Unit of competency Outline

Date retreived
23/07/2026 4:52 AM AWST

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Review claims settlement policies and procedures

Review claims settlement policies and procedures

Unit of competency
National Code
FNSISV517
State Code
AUS30
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
60
Description
This unit describes the skills and knowledge required to review the effectiveness of claims settlement policy and procedures, including monitoring trends in claims settlement and formulating changes to minimise losses.It applies to individuals involved in the development and monitoring of policy and procedures associated with organisational underwriting risk within the insurance sector.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. Collect data on claims trends
  • 1.1 Design and implement data gathering processes
  • 1.2 Identify new data requirements and sources of information, and establish process for collecting data
  • 1.3 Research industry claims settlement trends to benchmark against
2. Monitor and report on claims trends
  • 2.1 Analyse data collected to identify trends
  • 2.2 Prepare accurate and timely claims reports to document trends, where appropriate
  • 2.3 Recommend appropriate improvements to claims settlement policy and procedures
3. Identify required changes to portfolio, claims settlement policy or procedures
  • 3.1 Communicate promptly information which impacts on various portfolios to management, according to company procedures
  • 3.2 Instigate changes to policy and procedures to minimise future losses
No information
No information
Replaces
State Code National Code Title Type
WC249 FNSISV517A Review claims settlement policies and procedures Unit of competency
Replaced By
State Code National Code Title Type
OCZ20 FNSISV537 Review claims settlement policies and procedures Unit of competency
State Code National Code Title Type
AWB9 FNS51315 Diploma of Life Insurance Qualification