Modification History
Not applicable.
Unit Descriptor
Unit descriptor |
This unit describes the performance outcomes, skills and knowledge required to undertake ongoing review and monitoring of insurance loss trends and establish loss control programs to improve loss ratios. 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
Application of the unit |
This unit applies to insurance broking roles and may be applied within organisations of various sizes and across a range of customer bases. |
Licensing/Regulatory Information
Not applicable.
Pre-Requisites
Prerequisite units |
||
Employability Skills Information
Employability skills |
This unit contains employability skills. |
Elements and Performance Criteria Pre-Content
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. |
Elements and Performance Criteria
ELEMENT |
PERFORMANCE CRITERIA |
1. Identify loss trends |
1.1. Details of loss reporting program required to analyse claims history is determined 1.2. Claims data required to analyse losses or loss trends is obtained from insurer 1.3. Data from client regarding loss incidents is collected |
2. Determine suitable action on loss reports |
2.1. Analysis of loss information to identify insured losses is undertaken using valid and reliable statistical techniques 2.2. Any unreported insured losses identified are referred to insurers 2.3. Recovery protocols for third party claims established where required 2.4. Need for better data collection of loss information/trends is identified |
3. Formulate and recommend loss control program |
3.1. Client's insurance program is analysed to identity areas requiring effective loss control 3.2. Options to reduce the incidence and frequency of loss to protect the clients' interests are identified 3.3. Client loss control programs are clearly documented with reasons for the recommendations made 3.4. Responsibility for ongoing maintenance of the loss reporting program is assigned so that accurate, comprehensive and reliable records are available |
Required Skills and Knowledge
REQUIRED SKILLS AND KNOWLEDGE |
This section describes the skills and knowledge required for this unit. |
Required skills |
|
Required knowledge |
|
Evidence Guide
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:
|
Context of and specific resources for assessment |
Assessment must ensure:
|
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:
|
Guidance information for assessment |
Range Statement
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. |
|
Loss may include: |
|
Loss trends may be identified from: |
|
Loss control programs may include: |
|
Unit Sector(s)
Unit sector |
Insurance broking |
Competency field
Competency field |
Co-requisite units
Co-requisite units |
||