Unit of competency details
FNSILA514 - Negotiate and affect settlement relating to loss situation, damage or injury (Release 1)
Summary
Usage recommendation:
Current
Releases:
| 1 1 (this release) |
02/Feb/2021 |
Companion volumes:
Unit of competency
Assessment requirements
Training packages that include this unit
Qualifications that include this unit
Classifications
Classification history
| ASCED Module/Unit of Competency Field of Education Identifier | 081103 | Insurance And Actuarial Studies | 10/Mar/2021 | |
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Unit of competency
Modification History
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Release
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Comments
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Release 1
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This version first released with FNS Financial Services Training Package Version 6.0.
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Application
This unit describes the skills and knowledge required to identify available options for settlement and to assist in the settlement process relating to loss situations, damage or injury. This includes resolving disputes in the case of contention within the settlement process and issuing recovery demands.
The unit applies to individuals working in the loss adjusting sector who use specialised knowledge, well-developed organisational skills and strong communication skills to effectively negotiate with a range of personnel.
Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Users are advised to check with the relevant state and territory regulatory authorities to confirm those requirements.
Unit Sector
Insurance loss adjusting
Elements and Performance Criteria
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ELEMENT
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PERFORMANCE CRITERIA
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Elements describe the essential outcomes.
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Performance criteria describe the performance needed to demonstrate achievement of the element.
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1. Prepare for negotiation
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1.1 Identify issues and options for settlement
1.2 Obtain additional information as required according to identified options
1.3 Carry out cost-benefit analysis on identified options
1.4 Prepare and document information and data needed for settlement meetings according to client instructions, organisational policies and guidelines, legislative and regulatory requirements and codes of practice
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2. Facilitate and document negotiations and settlement
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2.1 Arrange and conduct meetings of involved parties and facilitate resolution of issues and settlement
2.2 Document and convey outcomes of meetings to client and other required parties
2.3 Make documents and information processed as part of loss adjustment activities available to involved parties as required
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3. Manage dispute for client or organisation
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3.1 Represent clients or organisational interests where dispute arises and provide required documents and information to other involved parties
3.2 Issue recovery demands as required
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Foundation Skills
This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.
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S KILL
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DESCRIPTION
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Numeracy
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- Performs calculations and uses mathematical problem-solving techniques to analyse numerical and financial data
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Oral Communication
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- Participates in verbal exchanges, clearly presenting a case using language, tone and pace appropriate to the audience and environment
- Uses listening and questioning techniques to elicit the views and opinions of others and to confirm understanding
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Planning and organising
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- Accepts responsibility for planning and sequencing complex tasks and workload, negotiating key aspects with others and taking into account capabilities, efficiencies and effectiveness
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Problem solving
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- Responds to problems requiring immediate resolution, drawing on past experiences to focus on the cause of a problem
- Applies systematic and analytical decision-making processes for complex and non-routine situations
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Reading
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- Critically analyses complex documentation from a variety of sources and consolidates information relating to specific criteria to determine requirements
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Self-management
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- Takes responsibility for following policies, guidelines and legislative requirements
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Teamwork
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- Implements strategies for a diverse range of colleagues and clients to build rapport, foster strong relationships and negotiate positive outcomes
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Technology
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- Uses digital technologies to access, enter and store information required to complete work tasks
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Writing
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- Accurately records and completes organisational documents and correspondence using clear language and correct spelling, grammar and terminology
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Unit Mapping Information
No equivalent unit. Supersedes and is not equivalent to FNSILA504 Negotiate and effect settlement.
Links
Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe
Assessment requirements
Modification History
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Release
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Comments
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Release 1
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This version first released with FNS Financial Services Training Package Version 6.0.
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Performance Evidence
The candidate must demonstrate the ability to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including evidence of the ability to:
- negotiate and affect at least two settlements.
Knowledge Evidence
The candidate must be able to demonstrate knowledge to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including knowledge of:
- organisational policies and guidelines relating to loss investigations
- legislative and regulatory guidelines relating to settlements
- information and data needed for settlement meetings, including settlement options
- contract and commercial law principles, and the key features of insurance law
- features of claims management and recovery processes, including:
- required policy coverage
- salvage and disposal methods
- rights of subrogation
- types and categories of insurance policies
- loss adjusting principles and practice
- negotiation processes and strategies
- techniques to calculate and estimate numerical and financial data.
Assessment Conditions
Skills in this unit must be demonstrated in a workplace or simulated environment where the conditions are typical of those in a working environment in this industry.
This includes access to:
- common office equipment, technology, software and consumables
- organisational records
- organisational policies and guidelines.
Assessors of this unit must satisfy the requirements for assessors in applicable vocational education and training legislation, frameworks and/or standards.
Links
Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe
