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Evidence Guide: FNSISV310 - Process insurance claims payments

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

 

FNSISV310 - Process insurance claims payments

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

Process payments

  1. Identify, check and accurately record payment information
  2. Authorise all payments according to organisational operating procedures
  3. Generate payments within timeframes with reference to legislation, organisational policy and operating procedures, and codes of practice if applicable
  4. Complete payment documents and identify relevant details
  5. Observe payment limits for amounts requiring personal signing
Identify, check and accurately record payment information

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Authorise all payments according to organisational operating procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Generate payments within timeframes with reference to legislation, organisational policy and operating procedures, and codes of practice if applicable

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Complete payment documents and identify relevant details

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Observe payment limits for amounts requiring personal signing

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Notify reinsurer, if appropriate

  1. Check reinsurance information related to claims payment
  2. Notify reinsurers of claim payment amount and details under relevant reinsurance arrangements, where appropriate
Check reinsurance information related to claims payment

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Notify reinsurers of claim payment amount and details under relevant reinsurance arrangements, where appropriate

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Finalise claims payment information to facilitate payment

  1. Finalise payment information and enter on system for prompt payment, where required
  2. Despatch claims payment data or payments within required timeframe
  3. Copy and file documents for auditing purposes according to organisational operating procedures
  4. Advise interested parties according to operating procedures where liability is not accepted
Finalise payment information and enter on system for prompt payment, where required

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Despatch claims payment data or payments within required timeframe

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Copy and file documents for auditing purposes according to organisational operating procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Advise interested parties according to operating procedures where liability is not accepted

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. Process payments

1.1 Identify, check and accurately record payment information

1.2 Authorise all payments according to organisational operating procedures

1.3 Generate payments within timeframes with reference to legislation, organisational policy and operating procedures, and codes of practice if applicable

1.4 Complete payment documents and identify relevant details

1.5 Observe payment limits for amounts requiring personal signing

2. Notify reinsurer, if appropriate

2.1 Check reinsurance information related to claims payment

2.2 Notify reinsurers of claim payment amount and details under relevant reinsurance arrangements, where appropriate

3. Finalise claims payment information to facilitate payment

3.1 Finalise payment information and enter on system for prompt payment, where required

3.2 Despatch claims payment data or payments within required timeframe

3.3 Copy and file documents for auditing purposes according to organisational operating procedures

3.4 Advise interested parties according to operating procedures where liability is not accepted

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. Process payments

1.1 Identify, check and accurately record payment information

1.2 Authorise all payments according to organisational operating procedures

1.3 Generate payments within timeframes with reference to legislation, organisational policy and operating procedures, and codes of practice if applicable

1.4 Complete payment documents and identify relevant details

1.5 Observe payment limits for amounts requiring personal signing

2. Notify reinsurer, if appropriate

2.1 Check reinsurance information related to claims payment

2.2 Notify reinsurers of claim payment amount and details under relevant reinsurance arrangements, where appropriate

3. Finalise claims payment information to facilitate payment

3.1 Finalise payment information and enter on system for prompt payment, where required

3.2 Despatch claims payment data or payments within required timeframe

3.3 Copy and file documents for auditing purposes according to organisational operating procedures

3.4 Advise interested parties according to operating procedures where liability is not accepted

Evidence of the ability to:

identify, collate and organise information to document payments

authorise payments within required parameters and timeframes

accurately maintain and file documentation

follow relevant legislation and organisational policies to ensure accuracy.

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:

describe the key principles and practices relevant to making claims payments

outline key features of relevant legislation, regulations, organisational operating procedures and codes of practice relating to processing claims

outline key features of taxation laws relevant to processing insurance claims

outline the conditions when reinsurers need to be informed in the claims process.