Unit of competency details

Unit descriptor 

This unit describes the performance outcomes, skills and knowledge required to conduct an operational review of the portfolio, including identifying problems and determining remedial action.

This unit is applicable to individuals working within enterprises and job roles subject to licensing, legislative, regulatory or certification requirements including legislation administered by the Australian Securities and Investments Commission (ASIC).

Application of the unit 

This unit applies to job roles involving specialist knowledge and functions in a range of insurance sectors and may be applied within organisations of various sizes and across a range of customer bases.

Prerequisite units 

Employability skills 

This unit contains employability skills.

Elements describe the essential outcomes of a unit of competency.

Performance criteria describe the performance needed to demonstrate achievement of the element. Where bold italicised text is used, further information is detailed in the required skills and knowledge section and the range statement. Assessment of performance is to be consistent with the evidence guide.

ELEMENT 

PERFORMANCE CRITERIA 

1. Analyse performance data

1.1. Identified key performance data  is collated and checked for accuracy

1.2. Data is reviewed against planned outcomes and prior record

1.3. Analysis  is conducted to establish whether planned outcomes have been achieved

1.4. Variations in performance are assessed to determine whether remedial action is required

1.5. Performance is benchmarked

2. Identify performance problems and remedial action

2.1. Performance problems are identified from available information

2.2. Unusual circumstances are referred for strategic analysis as required

2.3. Further analysis is undertaken in order to identify improvement measures

3. Document/determine and implement remedial action

3.1. Existing authorities and acceptance criteria are reviewed to assess if amendments are needed

3.2. Action plans to match performance with portfolio profile are prepared within guidelines and established authorities

3.3. Action plans are implemented

4. Monitor effectiveness of remedial action

4.1. Procedures  are developed to monitor remedial action

4.2. The remedial action is monitored to determine its effectiveness

4.3. Results are analysed on an ongoing basis to ensure portfolio performance has stabilised and is moving towards planned outcomes

REQUIRED SKILLS AND KNOWLEDGE 

This section describes the skills and knowledge required for this unit.

Required skills 

• highly developed communication skills to:

• determine and confirm information, using questioning and active listening as required
• relate effectively to customers
• liaise with others, share information, listen and understand
• use language and concepts appropriate to cultural differences

• well-developed numeracy and IT skills to:

• perform calculations related to achieving required outcomes
• use computer applications (word processing, spreadsheet, database, specific purpose computer systems) to assist in achieving required outcomes
• access and update records electronically
• access web-based information services

• well-developed literacy skills to read and interpret documentation from a variety of sources and record and consolidate relevant related information
• learning skills to maintain knowledge of changes to compliance legislation and requirements
• problem solving skills to identify any issues that have the potential to impact on work outcomes and to develop options to resolve these issues when they arise
• self-management skills for complying with ethical, legal and procedural requirements research and analysis skills for accessing and interpreting relevant information
• organisational skills, including the ability to plan and sequence work

Required knowledge 

• industry market position relative to product/line of business
• industry sector compliance requirements such as the General Insurance Code of Practice
• interim cover as it relates to expiry of contracts and cancellations (Insurance Contracts Act. ss. 38, 58)
• OHS legislation per industry
• organisation or industry sector policy wording
• organisation policy, procedures, underwriting guidelines and authorities (e.g. best underwriting and loss control guides)
• reinsurance, treaty and facultative
• relative industry hazards
• relevant common law, legal systems and procedures including:

• Insurance Contracts Act
• Trade Practices Act
• Financial Services Reform Act (FSRA)
• Corporations Act

• risk prevention methods and application

EVIDENCE GUIDE 

The Evidence Guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, range statement and the Assessment Guidelines for the Training Package.

Overview of assessment 

Critical aspects for assessment and evidence required to demonstrate competency in this unit 

Evidence of the ability to:

• interpret and comply with industry sector and all legal obligations and organisation policy and procedures relating to reviewing portfolio performance
• use practical understanding and application of the criteria and methodology for conducting a review of portfolio performance
• analyse performance related data and propose remedies for problems are critical
• develop and implement a detailed action plans to address problems in portfolio performance
• monitor implementation and progress of measures taken to address portfolio performance
• complete relevant documentation and adhere to organisation operating guidelines.

Context of and specific resources for assessment 

Assessment must ensure:

• competency is demonstrated in the context of the work environment and conditions specified in the range statement either in a relevant workplace or a closely simulated work environment
• access to and the use of a range of common office equipment, technology, software and consumables
• access to organisation records
• access to organisation policies and procedures.

Method of assessment 

A range of assessment methods should be used to assess practical skills and knowledge. The following examples, in combination, are appropriate for this unit:

• evaluating an integrated activity, which combines the elements of competency for the unit, or a cluster of related units of competency
• observing processes and procedures in workplaces
• verbal or written questioning on underpinning knowledge and skills
• evaluating samples of work
• accessing and validating third party reports
• setting and reviewing workplace projects and business simulations or scenarios.

Guidance information for assessment 

RANGE STATEMENT 

The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that may be present with training and assessment (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) may also be included.

Performance data  may include:

• benchmarking against predetermined objectives and/or internal and external business units
• claims loss ratio data
• density of portfolio per area
• general knowledge
• number and extent of losses
• publications (industry associations and trade journals)
• revenue accounts
• statistics
• stock exchange.

Analysis  techniques may include:

• a comparative study of variation trends and loss ratios
• frequently occurring risks
• one-off events or catastrophes.

Procedures  may include:

• monitoring preferred acceptance criteria
• quality assurance testing.

Unit sector 

Insurance services

Competency field 

Co-requisite units