Unit of Competency Mapping – Information for Teachers/Assessors – Information for Learners

FNSISV503 Mapping and Delivery Guide
Undertake post-loss risk management

Version 1.0
Issue Date: May 2024


Qualification -
Unit of Competency FNSISV503 - Undertake post-loss risk management
Description
Employability Skills
Learning Outcomes and Application This unit describes the skills and knowledge required to review the effect of losses on the portfolio, identify problems and develop remedial risk management strategies.It applies to individuals working in job roles involving specialist knowledge and functions in a range of insurance sectors, particularly underwriting, and may be applied within organisations of various sizes and across a range of client bases.Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Refer to the FNS Implementation Guide Companion Volume or the relevant regulator for specific guidance on requirements.
Duration and Setting X weeks, nominally xx hours, delivered in a classroom/online/blended learning setting.

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.
Prerequisites/co-requisites
Competency Field
Development and validation strategy and guide for assessors and learners Student Learning Resources Handouts
Activities 		Slides
PPT 		Assessment 1 Assessment 2 Assessment 3 Assessment 4
Elements of Competency Performance Criteria              
Element: Identify unusual or unwanted trends in claims
  • Investigate and report unusual or unwanted trends in cover or claims
  • Access and analyse relevant data and documentation, including impact of reinsurance
       
Element: Assess impact of claim and determine alternative strategies
  • Determine strategies to minimise potential negative impacts to portfolio within requirements to meet policy obligations and legal requirements
  • Protect consumers’ rights according to compliance requirements and codes of practice
  • Communicate information which impacts on portfolio or line of business promptly to underwriter
  • Determine and act on need for urgent action to protect organisation’s interests
       


Evidence Required

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.

Submission Requirements

List each assessment task's title, type (eg project, observation/demonstration, essay, assignment, checklist) and due date here

Assessment task 1: [title]      Due date:

(add new lines for each of the assessment tasks)

Assessment Tasks

Copy and paste from the following data to produce each assessment task. Write these in plain English and spell out how, when and where the task is to be carried out, under what conditions, and what resources are needed. Include guidelines about how well the candidate has to perform a task for it to be judged satisfactory.

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

Copy and paste from the following performance criteria to create an observation checklist for each task. When you have finished writing your assessment tool every one of these must have been addressed, preferably several times in a variety of contexts. To ensure this occurs download the assessment matrix for the unit; enter each assessment task as a column header and place check marks against each performance criteria that task addresses.

Observation Checklist

Tasks to be observed according to workplace/college/TAFE policy and procedures, relevant legislation and Codes of Practice Yes No Comments/feedback
Investigate and report unusual or unwanted trends in cover or claims 
Access and analyse relevant data and documentation, including impact of reinsurance 
Determine strategies to minimise potential negative impacts to portfolio within requirements to meet policy obligations and legal requirements 
Protect consumers’ rights according to compliance requirements and codes of practice 
Communicate information which impacts on portfolio or line of business promptly to underwriter 
Determine and act on need for urgent action to protect organisation’s interests 

Forms

Assessment Cover Sheet

FNSISV503 - Undertake post-loss risk management
Assessment task 1: [title]

Student name:

Student ID:

I declare that the assessment tasks submitted for this unit are my own work.

Student signature:

Result: Competent Not yet competent

Feedback to student

 

 

 

 

 

 

 

 

Assessor name:

Signature:

Date:

Assessment Record Sheet

FNSISV503 - Undertake post-loss risk management

Student name:

Student ID:

Assessment task 1: [title] Result: Competent Not yet competent

(add lines for each task)

Feedback to student:

 

 

 

 

 

 

 

 

Overall assessment result: Competent Not yet competent

Assessor name:

Signature:

Date:

Student signature:

Date: