Unit of competency Outline

Date retreived
22/07/2026 3:41 PM AWST

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Review operational performance of insurance portfolios

Review operational performance of insurance portfolios

Unit of competency
National Code
FNSISV532
State Code
OCZ35
TGA Status
Current
DTWD Status
Approved
Current Release Number
1.00
Current Release Date
02/02/2021
View on TGA
State Implementation and Classification
Approved Date
22/04/2021
Field of Education
081103 - Insurance And Actuarial Studies
Original Release Date
22/04/2021
Nominal Hours
100
Description
This unit describes the skills and knowledge required to review the operational performance of insurance portfolios, including analysing portfolio performance, identifying problems and determining remedial action.The unit applies to those working in job roles involving specialist knowledge and functions in a range of insurance sectors, in organisations of various sizes and across a range of client bases.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.
Notes
Elements and Performance Criteria
1. Analyse performance data
  • 1.1 Collate and check identified key performance data
  • 1.2 Review data against planned outcomes and prior record
  • 1.3 Conduct analysis to confirm if planned outcomes have been achieved
  • 1.4 Determine need for remedial action by assessing variations in portfolio performance
  • 1.5 Investigate and report unusual or unwanted trends
  • 1.6 Benchmark portfolio performance
2. Identify performance problems and remedial action
  • 2.1 Use available information to undertake a performance assessment and identify performance problems
  • 2.2 Refer unusual circumstances for strategic analysis as required
  • 2.3 Undertake further analysis to identify improvement measures
3. Determine and implement remedial action
  • 3.1 Review existing authorities and acceptance criteria to assess if amendments are needed
  • 3.2 Prepare action plans to match performance with portfolio profile according to organisational guidelines and procedures
  • 3.3 Implement action plans
  • 3.4 Protect consumers’ rights according to compliance requirements and codes of practice
  • 3.5 Communicate information which impacts on portfolio or line of business to underwriter
4. Monitor effectiveness of remedial action
  • 4.1 Develop and implement procedures to monitor remedial action and its effectiveness
  • 4.2 Analyse results according to required timeframes to confirm portfolio performance has stabilised and is moving towards planned outcomes
No information
No information
Replaces
State Code National Code Title Type
AUS02 FNSISV502 Review operational performance of the portfolio Unit of competency
State Code National Code Title Type
BFX4 FNS51120 Diploma of General Insurance Qualification