Unit of competency Outline

Date retreived
23/07/2026 4:53 AM AWST

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Implement claim recovery procedures

Implement claim recovery procedures

Unit of competency
National Code
FNSISV507
State Code
AUS18
TGA Status
Replaced
DTWD Status
Replaced
Current Release Number
1.00
Current Release Date
25/03/2015
View on TGA
State Implementation and Classification
Approved Date
16/09/2015
Field of Education
081103 - Insurance And Actuarial Studies
Original Release Date
16/09/2015
Nominal Hours
50
Description
This unit describes the skills and knowledge required to recover money relating to a claim. It encompasses the complete process, from initiating the recovery to finalisation of the claim.It applies to individuals working in job roles such as underwriting, involving specialist knowledge and functions in a range of insurance sectors, and may be applied within 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. Refer to the FNS Implementation Guide Companion Volume or the relevant regulator for specific guidance on requirements.
Notes
Elements and Performance Criteria
1. Establish viability of recovery
  • 1.1 Identify sources and rights of recovery
  • 1.2 Make accurate calculation of achievable recovery amounts
  • 1.3 Evaluate extent of recovery success
2. Evaluate recovery methods
  • 2.1 Determine benefit to organisation of using each of available recovery methods, following organisational operating procedures
  • 2.2 Assess methods for compliance with relevant legislative and organisational policy requirements
  • 2.3 Ensure recovery action selected is appropriate to circumstances of loss
  • 2.4 Instigate recovery of correct amount from reinsurers, where appropriate
  • 2.5 Appoint agents to undertake loss recovery, where necessary
3. Implement and monitor recovery progress
  • 3.1 Issue demand to responsible party
  • 3.2 Confirm knock for knock, if applicable
  • 3.3 Utilise diary system to monitor follow up
  • 3.4 Make referral to solicitor or other relevant service provider, if applicable
  • 3.5 Implement and follow up recovery within specified timeframes and organisational guidelines
4. Negotiate recovery settlement
  • 4.1 Negotiate recovery settlement on best terms according to organisational policy
  • 4.2 Complete negotiation within timeframes and organisational procedures
5. Process monies
  • 5.1 Check file to determine whether recovery money has been received
  • 5.2 Prepare payment information and enter on system to facilitate payment of claim by finance department, where applicable
  • 5.3 Pay promptly client’s share of recovery money, where applicable
  • 5.4 Finalise claims according to legislation, regulations, organisational operating procedures and codes of practice, if applicable
6. Record outcome
  • 6.1 Update promptly all relevant records and files to display recovery action, amounts and other pertinent detail
  • 6.2 Advise underwriter of any special circumstances, if applicable
No information
No information
Replaces
State Code National Code Title Type
D4245 FNSISV507A Implement claim recovery procedures Unit of competency
Replaced By
State Code National Code Title Type
OCI12 FNSISV527 Implement insurance claim recovery procedures Unit of competency
State Code National Code Title Type
AWE4 FNS51115 Diploma of General Insurance Qualification