Release 

Comments 

Release 1

This version first released with FNS Financial Services Training Package Version 1.0.

ELEMENT 

PERFORMANCE CRITERIA 

Elements describe the essential outcomes.

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

1. Prepare reinsurance tender

1.1 Review previous tender arrangements and documents, where they exist

1.2 Prepare and check information relating to treaty reinsurance tender

1.3 Check completeness of information

1.4 Confirm coverage of claim, or series of claims, under specific client, policy or treaty

1.5 Prepare tendering conditions in line with organisational procedures, guidelines and authorities, context, and treaty and facultative obligations

1.6 Prepare and confirm criteria for supplier selection

1.7 Record accurately all tender information

1.8 Pass on tendering information to appropriate staff, where required

2. Select reinsurance supplier

2.1 Notify relevant reinsurers of tender conditions and details under relevant reinsurance tendering arrangements

2.2 Request tender response from reinsurer in line with organisational procedures, guidelines and authorities within accepted timeframes and guidelines

2.3 Review reinsurance supplier tenders and evaluate against set selection criteria

2.4 Record accurately all tender information

3. Manage transactions for treaty

3.1 Calculate recovery of whole claim, including reinstatements for policy terms and conditions, and from which treaty it is to be recovered

3.2 Manage transactions

3.3 Check and accurately record all information

4. Negotiate terms and conditions of agreement

4.1 Negotiate policy terms and conditions with selected reinsurers

4.2 Document and record accurately all information on system

4.3 Pass on reinsurer information to appropriate staff, where required

Skill 

Performance Criteria 

Description 

Reading

1.1-1.4, 2.3, 3.1, 3.3

• Analyses and consolidates information and data from a range of sources, against defined criteria and requirements, and checks for accuracy and completeness

Writing

1.2, 1.6-1.8, 2.1-2.4, 3.1, 3.3, 4.1-4.3

• Accurately records information and prepares correspondence and documentation using clear language and organisational formats and protocols

Oral Communication

2.1, 2.2, 4.1, 4.3

• Participates in verbal exchanges to convey complex information using vocabulary appropriate to audience

Numeracy

2.3, 3.1-3.3

• Performs mathematical calculations to analyse financial data and statistics to effectively value insurance contacts

Navigate the world of work

1.5, 2.2

• Follows policies, procedures and legislative requirements, and identifies organisational implications of new legislation or regulation

Interact with others

1.6, 1.8, 2.1, 2.2, 4.1, 4.3

• Implements communication strategies to build rapport, foster strong relationships and negotiate positive outcomes with a diverse range of colleagues and clients

Get the work done

1.1-1.6, 3.1, 3.2, 4.1

• Plans and sequences complex tasks and workload, negotiating key aspects with others and taking into account capabilities, efficiencies and effectiveness
• Responds intuitively to problems requiring immediate resolution, drawing on past experiences to focus on the cause of a problem rather than the symptom
• Makes critical decisions quickly and intuitively in complex situations, taking into consideration a range of variables including the outcomes of previous decisions
• Uses digital technologies to access, enter and store information required to complete work tasks

Code and title 

current version 

Code and title 

previous version 

Comments 

Equivalence status 

FNSISV504 Negotiate treaty reinsurance

FNSISV504A Negotiate treaty reinsurance

Updated to meet Standards for Training Packages

Equivalent unit

Release 

Comments 

Release 1

This version first released with FNS Financial Services Training Package Version 1.0.