Unit of competency Outline
Date retreived
22/07/2026 3:24 PM AWST
22/07/2026 3:24 PM AWST
Whilst all efforts are made to provide accurate and timely information from the relevant source/documentation, please be aware that the information supplied may not be the most current version. The accuracy of the detail has not been confirmed by the Department and therefore should not be relied upon without first confirming the contents.
Review incidence of loss for broking clients
Review incidence of loss for broking clients
Unit of competency
National Code
FNSIBK511A
FNSIBK511A
State Code
D4194
D4194
TGA Status
Replaced
Replaced
DTWD Status
Replaced
Replaced
State Implementation and Classification
Approved Date
29/07/2014
Field of Education
081103 - Insurance And Actuarial Studies
Original Release Date
29/07/2014
Nominal Hours
60
Description
This unit describes the performance outcomes, skills and knowledge required to undertake ongoing review and monitoring of insurance loss trends and establish loss control programs to improve loss ratios.This unit is applicable to individuals working within enterprises and job roles subject to licensing, legislative, regulatory or certification requirements including legislation administered by the Australian Securities and Investments Commission (ASIC).
Notes
Elements and Performance Criteria
1. Identify loss trends
- 1.1. Details of loss reporting program required to analyse claims history is determined
- 1.2. Claims data required to analyse losses or loss trends is obtained from insurer
- 1.3. Data from client regarding loss incidents is collected
2. Determine suitable action on loss reports
- 2.1. Analysis of loss information to identify insured losses is undertaken using valid and reliable statistical techniques
- 2.2. Any unreported insured losses identified are referred to insurers
- 2.3. Recovery protocols for third party claims established where required
- 2.4. Need for better data collection of loss information/trends is identified
3. Formulate and recommend loss control program
- 3.1. Client's insurance program is analysed to identity areas requiring effective loss control
- 3.2. Options to reduce the incidence and frequency of loss to protect the clients' interests are identified
- 3.3. Client loss control programs are clearly documented with reasons for the recommendations made
- 3.4. Responsibility for ongoing maintenance of the loss reporting program is assigned so that accurate, comprehensive and reliable records are available
RANGE STATEMENT
The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that may be present with training and assessment (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) may also be included.
Loss may include:
insured losses
losses below deductible
uninsured losses.
Loss trends may be identified from:
event frequency
loss value comparisons
seasonal peaks
time series analysis
trend projections.
Loss control programs may include:
physical security
safety equipment
spread of risk
staff training
work practices.
The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that may be present with training and assessment (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) may also be included.
Loss may include:
insured losses
losses below deductible
uninsured losses.
Loss trends may be identified from:
event frequency
loss value comparisons
seasonal peaks
time series analysis
trend projections.
Loss control programs may include:
physical security
safety equipment
spread of risk
staff training
work practices.
EVIDENCE GUIDE
The Evidence Guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, range statement and the Assessment Guidelines for the Training Package.
Overview of assessment
Critical aspects for assessment and evidence required to demonstrate competency in this unit
Evidence of the ability to:
demonstrate application of the principles and practice of data analysis
analyse loss experience of customer and make recommendations for appropriate action.
Context of and specific resources for assessment
Assessment must ensure:
competency is demonstrated in the context of the work environment and conditions specified in the range statement either in a relevant workplace or a closely simulated work environment
access to and the use of a range of common office equipment, technology, software and consumables
access to organisation records
access to organisational policies and procedures.
Method of assessment
A range of assessment methods should be used to assess practical skills and knowledge. The following examples, in combination, are appropriate for this unit:
evaluating an integrated activity, which combines the elements of competency for the unit, or a cluster of related units of competency
observing processes and procedures in workplaces
verbal or written questioning on underpinning knowledge and skills
evaluating samples of work
accessing and validating third party reports
setting and reviewing workplace projects and business simulations or scenarios.
Guidance information for assessment
The Evidence Guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, range statement and the Assessment Guidelines for the Training Package.
Overview of assessment
Critical aspects for assessment and evidence required to demonstrate competency in this unit
Evidence of the ability to:
demonstrate application of the principles and practice of data analysis
analyse loss experience of customer and make recommendations for appropriate action.
Context of and specific resources for assessment
Assessment must ensure:
competency is demonstrated in the context of the work environment and conditions specified in the range statement either in a relevant workplace or a closely simulated work environment
access to and the use of a range of common office equipment, technology, software and consumables
access to organisation records
access to organisational policies and procedures.
Method of assessment
A range of assessment methods should be used to assess practical skills and knowledge. The following examples, in combination, are appropriate for this unit:
evaluating an integrated activity, which combines the elements of competency for the unit, or a cluster of related units of competency
observing processes and procedures in workplaces
verbal or written questioning on underpinning knowledge and skills
evaluating samples of work
accessing and validating third party reports
setting and reviewing workplace projects and business simulations or scenarios.
Guidance information for assessment
Replaced By
| State Code | National Code | Title | Type |
|---|---|---|---|
| AUR53 | FNSIBK515 | Monitor broking client requirements and establish loss control programs | Unit of competency |
| State Code | National Code | Title | Type |
|---|---|---|---|
| S728 | FNS51210 | Diploma of Insurance Broking | Qualification |