BR30005-00
Negotiate broking client claims (Singapore)
This unit describes the skills and knowledge required to research, organise, identify points of difference, clarify the crucial issues and present a case in negotiating terms and conditions of claims settlements for insurance broking clients.
It applies to individuals who use well-developed interpersonal, analytical and communication skills within organisations of various sizes and across a range of customer bases.
What you'll learn
By the end of this unit, you should be able to:
- establish content of claims
- negotiate terms and conditions of settlement
- notify terms of settlement to client
- update relevant files and records
Competencies
FNSIBK512 Negotiate complex claims settlement for insurance broking client
Topics Covered
Week 1
- Providing advice about claims
- Establishing the right to make a claim
- Determining the cause of loss
- Considering direct and indirect causes
- Meeting the burden of proof
- Choosing between repair and replacement
Week 2
- Understanding your role during a claim
- Mazimisation of claims
- Representing clients’ interests
- Negotiating settlement agreements
- Understanding the negotiation quadrant
- Planning for negotiation
- Carrying out the negotiation
- Dealing with unfavourable outcomes
Week 3
- Preparingthe insurer's offer of settlement
- Calculating the insurer’s offer of settlement
- Managing clients’ expectations
- Settling offers outside negotiation
- Remitting settlement funds
Week 4
- Dealing with payment delay
- Paying claims in anticipation of settlement
- Identifying solvency issues
- Resolving solvency issues
- Keeping effective records
- Maintaining a claim file
- Collating documents to support a claim
- Recording a loss that cannot be claimed
- Closing a file
Assessment
1 Exams and 1 Simulations