Elements and Performance Criteria
- Confirm validity of claim
- Receive and acknowledge claim notification
- Review details of life insurance policy to ensure valid cover is in force
- Establish that claimant is authorised to deal with policy
- Compile necessary documentation
- Check that documentation is correct and complete, and address any gaps in accordance with procedures
- Assess organisational authority level required to process claim and refer it to an appropriately authorised individual as necessary
- Conduct complex claim assessment
- Review and apply policy terms, conditions and definitions to identify payment criteria in accordance with procedures
- Identify and review evidence against payment criteria in accordance with procedures
- Review all information relevant to circumstances of loss, damage or injury to establish chain of events
- Identify potential fraud indicators
- Identify whether policy exclusions apply
- Recognise need for further information and collect as appropriate
- Appoint specialists to assist in complex claims assessment as required
- Assess and report on liability
- Finalise claim payments
- Advise client of consequences of proceeding with payment
- Obtain policy discharge, as appropriate
- Process payment in accordance with organisational authority levels, procedures and ethical and regulatory requirements
- Update all appropriate records in accordance with procedures
- Communicate settlement details to appropriate stakeholders in accordance with procedures and regulatory requirements
- Initiate reinsurance recovery, if appropriate