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Follow the links below to find material targeted to the unit's elements, performance criteria, required skills and knowledge

Elements and Performance Criteria

1. Collect data on claims trends
   • Design and implement data gathering processes
   • Identify new data requirements and sources of information, and establish process for collecting data
   • Research industry claims settlement trends to benchmark against
2. Monitor and report on claims trends
   • Analyse data collected to identify trends
   • Prepare accurate and timely claims reports to document trends, where appropriate
   • Recommend appropriate improvements to claims settlement policy and procedures
3. Identify required changes to portfolio, claims settlement policy or procedures
   • Communicate promptly information which impacts on various portfolios to management, according to company procedures
   • Instigate changes to policy and procedures to minimise future losses

Performance Evidence

Evidence of the ability to:

effectively collect and interpret claims settlement data from a wide range of sources

thoroughly analyse the trends and the effects on claims settlement policies and procedures

document and communicate changes required in claims settlement policies and procedures.

Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.

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Knowledge Evidence

To complete the unit requirements safely and effectively, the individual must:

outline organisational policy, procedures and guidelines for claims settlement

outline data collection design and practice

outline data analysis techniques relating to claims settlement

describe industry trends in insurance prudential risk management

explain portfolio management techniques in insurance prudential risk management

analyse reasons for losses as a result of poor claims settlement policy and procedures, and recommend improvements to avoid recurrence.

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