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. Establish viability of recovery | 1.1 Identify sources and rights of recovery 1.2 Make accurate calculation of achievable recovery amounts 1.3 Evaluate extent of recovery success |
2. Evaluate recovery methods | 2.1 Determine benefit to organisation of using each of available recovery methods, following organisational operating procedures 2.2 Assess methods for compliance with relevant legislative and organisational policy requirements 2.3 Ensure recovery action selected is appropriate to circumstances of loss 2.4 Instigate recovery of correct amount from reinsurers, where appropriate 2.5 Appoint agents to undertake loss recovery, where necessary |
3. Implement and monitor recovery progress | 3.1 Issue demand to responsible party 3.2 Confirm knock for knock, if applicable 3.3 Utilise diary system to monitor follow up 3.4 Make referral to solicitor or other relevant service provider, if applicable 3.5 Implement and follow up recovery within specified timeframes and organisational guidelines |
4. Negotiate recovery settlement | 4.1 Negotiate recovery settlement on best terms according to organisational policy 4.2 Complete negotiation within timeframes and organisational procedures |
5. Process monies | 5.1 Check file to determine whether recovery money has been received 5.2 Prepare payment information and enter on system to facilitate payment of claim by finance department, where applicable 5.3 Pay promptly client’s share of recovery money, where applicable 5.4 Finalise claims according to legislation, regulations, organisational operating procedures and codes of practice, if applicable |
6. Record outcome | 6.1 Update promptly all relevant records and files to display recovery action, amounts and other pertinent detail 6.2 Advise underwriter of any special circumstances, if applicable |
Evidence of the ability to:
collate information and determine the viability of a recovery
review options and determine a suitable claim recovery method
initiate recovery and monitor the progress
engage in negotiations to secure settlement conditions
calculate achievable recovery amounts
oversee the financial transactions of payments
maintain accurate records
make referrals to solicitors or other service providers for recoveries.
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:
identify and apply relevant legislation, regulatory guidelines and industry sector compliance requirements as they apply to:
insurance contracts
consumer protection
privacy
taxation laws
credit laws
describe the importance of the legal aspects of insurance agents and brokers
identify and describe legal precedents and previous organisational results for claims recovery
explain the importance of wording of insurance policies in keeping with the organisation or industry sector
outline organisational policy, procedures, insurance guidelines and levels of authority in claim recovery processes
explain relative industry sector hazards associated with claims recovery.
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.