FNSIBK512 Negotiate complex claims settlement for insurance broking client

Release: 1

FNSIBK512 Negotiate complex claims settlement for insurance broking client

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 1.0.

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	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

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