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. Establish content of claim

1.1 Review terms and conditions of insurance policy with client to ensure maximum claims recovery is sought

1.2 Provide client with advice relating to potential claim recovery

1.3 Identify non-insured items

2. Negotiate terms and conditions of settlement

2.1 Identify type of claim and level of variation to standard claims settlement to establish type of negotiation required

2.2 Represent client interests to ensure full legal entitlement is forthcoming

2.3 Prepare grounds for negotiation to ensure logical, persuasive and technically correct representations can be made

2.4 Obtain negotiated agreement with insurer that in most cases meets client requirements and approval

3. Notify terms of settlement to client

3.1 Prepare and document details of insurer’s settlement offer with recommendations without delay for client review and acceptance

3.2 Obtain client’s response to settlement offer and act on it without delay

3.3 Remit settlement funds to client within terms of legislative requirements, and brokerage policy and operating procedures

4. Update relevant files and records

4.1 Update business records without delay and according to company operating procedures

Skill 

Performance Criteria 

Description 

Reading

1.1, 1.3, 2.1

• Organises, interprets and critiques material from a range of sources and identifies relevant and key information

Writing

1.1, 1.2, 2.3, 3.1, 3.2, 4.1

• Develops material for a specific audience using clear, detailed language to convey explicit information, requirements and recommendations

Oral Communication

1.1, 1.2, 2.1, 2.2, 2.6, 2.7, 3.2

• Articulates clearly using specific and relevant language suitable to the audience to convey requirements, and employs listening and questioning techniques to confirm understanding
• Participates in verbal negotiations using tone and language suitable to the audience

Numeracy

2.6, 3.1, 3.3

• Undertakes statistical analysis, interprets data and performs accurate mathematical calculations to achieve required outcomes

Navigate the world of work

2.1, 2.6

• Takes full responsibility for ensuring that processes and documentation meet policy requirements

Interact with others

1.1, 1.2, 2.2, 2.4, 3.2

• Selects and uses appropriate conventions and protocols when communicating with colleagues and others to seek or provide information
• Recognises and accommodates the particular needs, values, beliefs and cultural expectations of others

Get the work done

2.3-2.5, 3.1, 4.1

• Accepts responsibility for planning and sequencing complex tasks and workload to meet policy requirements
• Systematically gathers and analyses all relevant information and evaluates options to make decisions and recommendations regarding settlement terms
• 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 

FNSIBK512 Negotiate complex claims settlement for insurance broking client

FNSIBK512A Negotiate complex claims settlement for insurance broking client

Updated to meet Standards for Training Packages

Wording changes to performance criteria to better reflect industry practice

Equivalent unit

Release 

Comments 

Release 1

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