7 hard skills or competencies (industry competencies) for Branch Manager - Insurance
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)
Describes the processes and rate standards for calculating the amount for insurance claims.
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Level 2 Behaviors
(Light Experience)
Gathers clients' financial information for the preparation of insurance contracts.
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Level 3 Behaviors
(Moderate Experience)
Performs thorough investigation and analysis of insurance claims to prevent fraudulent activities.
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Level 4 Behaviors
(Extensive Experience)
Leads the digitization and automation of insurance-related services to drive business transformation.
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Level 5 Behaviors
(Mastery)
Develops loss control practices to reduce financial exposure and risks in insurance operations.
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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)
Describes the importance of compliance programs in maintaining an insurance legal and regulatory environment.
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Level 2 Behaviors
(Light Experience)
Documents compliance complaints to track and escalate possible legal violations and ensure prompt resolution.
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Level 3 Behaviors
(Moderate Experience)
Executes market conduct exams to verify the adherence of insurance operations to laws and regulations.
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Level 4 Behaviors
(Extensive Experience)
Reviews root causes of regulatory deficiencies to create corrective action plans and ensure adherence.
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Level 5 Behaviors
(Mastery)
Develops an insurance regulatory framework to promote consumers' protection and achieve policy objectives.
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2 general skills or competencies (Job family competencies) for Branch Manager - Insurance
Skill definition-Identifying and developing new market segments for current products to increase revenue margins and support long-term company growth.
Level 1 Behaviors
(General Familiarity)
Explains the concepts and principles of market development.
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Level 2 Behaviors
(Light Experience)
Documents and reports the market development opportunities to senior management.
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Level 3 Behaviors
(Moderate Experience)
Uses market development strategies to identify new opportunities in promoting business products.
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Level 4 Behaviors
(Extensive Experience)
Delivers key market development strategies to drive brand awareness across various platforms.
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Level 5 Behaviors
(Mastery)
Creates a product development roadmap to optimize the trade-off between customer value and time to market.
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Skill definition-Meeting or exceeding the company’s sales targets for sales functions.
Level 1 Behaviors
(General Familiarity)
Explains the essential functions and features of sales management software.
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Level 2 Behaviors
(Light Experience)
Prepares the monthly sales forecasts for the management.
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Level 3 Behaviors
(Moderate Experience)
Implements internal changes to improve sales forecast reliability.
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Level 4 Behaviors
(Extensive Experience)
Drives the implementation of sales and distribution strategies.
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Level 5 Behaviors
(Mastery)
Creates a strategic sales plan that expands the customer base of the company.
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11 soft skills or competencies (core competencies) for Branch Manager - Insurance
Skill definition-Applying specific policies, tools and practices to plan and prepare projected revenues, expenses, cash flows, and capital expenditures.
Level 1 Behaviors
(General Familiarity)
Describes the procedures for capital and expense allocation and budgeting.
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Level 2 Behaviors
(Light Experience)
Gathers data from financial statements to help create budget plans and improve budgeting strategies.
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Level 3 Behaviors
(Moderate Experience)
Implements strategic operational efficiencies and techniques for conducting successful budgeting.
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Level 4 Behaviors
(Extensive Experience)
Evaluates past decisions on budgetary considerations to improve the budgeting process.
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Level 5 Behaviors
(Mastery)
Establishes operating procedures to guide the consistency and repeatability of our budgeting processes.
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Skill definition-The identification, evaluation, and prioritization of various risks, followed by controlling practices to minimize any adverse impact.
Level 1 Behaviors
(General Familiarity)
Lists the common types of risks in a business environment.
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Level 2 Behaviors
(Light Experience)
Conducts regular risk reviews of our business value streams and reports results to management.
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Level 3 Behaviors
(Moderate Experience)
Implements latest policies, procedures, and initiatives to manage risks.
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Level 4 Behaviors
(Extensive Experience)
Monitors the implementation of risk policies and programs to ensure consistency.
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Level 5 Behaviors
(Mastery)
Keeps abreast of market trends and their effect on internal risk management.
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Summary of Branch Manager - Insurance skills and competencies
There are 7 hard skills for Branch Manager - Insurance, Insurance Industry, Insurance Legal and Regulatory Environment, Insurance Products, etc.
2 general skills for Branch Manager - Insurance, Market Development, Sales Management.
11 soft skills for Branch Manager - Insurance, Budgeting, Risk Management, Planning and Organizing, etc.
While the list totals 20 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 Branch Manager - Insurance, he or she needs to be skilled in Budgeting, be skilled in Risk Management, and be skilled in Planning and Organizing.