Unit of competency Outline

Date retreived
23/07/2026 6:41 AM AWST

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Implement insurance claim recovery procedures

Implement insurance claim recovery procedures

Unit of competency
National Code
FNSISV527
State Code
OCI12
TGA Status
Current
DTWD Status
Approved
Current Release Number
1.00
Current Release Date
04/11/2020
View on TGA
State Implementation and Classification
Approved Date
11/03/2021
Field of Education
081103 - Insurance And Actuarial Studies
Original Release Date
11/03/2021
Nominal Hours
50
Description
This unit describes the skills and knowledge required to recover money relating to an insurance claim. It encompasses the complete process, from initiating the recovery to finalisation of the claim.The unit applies to those who work in job roles such as underwriting. It involves specialist knowledge and functions in a range of insurance sectors, and may be applied 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. Establish viability of recovery
  • 1.1 Identify sources and rights of recovery
  • 1.2 Calculate achievable recovery amount
  • 1.3 Evaluate extent of recovery success
2. Evaluate recovery methods
  • 2.1 Determine recovery method based on assessing benefit to organisation and according to organisational operating procedures
  • 2.2 Confirm that selected recovery method is appropriate to circumstances of loss and compliant with legislative and organisational requirements
3. Implement and monitor recovery progress and negotiate recovery
  • 3.1 Issue demand to responsible party and appoint agents to undertake loss recovery, as required
  • 3.2 Confirm knock for knock, as required
  • 3.3 Make referral to solicitor and other relevant service provider, as required
  • 3.4 Implement and follow up recovery within required timeframes and according to organisational procedures
  • 3.5 Negotiate recovery settlement within required timeframes and according to organisational procedures
4. Process monies and record outcomes
  • 4.1 Confirm receipt of recovery amounts
  • 4.2 Prepare payment information and facilitation of claim payment, as required
  • 4.3 Make recommendation to relevant team on payment of client’s share of recovery money, as required
  • 4.4 Finalise claims according to legislation, regulations, organisational operating procedures and codes of practice, as required
  • 4.5 Update required records and advise underwriter of any special circumstances, as required
No information
No information
Replaces
State Code National Code Title Type
AUS18 FNSISV507 Implement claim recovery procedures Unit of competency
State Code National Code Title Type
BFX4 FNS51120 Diploma of General Insurance Qualification