relevant sections from the evidence guide below and then re-write these in plain English.
ELEMENT | PERFORMANCE CRITERIA |
Elements describe the essential outcomes. | Performance criteria describe the performance needed to demonstrate achievement of the element. |
1. Identify unusual or unwanted trends in claims | 1.1 Investigate and report unusual or unwanted trends in cover or claims 1.2 Access and analyse relevant data and documentation, including impact of reinsurance |
2. Assess impact of claim and determine alternative strategies | 2.1 Determine strategies to minimise potential negative impacts to portfolio within requirements to meet policy obligations and legal requirements 2.2 Protect consumers’ rights according to compliance requirements and codes of practice 2.3 Communicate information which impacts on portfolio or line of business promptly to underwriter 2.4 Determine and act on need for urgent action to protect organisation’s interests |
Evidence of the ability to:
accurately identify and assess data and trends relating to losses
effectively analyse the data and trends to identify post loss
use the analysis as a basis for developing effective strategies to minimise loss.
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 consumers’ rights issues and requirements
describe industry trends as they relate to insurance losses
explain the principles for loss surveying
outline organisational policy, procedures, underwriting guidelines and authorities:
best underwriting guides (BUG)
loss control guides
identify and apply relevant legislation, regulatory guidelines and industry sector compliance requirements as they apply to:
insurance contracts
consumer protection
financial services
corporations
select and apply research and analysis techniques
outline risk management techniques and tools
outline impacts of losses on reinsurance.
Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the insurance services field of work and include access to:
organisational records
organisational policy, procedures, legislation and regulations as they relate to contracts of insurance
a range of common technology and software.
Assessors must satisfy NVR/AQTF assessor requirements.