7 hard skills or competencies (industry competencies) for Finance & Insurance Manager
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)
Cites different types of insurance policies and describes the advantages and disadvantages of each.
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Level 2 Behaviors
(Light Experience)
Compiles insurance quotes based on customer information and rates for insurance policies.
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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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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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2 general skills or competencies (Job family competencies) for Finance & Insurance Manager
Skill definition-Fostering relationships and positive communication with customers to identify their demands to gain a competitive market advantage.
Level 1 Behaviors
(General Familiarity)
Cites common platforms used in facilitating customer interaction and engagement.
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Level 2 Behaviors
(Light Experience)
Compiles information and data related to customer interactions to appropriate systems.
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Level 3 Behaviors
(Moderate Experience)
Analyzes customer interactions to gain insights on customer needs and expectations.
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Level 4 Behaviors
(Extensive Experience)
Delivers optimal customer solutions during interaction to enhance customer interaction value.
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Level 5 Behaviors
(Mastery)
Builds customer service workflows to streamline the delivery of substantive customer interactions.
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Skill definition-Reviewing and analyzing each data page in a collection to ensure accuracy, relevance, privilege, and confidentiality.
Level 1 Behaviors
(General Familiarity)
Describes the importance of reviewing legal documents for accuracy.
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Level 2 Behaviors
(Light Experience)
Assists the legal team in gaining a greater understanding of the factual issues in a case.
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Level 3 Behaviors
(Moderate Experience)
Assesses the information and determines its relevance following sorting of evidence in a case's discovery.
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Level 4 Behaviors
(Extensive Experience)
Develops a documentation review plan to document the process.
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Level 5 Behaviors
(Mastery)
Approves the information to an opposing party in response to a discovery request.
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10 soft skills or competencies (core competencies) for Finance & Insurance Manager
Skill definition-Insight into our organization's business, goals, and values. Ability to design and implement initiatives that facilitate successful outcomes.
Level 1 Behaviors
(General Familiarity)
Describes how our business makes money and our key business objectives.
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Level 2 Behaviors
(Light Experience)
Assists in designing business models and operating plans.
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Level 3 Behaviors
(Moderate Experience)
Analyses the business impact of demographic changes; suggests effective responses.
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Level 4 Behaviors
(Extensive Experience)
Consults on the selection and adjustment of the go-to-market strategy.
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Level 5 Behaviors
(Mastery)
Builds a mentoring model to ensure a continuous increase of business sense within our business.
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Skill definition-Obtaining financial information and applying financial understanding to foster sound judgment and correct business decisions.
Level 1 Behaviors
(General Familiarity)
Describes key financial literacy concepts and principles.
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Level 2 Behaviors
(Light Experience)
Analyzes data and interprets key financial indicators to help decision-making processes.
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Level 3 Behaviors
(Moderate Experience)
Adheres to financial budgets and resource allocations to properly manage transactions.
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Level 4 Behaviors
(Extensive Experience)
Consults on the methods and techniques in managing credit and debt.
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Level 5 Behaviors
(Mastery)
Builds systems and tools critical for measuring financial accountability in our business.
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Summary of Finance & Insurance Manager skills and competencies
There are 7 hard skills for Finance & Insurance Manager, Insurance Industry, Insurance Legal and Regulatory Environment, Insurance Finance and Actuarial Concepts, etc.
2 general skills for Finance & Insurance Manager, Customer Interaction, Legal Document Review.
10 soft skills for Finance & Insurance Manager, Business Acumen, Financial Acumen, Planning and Organizing, etc.
While the list totals 19 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 Finance & Insurance Manager, he or she needs to be proficient in Business Acumen, be skilled in Financial Acumen, and be proficient in Planning and Organizing.