Skills & Competencies for Annuities Retention Specialist

Annuities Retention Specialist job profile

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JOB SUMMARY for Annuities Retention Specialist

Coordinates with service representatives and clients to assist with retaining the client's annuity business.

JOB RESPONSIBILITIES for Annuities Retention Specialist

Provides knowledge and expertise to clients in order to meet their financial goals and to clearly understand various options that are available with annuities. Reviews surrender requests and contacts clients to re-engage and identify opportunities for additional sales. Makes recommendations to product line management to improve service and design of products that encourage client retention.

Annuities Retention Specialist SALARY RANGE

BASE 50%
$56,461
TOTAL 50%
$62,938
Job Level
P03
Job Code
FA06000584
Education/Degree
Bachelor's Degree
Reports To
Manager

Annuities Retention Specialist Skills and Competencies List

Proficiency Levels and Behavioural Indicators
Salary.com identifies five increasing levels of proficiency for each skill/competency. Some jobs require only a relatively low level of proficiency in each skill/competency, while other jobs will require a more advanced level of proficiency in the same skill/competency. These levels rate the degree of proficiency (skill level, expertise) we expect the incumbent to perform in the given skill/competency for the given job. Note that we intentionally do not associate timeframes or years of experience in performing the skill/competency because that can be misleading. Proficiency levels identify what the incumbent knows and can do rather than how long they have been doing it. Also, note that the proficiency levels are cumulative, e.g., a level 4 proficiency implies the ability to perform all the behaviors at the lower levels.
Check each Annuities Retention Specialist skill and competencie below to view definitions.
INDUSTRY COMPETENCIES JOB FAMILY COMPETENCIES CORE COMPETENCIES
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5 hard skills or competencies (industry competencies) for Annuities Retention Specialist

1 Industry Competency – Insurance Industry
Proficiency Level -2
Skill definition-Applying knowledge of the insurance industry to provide risk management services and protection to various individuals from financial loss.
Level 1 Behaviors
(General Familiarity)
Defines the key terminologies and components of an insurance policy.
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Level 2 Behaviors
(Light Experience)
Enters new information about insurance premiums and payments to update insurance policy records.
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Level 3 Behaviors
(Moderate Experience)
Examines insurance applications and letters from clients to determine necessary policy changes.
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Level 4 Behaviors
(Extensive Experience)
Evaluates existing claims handling process to identify fraud and opportunities for optimization of outcomes.
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Level 5 Behaviors
(Mastery)
Champions the adoption of AI and automation technologies to streamline insurance operations.
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2 Industry Competency – Insurance Legal and Regulatory Environment
Proficiency Level -2
Skill definition-Creating, executing, and adhering to state and federal laws governing insurance operations to ensure financial security and consumer protection.
Level 1 Behaviors
(General Familiarity)
Cites examples of the legal principles of insurance applicable to multiple types of insurance products.
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Level 2 Behaviors
(Light Experience)
Assists in assessing regulatory risks to ensure insurance operations meet compliance and regulatory obligations.
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Level 3 Behaviors
(Moderate Experience)
Adopts legal and regulatory initiatives to assess possible risks and maintain insurance solvency.
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Level 4 Behaviors
(Extensive Experience)
Directs the regulation of insurance products to ensure insurance policy provisions comply with state laws.
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Level 5 Behaviors
(Mastery)
Builds policy and regulatory tools to monitor and assess compliance levels with insurance laws and regulations.
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3 Annuities Retention Specialist - Skill and Competency
Proficiency Level - 3
4 Skill and Competency - Annuities Retention Specialist
Proficiency Level - 4
5 Competency for - Annuities Retention Specialist
Proficiency Level - 5

4 general skills or competencies (Job family competencies) for Annuities Retention Specialist

1 Job Family Competencies – Customer Retention
Proficiency Level -3
Skill definition-Attracting, retaining, and converting customers into loyal buyers to reduce attrition, increase ROI, and acquire new customers.
Level 1 Behaviors
(General Familiarity)
Lists the tools and applications for customer retention.
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Level 2 Behaviors
(Light Experience)
Tracks customer accounts to identify churn risk and support customer retention improvement.
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Level 3 Behaviors
(Moderate Experience)
Maintains customer satisfaction to ensure customer retention and business growth.
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Level 4 Behaviors
(Extensive Experience)
Oversees the customer lifecycle to establish customer loyalty and optimize client retention.
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Level 5 Behaviors
(Mastery)
Promotes the implementation of advanced CRM solutions to drive customer retention.
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2 Job Family Competencies – Customer Satisfaction
Proficiency Level -3
Skill definition-Collecting, analyzing, and measuring satisfaction levels of customers to improve our business's service and products.
Level 1 Behaviors
(General Familiarity)
Lists the factors that influence customer satisfaction.
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Level 2 Behaviors
(Light Experience)
Performs customer follow-up to complete all service requests on time.
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Level 3 Behaviors
(Moderate Experience)
Uses key performance indicators (KPIs) to measure goals for customer satisfaction.
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Level 4 Behaviors
(Extensive Experience)
Trains and guides teams on the methods and formulas used to measure customer satisfaction data.
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Level 5 Behaviors
(Mastery)
Promotes interdepartmental collaboration to achieve service level agreements (SLA).
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3 Annuities Retention Specialist - Skill and Competency
Proficiency Level - 3
4 Skill and Competency - Annuities Retention Specialist
Proficiency Level - 4
5 Competency for - Annuities Retention Specialist
Proficiency Level - 5

7 soft skills or competencies (core competencies) for Annuities Retention Specialist

1 Core Competencies – Attention to Detail
Proficiency Level -3
Skill definition-Executing and completing a task with a high level of accuracy.
Level 1 Behaviors
(General Familiarity)
Lists the traits of an employee showing great attention to detail.
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Level 2 Behaviors
(Light Experience)
Utilizes specific approaches and tools for checking and cross-checking outputs.
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Level 3 Behaviors
(Moderate Experience)
Uses tools to organize and monitor work progress.
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Level 4 Behaviors
(Extensive Experience)
Manages training to improve staffs' concentration and attention to detail.
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Level 5 Behaviors
(Mastery)
Learns from previous works' strengths and weaknesses to guide new projects.
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2 Core Competencies – Time Management
Proficiency Level -3
Skill definition-Managing and setting priorities, goals, and timetables to boost productivity and efficiency in completing tasks.
Level 1 Behaviors
(General Familiarity)
Lists basic planning tools and applications used in tracking and organizing time and tasks visually.
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Level 2 Behaviors
(Light Experience)
Seeks all resources needed to accomplish a task efficiently and effectively.
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Level 3 Behaviors
(Moderate Experience)
Works closely with colleagues to identify and reduce interruptions and barriers to time utilization.
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Level 4 Behaviors
(Extensive Experience)
Provides strategic direction to the workforce in managing time to avoid low-value work.
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Level 5 Behaviors
(Mastery)
Monitors the performance of business units to determine and eliminate deviations from priorities.
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3 Annuities Retention Specialist - Skill and Competency
Proficiency Level - 3
4 Skill and Competency - Annuities Retention Specialist
Proficiency Level - 4
5 Competency for - Annuities Retention Specialist
Proficiency Level - 5

Summary of Annuities Retention Specialist skills and competencies

There are 5 hard skills for Annuities Retention Specialist, Insurance Industry, Insurance Legal and Regulatory Environment, Annuity Products and Services, etc.
4 general skills for Annuities Retention Specialist, Customer Retention, Customer Satisfaction, Customer Support, etc.
7 soft skills for Annuities Retention Specialist, Attention to Detail, Time Management, Problem Solving, etc.
While the list totals 16 distinct skills, it's important to note that not all are required to be mastered to the same degree. Some skills may only need a basic understanding, whereas others demand a higher level of expertise.
For instance, as a Annuities Retention Specialist, he or she needs to be skilled in Attention to Detail, be skilled in Time Management, and be proficient in Problem Solving.

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