Negotiate and affect settlement relating to loss situation, damage or injury
This unit describes the skills and knowledge required to identify all available options for settlement and to assist in the settlement process relating to loss situations, damage or injury including dispute resolution in the case of contention within the settlement process.
Who should take the course
It applies to individuals in the loss adjusting sector who use specialised knowledge, well-developed organisational skills and strong communication skills to effectively negotiate with a range of personnel. It may be applied within organisations of various sizes and across a range of customer bases.
What you'll learn
By the end of this learning pathway, you should be able to:
- identify settlement options for a claim
- prepare for a negotiation to settle a claim
- conduct negotiations to settle a claim
- handle negotiations in a disputed claim.
FNSILA514 Negotiate and affect settlement relating to loss situation, damage or injury
Week 1: Negotiation
- the definition of negotiation
- the loss adjuster's role in negotiation
- important communication skills in negotiation
- how biases can affect negotiations
- the insurance codes and legal requirements which govern the responsibilities of a loss adjuster.
Week 2: Identifying and preparing settlement options
- the purpose of preparation
- gathering information
- identifying settlement options
- evaluating settlement options including the use of a cost-benefit analysis
- completing the relevant documentation for approval from the principal
- gaining approval from the principal.
Week 3: Conducting the negotiation
- the negotiation space and identifying the settlement zone
- choosing the negotiation method
- applying principled negotiation
- planning, conducting and ending a negotiation meeting
- using negotiation techniques.
Week 4: Settlement and disputes
- finalising the settlement
- completing any required post-settlement actions, such as recovery or salvage disposal
- what happens when negotiations fail
- dispute resolution options available for the insured or third party.
1 Exam and 2 Simulations