NTISthis.com

Evidence Guide: FNSIBK512 - Negotiate complex claims settlement for insurance broking client

Student: __________________________________________________

Signature: _________________________________________________

Tips for gathering evidence to demonstrate your skills

The important thing to remember when gathering evidence is that the more evidence the better - that is, the more evidence you gather to demonstrate your skills, the more confident an assessor can be that you have learned the skills not just at one point in time, but are continuing to apply and develop those skills (as opposed to just learning for the test!). Furthermore, one piece of evidence that you collect will not usualy demonstrate all the required criteria for a unit of competency, whereas multiple overlapping pieces of evidence will usually do the trick!

From the Wiki University

 

FNSIBK512 - Negotiate complex claims settlement for insurance broking client

What evidence can you provide to prove your understanding of each of the following citeria?

Establish content of claim

  1. Review terms and conditions of insurance policy with client to ensure maximum claims recovery is sought
  2. Provide client with advice relating to potential claim recovery
  3. Identify non-insured items
Review terms and conditions of insurance policy with client to ensure maximum claims recovery is sought

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Provide client with advice relating to potential claim recovery

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify non-insured items

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Negotiate terms and conditions of settlement

  1. Identify type of claim and level of variation to standard claims settlement to establish type of negotiation required
  2. Represent client interests to ensure full legal entitlement is forthcoming
  3. Prepare grounds for negotiation to ensure logical, persuasive and technically correct representations can be made
  4. Obtain negotiated agreement with insurer that in most cases meets client requirements and approval
Identify type of claim and level of variation to standard claims settlement to establish type of negotiation required

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Represent client interests to ensure full legal entitlement is forthcoming

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Prepare grounds for negotiation to ensure logical, persuasive and technically correct representations can be made

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Obtain negotiated agreement with insurer that in most cases meets client requirements and approval

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Notify terms of settlement to client

  1. Prepare and document details of insurer’s settlement offer with recommendations without delay for client review and acceptance
  2. Obtain client’s response to settlement offer and act on it without delay
  3. Remit settlement funds to client within terms of legislative requirements, and brokerage policy and operating procedures
Prepare and document details of insurer’s settlement offer with recommendations without delay for client review and acceptance

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Obtain client’s response to settlement offer and act on it without delay

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Remit settlement funds to client within terms of legislative requirements, and brokerage policy and operating procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Update relevant files and records

  1. Update business records without delay and according to company operating procedures
Update business records without delay and according to company operating procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

Evidence Guide

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Establish content of claim

1.1 Review terms and conditions of insurance policy with client to ensure maximum claims recovery is sought

1.2 Provide client with advice relating to potential claim recovery

1.3 Identify non-insured items

2. Negotiate terms and conditions of settlement

2.1 Identify type of claim and level of variation to standard claims settlement to establish type of negotiation required

2.2 Represent client interests to ensure full legal entitlement is forthcoming

2.3 Prepare grounds for negotiation to ensure logical, persuasive and technically correct representations can be made

2.4 Obtain negotiated agreement with insurer that in most cases meets client requirements and approval

3. Notify terms of settlement to client

3.1 Prepare and document details of insurer’s settlement offer with recommendations without delay for client review and acceptance

3.2 Obtain client’s response to settlement offer and act on it without delay

3.3 Remit settlement funds to client within terms of legislative requirements, and brokerage policy and operating procedures

4. Update relevant files and records

4.1 Update business records without delay and according to company operating procedures

Required Skills and Knowledge

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Establish content of claim

1.1 Review terms and conditions of insurance policy with client to ensure maximum claims recovery is sought

1.2 Provide client with advice relating to potential claim recovery

1.3 Identify non-insured items

2. Negotiate terms and conditions of settlement

2.1 Identify type of claim and level of variation to standard claims settlement to establish type of negotiation required

2.2 Represent client interests to ensure full legal entitlement is forthcoming

2.3 Prepare grounds for negotiation to ensure logical, persuasive and technically correct representations can be made

2.4 Obtain negotiated agreement with insurer that in most cases meets client requirements and approval

3. Notify terms of settlement to client

3.1 Prepare and document details of insurer’s settlement offer with recommendations without delay for client review and acceptance

3.2 Obtain client’s response to settlement offer and act on it without delay

3.3 Remit settlement funds to client within terms of legislative requirements, and brokerage policy and operating procedures

4. Update relevant files and records

4.1 Update business records without delay and according to company operating procedures

Evidence of the ability to:

review and analyse the insurance cover to determine insured and non-insured items

prepare advice and recommendations for clients based on analysis of the insurance cover and claims made

negotiate with the insurer to obtain the optimum outcome for the client

document the insurer’s settlement offer, including recommendations for client review and acceptance, and obtain client response.

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:

provide a detailed analysis of the roles and responsibility of the broker in the process of negotiating a complex claim

outline a plan to manage the claim’s process on behalf of the client through application of the insurance broking systems and procedures, and a thorough understanding of the underwriter’s claims process

explain how the key features of insurance contract terms and conditions are evaluated to enable the claim’s negotiation to be planned effectively

explain the application of communication strategies to advise clients throughout the negotiation process, including explaining the roles of underwriters and loss adjusters in the claims process

explain the application of relevant legislation and industry compliance requirements that impact on the client’s rights and obligations.