Unit of competency
Modification History
Release |
Comments |
Release 1 |
This version first released with FNS Financial |
Application
This unit describes the skills and knowledge required to research, organise, identify points of difference, clarify the crucial issues and present a case in negotiating terms and conditions of claims settlements for insurance broking clients.
It applies to individuals who use well-developed interpersonal, analytical and communication skills within organisations of various sizes and across a range of customer bases.
Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Refer to the FNS Implementation Guide Companion Volume or the relevant regulator for specific guidance on requirements.
Unit Sector
Insurance broking
Elements and Performance Criteria
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 |
Foundation Skills
This section describes language, literacy, numeracy and employment skills incorporated in the performance criteria that are required for competent performance.
Skill |
Performance Criteria |
Description |
Reading |
1.1, 1.3, 2.1 |
|
Writing |
1.1, 1.2, 2.3, 3.1, 3.2, 4.1 |
|
Oral Communication |
1.1, 1.2, 2.1, 2.2, 2.6, 2.7, 3.2 |
|
Numeracy |
2.6, 3.1, 3.3 |
|
Navigate the world of work |
2.1, 2.6 |
|
Interact with others |
1.1, 1.2, 2.2, 2.4, 3.2 |
|
Get the work done |
2.3-2.5, 3.1, 4.1 |
|
Unit Mapping Information
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 |
Links
Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe