Unit of competency Outline
Date retreived
22/07/2026 10:23 AM AWST
22/07/2026 10:23 AM 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 and update claim reserves in portfolio
Review and update claim reserves in portfolio
Unit of competency
National Code
FNSISV514
FNSISV514
State Code
AUS14
AUS14
TGA Status
Current
Current
DTWD Status
Approved
Approved
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
40
Description
This unit describes the skills and knowledge required to review and update insurance claims reserves in a portfolio to minimise losses. It encompasses identifying and analysing claims, reserves trends data, legislation and regulations, reports and related documents, monitoring funds, interpreting the results and reporting on the findings to minimise losses.It applies to individuals working in claims management job roles 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. Review claims reserves and monitor funds
- 1.1 Review claims reserves regularly to ensure they accurately reflect expectations
- 1.2 Monitor funds to ensure adequate reserves exist to pay claims as they fall due for payment
- 1.3 Provide accurate data to assist underwriters to identify and charge appropriate policy premiums
2. Support claims staff in claims reserve activities
- 2.1 Ensure claims coordination staff are supported, as required, to identify accurate initial claims reserves
- 2.2 Ensure claims coordination staff are supported, as required, in allocation of claims to appropriate claims specialists
3. Authorise payments, settlements and changes to reserves
- 3.1 Authorise payments, settlements and reserves changes that are requested or required by claims specialists but outside their delegated authority
4. Identify required changes to portfolio, claims reserves policy or procedures
- 4.1 Communicate identified information promptly to decision-makers in the management structure according to organisational procedures
- 4.2 Instigate changes to policy and procedures to minimise claims losses in similar circumstances
No information
No information
Replaces
| State Code | National Code | Title | Type |
|---|---|---|---|
| D4252 | FNSISV514A | Review and update claim reserves in portfolio | Unit of competency |
| State Code | National Code | Title | Type |
|---|---|---|---|
| BHU8 | FNS51822 | Diploma of Financial Services | Qualification |
| AWE4 | FNS51115 | Diploma of General Insurance | Qualification |
| AWB9 | FNS51315 | Diploma of Life Insurance | Qualification |