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 current systems and scope of services provided by insurance organizations.
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Level 2 Behaviors
(Light Experience)
Follows industry best practices when preparing reports that detail risk assessment findings in insurance claims.
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Level 3 Behaviors
(Moderate Experience)
Identifies cost-effective solutions to address regulatory compliance challenges in insurance services.
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Level 4 Behaviors
(Extensive Experience)
Facilitates discussions with agents and underwriters on evolving exposures and risk management practices.
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Level 5 Behaviors
(Mastery)
Designs and executes innovative strategies and techniques to optimize the claims-handling process.
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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 basic structure of insurance legal and regulatory environment.
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Level 2 Behaviors
(Light Experience)
Complies with insurance legal and regulatory principles to safeguard the rights and interests of the insured.
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Level 3 Behaviors
(Moderate Experience)
Analyzes existing legal and regulatory standards to address errors affecting insurance policies.
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Level 4 Behaviors
(Extensive Experience)
Improves legal procedures for licensing intermediaries or producers to prevent penalties.
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Level 5 Behaviors
(Mastery)
Designs compliance strategies and programs to prevent violations of statutes, regulations, and policies.
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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)
Describes the components of market development programs.
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Level 2 Behaviors
(Light Experience)
Conducts market research to keep abreast of the latest market developments.
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Level 3 Behaviors
(Moderate Experience)
Follows up on leads and conducts research to identify potential prospects.
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Level 4 Behaviors
(Extensive Experience)
Creates and monitors development plans and budgets to reduce time to market execution.
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Level 5 Behaviors
(Mastery)
Conceptualizes and executes go-to-market strategies to accelerate our product commercialization.
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Skill definition-Meeting or exceeding the company’s sales targets for sales functions.
Level 1 Behaviors
(General Familiarity)
Describes the basic concepts and components of sales management.
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Level 2 Behaviors
(Light Experience)
Documents all the sales call information in the customer relationship management system.
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Level 3 Behaviors
(Moderate Experience)
Facilitates monthly sales pipeline reviews to provide a reliable view of sales opportunities.
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Level 4 Behaviors
(Extensive Experience)
Directs the sales to achieve overall growth and hit sales targets.
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Level 5 Behaviors
(Mastery)
Conceptualizes innovative ways to market products and services.
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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 concepts and principles of budgeting operations.
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Level 2 Behaviors
(Light Experience)
Assists in developing and improving budgeting models, plans, and strategies.
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Level 3 Behaviors
(Moderate Experience)
Compares planned budgets vs. actual expenditures, identifies, reports, and explains variances.
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Level 4 Behaviors
(Extensive Experience)
Determines system capabilities and needs to improve the process for financial budgeting.
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Level 5 Behaviors
(Mastery)
Develops financial models to support the strategic improvement 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)
Illustrates the necessity and benefits of active risk management.
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Level 2 Behaviors
(Light Experience)
Compiles and maintains risk management documents to reflect the latest policies.
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Level 3 Behaviors
(Moderate Experience)
Escalates significant risks to the appropriate management to address issues.
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Level 4 Behaviors
(Extensive Experience)
Creates and updates standard operating procedures (SOP) to improve risk management efficiency and effectiveness.
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Level 5 Behaviors
(Mastery)
Constructs risk management metrics to monitor, evaluate, and improve effectiveness.
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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.