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Evidence Guide: FNSISV503 - Undertake post-loss risk management

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

 

FNSISV503 - Undertake post-loss risk management

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

Identify unusual or unwanted trends in claims

  1. Investigate and report unusual or unwanted trends in cover or claims
  2. Access and analyse relevant data and documentation, including impact of reinsurance
Investigate and report unusual or unwanted trends in cover or claims

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Access and analyse relevant data and documentation, including impact of reinsurance

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assess impact of claim and determine alternative strategies

  1. Determine strategies to minimise potential negative impacts to portfolio within requirements to meet policy obligations and legal requirements
  2. Protect consumers’ rights according to compliance requirements and codes of practice
  3. Communicate information which impacts on portfolio or line of business promptly to underwriter
  4. Determine and act on need for urgent action to protect organisation’s interests
Determine strategies to minimise potential negative impacts to portfolio within requirements to meet policy obligations and legal requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Protect consumers’ rights according to compliance requirements and codes of practice

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Communicate information which impacts on portfolio or line of business promptly to underwriter

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Determine and act on need for urgent action to protect organisation’s interests

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. 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

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. 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.