Unit of competency Outline
Date retreived
22/07/2026 6:08 PM AWST
22/07/2026 6:08 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.
Undertake post-loss risk management
Undertake post-loss risk management
Unit of competency
National Code
FNSISV503A
FNSISV503A
State Code
D4241
D4241
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
100
Description
This unit describes the performance outcomes, skills and knowledge required to review the effect of losses on the portfolio, identify problems and develop remedial risk management strategies.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 unusual or unwanted trends in claims
- 1.1. Unusual or unwanted trends in a cover or claims are investigated and reported
- 1.2. Relevant data and documentation are accessed and analysed, including the impact of reinsurance
2. Assess impact of claim and determine alternative strategies
- 2.1. Strategies to minimise potential negative impacts to the portfolio are determined within requirements to meet policy obligations and legal requirements
- 2.2. Consumers' rights are protected according to compliance requirements and codes of practice
- 2.3. Information which impacts on the portfolio/line of business is communicated promptly to the underwriter
- 2.4. Need for urgent action to protect organisation interests is determined and acted upon
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.
Investigation may include:
whether there are any significant claim trends
whether there are any significant changes to the premium pool
whether there are changes in the insurance industry to coverage of risk.
Relevant data may include:
claim statistic reports
premium reports
surveys
other relevant materials.
Documentation may include:
assessor comments
premium income
reports on claims
solicitor's advice
surveys.
Strategies may include:
case studies
changes in policy wording, list of risks, premium rates
training.
Potential negative impacts may be identified by:
accuracy of rates charged
additional security arrangements
analysing loss ratios
analysing relevant geographic, demographic data
types of risk written
underwriting guidelines.
Consumers' rights may include:
privacy and access to dispute resolution procedures.
Types and categories of insurance portfolios/line of business may include:
accidental damage
additional benefits
burglary/theft
business interruption
business special risks
commercial
commercial motor
construction risks
crop
defined events
directors and officers
domestic
electronic equipment
employee fraud
engineering plant
environment and pollution
fire and perils
general and products liability
glass
Industrial Special Risks (ISR)
livestock
machinery breakdown
money
multi-risk
other personal items
package contracts
personal accident and illness
professional indemnity
public liability
sprinkler leakage
transit
travel.
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.
Investigation may include:
whether there are any significant claim trends
whether there are any significant changes to the premium pool
whether there are changes in the insurance industry to coverage of risk.
Relevant data may include:
claim statistic reports
premium reports
surveys
other relevant materials.
Documentation may include:
assessor comments
premium income
reports on claims
solicitor's advice
surveys.
Strategies may include:
case studies
changes in policy wording, list of risks, premium rates
training.
Potential negative impacts may be identified by:
accuracy of rates charged
additional security arrangements
analysing loss ratios
analysing relevant geographic, demographic data
types of risk written
underwriting guidelines.
Consumers' rights may include:
privacy and access to dispute resolution procedures.
Types and categories of insurance portfolios/line of business may include:
accidental damage
additional benefits
burglary/theft
business interruption
business special risks
commercial
commercial motor
construction risks
crop
defined events
directors and officers
domestic
electronic equipment
employee fraud
engineering plant
environment and pollution
fire and perils
general and products liability
glass
Industrial Special Risks (ISR)
livestock
machinery breakdown
money
multi-risk
other personal items
package contracts
personal accident and illness
professional indemnity
public liability
sprinkler leakage
transit
travel.
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:
identify and assess data relating to losses, analyse it and use the analysis as a basis for development of effective strategies.
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 organisation 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:
identify and assess data relating to losses, analyse it and use the analysis as a basis for development of effective strategies.
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 organisation 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 |
|---|---|---|---|
| AUS03 | FNSISV503 | Undertake post-loss risk management | Unit of competency |
| State Code | National Code | Title | Type |
|---|---|---|---|
| S727 | FNS51110 | Diploma of General Insurance | Qualification |
| D776 | FNS51312 | Diploma of Life Insurance | Qualification |