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. Review claims reserves and monitor funds

1.1 Review claims reserves regularly to ensure they accurately reflect expectations

1.2 Monitor funds to ensure adequate reserves exist to pay claims as they fall due for payment

1.3 Provide accurate data to assist underwriters to identify and charge appropriate policy premiums

2. Support claims staff in claims reserve activities

2.1 Ensure claims coordination staff are supported, as required, to identify accurate initial claims reserves

2.2 Ensure claims coordination staff are supported, as required, in allocation of claims to appropriate claims specialists

3. Authorise payments, settlements and changes to reserves

3.1 Authorise payments, settlements and reserves changes that are requested or required by claims specialists but outside their delegated authority

4. Identify required changes to portfolio, claims reserves policy or procedures

4.1 Communicate identified information promptly to decision-makers in the management structure according to organisational procedures

4.2 Instigate changes to policy and procedures to minimise claims losses in similar circumstances

Skill 

Performance Criteria 

Description 

Reading

1.1, 1.2, 4.2

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

Writing

1.3, 2.1, 2.2, 3.1, 4.1

• Prepares documentation and correspondence using clear language and correct spelling and terminology

Oral Communication

1.3, 4.1

• Interacts effectively in verbal exchanges, using active listening and questioning to convey and clarify information

Numeracy

1.1, 1.2, 1-3, 2.1, 3.1

• Performs mathematical calculations to analyse financial information, costs and values to accurately determine performance and establish reserves requirement

Navigate the world of work

3.1, 4.2

• Seeks to improve policies and procedures to better meet organisational goals
• Identifies and acts on issues that contravene relevant policies, procedures, legal requirements and levels of authority

Interact with others

2.1, 2.2, 4.1

• Selects, implements and seeks to improve protocols governing communications to clients and co-workers in a range of work contexts
• Collaborates and supports others, sharing information to build strong work groups

Get the work done

2.1, 2.2, 3.1, 4.1, 4.2

• Accepts responsibility for planning and sequencing complex tasks and workload, negotiating key aspects with others and taking into account capabilities, efficiencies and effectiveness
• Makes critical decisions quickly and intuitively in complex situations, taking into consideration a range of variables including the outcomes of previous decisions
• 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 

FNSISV514 Review and update claim reserves in portfolio

FNSISV514A Review and update claim reserves in portfolio

Updated to meet Standards for Training Packages.

Rewording and reordering of performance criteria to clarify intent.

Equivalent unit

Release 

Comments 

Release 1

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