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. Determine terms and conditions of settlement

1.1 Determine and evaluate non-routine aspects of claim in light of policy wording and general policy of organisation

1.2 Follow organisational claims procedures for non-routine and complex claims, where required

1.3 Determine settlement terms according to policy wording, legislation, organisational operating procedures and codes of practice, taking into account non-routine aspects of claim and parties involved

1.4 Identify type and level of variation to standard claims settlement to establish type of negotiation or mediation that may be required and to ensure logical, persuasive and technically correct claims interpretations can be applied

2. Negotiate and communicate settlement terms

2.1 Advise promptly client and/or relevant party terms and conditions of settlement offer according to claims procedures

2.2 Consider response by client and/or relevant party to terms of settlement offer to assess whether adjustment is required

2.3 Negotiate settlement terms, where required, to reach mutual agreement, meet obligations and minimise unnecessary loss to organisation

2.4 Support negotiated settlements with suitable documentation that clearly states agreements reached

2.5 Modify terms of settlement offer as necessary and advise client and/or relevant party promptly

3. Document liability decisions

3.1 Clearly communicate decisions to relevant parties in manner required by legislation, operating procedures and codes of practice

3.2 Document decisions in such a way as to determine basis on which decision was reached and all evidence and information that was considered

3.3 Communicate to relevant personnel any aspects of claim relevant to policy wording and general organisational policy

4. Finalise settlement

4.1 Make final payments in required timeframe once settlement is reached

4.2 Obtain settlement release from client and/or third party, as applicable

4.3 Obtain discharge to ensure any potential for further liability is eliminated

5. Identify any required changes to policy or procedures

5.1 Document circumstances of claim for consideration in portfolio review

5.2 Instigate changes to policy and procedures to minimise further loss in similar circumstances, if appropriate

6. Report findings and update records

6.1 Document actions, procedures and outcomes and record promptly and accurately

6.2 Provide stakeholders with accurate and timely advice regarding claim settlement

6.3 Store and maintain finalised claims files according to organisational policy, legislative requirements and codes of practice, as applicable

Skill 

Performance Criteria 

Description 

Reading

1.1, 1.3, 1.4, 2.2

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

Writing

2.1, 2.3, 2.4, 2.5, 3.1, 3.2, 3.3, 5.1, 6.1, 6.2

• Accurately records information and prepares correspondence and documentation using clear language and organisational formats and protocols
• Records outcomes of discussions and makes changes to policy documentation using industry relevant terminology

Oral Communication

2.1, 2.2, 2.3, 2.5, 3.1, 3.3, 4.2, 6.2

• Uses active listening and questioning to convey and clarify information
• Presents complex information in formal situations using clear and convincing language, tone and pace appropriate for the audience and purpose

Numeracy

1.3, 1.4, 4.1

• Interprets charts, graphs and statistical information and calculates settlement offers

Navigate the world of work

1.1, 1.2, 1.3, 2.1, 3.1, 5.2, 6.3

• Takes full responsibility for following policies, procedures and legislative requirements and identifies organisational implications of new legislation or regulation
• Seeks to improve policies and procedures to better meet organisational goals

Interact with others

2.1, 2.2, 2.3, 2.5, 3.1, 3.3, 6.2

• Implements strategies for a diverse range of colleagues and clients to build rapport and foster strong relationships
• Manages conflict through the recognition of contributing factors and by implementing strategies to resolve disputes

Get the work done

1.1, 1.3, 1.4, 2.3, 3.1, 4.1, 4.2, 4.3, 5.2

• Accepts responsibility for planning and sequencing 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 the problem
• Investigates new and innovative ideas as a means to continuously improve policies and processes through consultation and formal and analytical thinking
• Uses digital technologies to access, enter, check and store information required to complete work tasks

Code and title 

current version 

Code and title 

previous version 

Comments 

Equivalence status 

FNSISV511 Settle non-routine and complex claims

FNSISV511A Settle non-routine and complex claims

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.