Skills & Competencies for Finance & Insurance Manager

Finance & Insurance Manager job profile

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JOB SUMMARY for Finance & Insurance Manager

Offers finance or insurance options to clients through established relationships with lenders/providers.

JOB RESPONSIBILITIES for Finance & Insurance Manager

Explains offerings and recommends products to meet the needs of the client. Negotiates contract terms and rates to meet the goals of the organization. Ensures applications and paperwork are completed correctly and in a timely manner.

Finance & Insurance Manager SALARY RANGE

BASE 50%
$90,568
TOTAL 50%
$100,099
Job Level
M01
Job Code
FA06000776
Education/Degree
Bachelor's Degree
Reports To
Head of a Unit/Department

Finance & Insurance Manager 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 Finance & Insurance Manager skill and competencie below to view definitions.
INDUSTRY COMPETENCIES JOB FAMILY COMPETENCIES CORE COMPETENCIES
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7 hard skills or competencies (industry competencies) for Finance & Insurance Manager

1 Industry Competency – Insurance Industry
Proficiency Level -3
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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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)
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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3 Finance & Insurance Manager - Skill and Competency
Proficiency Level - 3
4 Skill and Competency - Finance & Insurance Manager
Proficiency Level - 4
5 Competency for - Finance & Insurance Manager
Proficiency Level - 5

2 general skills or competencies (Job family competencies) for Finance & Insurance Manager

1 Job Family Competencies – Customer Interaction
Proficiency Level -3
Skill definition-Fostering relationships and positive communication with customers to identify their demands to gain a competitive market advantage.
Level 1 Behaviors
(General Familiarity)
Describes the principles of customer interaction in providing exceptional customer service.
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Level 2 Behaviors
(Light Experience)
Documents customer interactions within the appropriate systems.
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Level 3 Behaviors
(Moderate Experience)
Generates ideas and actions to improve the efficiency and results of customer interaction.
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Level 4 Behaviors
(Extensive Experience)
Directs customer interaction efforts to deliver services according to customer requirements.
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Level 5 Behaviors
(Mastery)
Champions valuable customer interactions to optimize consumer insights and reduce customer churn rates.
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2 Job Family Competencies – Legal Document Review
Proficiency Level -3
Skill definition-Reviewing and analyzing each data page in a collection to ensure accuracy, relevance, privilege, and confidentiality.
Level 1 Behaviors
(General Familiarity)
Identifies the importance of legal document review in formulating legal theories for the case.
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Level 2 Behaviors
(Light Experience)
Participates in reviewing information to help determine its relevance to a case.
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Level 3 Behaviors
(Moderate Experience)
Prepares reports to facilitate the team's legal document review process.
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Level 4 Behaviors
(Extensive Experience)
Leads the review of the complicated paper documents to determine if they should be produced for opposing parties.
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Level 5 Behaviors
(Mastery)
Leads the team in finding and pointing out pertinent information to discover the necessary successful claim.
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3 Finance & Insurance Manager - Skill and Competency
Proficiency Level - 3
4 Skill and Competency - Finance & Insurance Manager
Proficiency Level - 4
5 Competency for - Finance & Insurance Manager
Proficiency Level - 5

10 soft skills or competencies (core competencies) for Finance & Insurance Manager

1 Core Competencies – Business Acumen
Proficiency Level -2
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)
Explains our key business strategies and priorities.
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Level 2 Behaviors
(Light Experience)
Reports and communicates market and competitor status regularly to the management team.
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Level 3 Behaviors
(Moderate Experience)
Evaluates supply chain efficiency with an eye toward improving shortcomings.
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Level 4 Behaviors
(Extensive Experience)
Leverages the latest technologies and tools that enhance business analytics.
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Level 5 Behaviors
(Mastery)
Designs and implements feedback loops to identify and promptly address business problems.
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2 Core Competencies – Financial Acumen
Proficiency Level -3
Skill definition-Obtaining financial information and applying financial understanding to foster sound judgment and correct business decisions.
Level 1 Behaviors
(General Familiarity)
Lists and explains the roles of major financial reports.
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Level 2 Behaviors
(Light Experience)
Collects and analyzes financial data to evaluate an organization's financial performance.
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Level 3 Behaviors
(Moderate Experience)
Presents financial reports that contain relevant business performance to financial and non-financial employees.
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Level 4 Behaviors
(Extensive Experience)
Forecasts the financial impact of business decisions to determine our business's financial results.
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Level 5 Behaviors
(Mastery)
Monitors our business's overall performance and adjusts the allocation of finances based on progress against goals.
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3 Finance & Insurance Manager - Skill and Competency
Proficiency Level - 3
4 Skill and Competency - Finance & Insurance Manager
Proficiency Level - 4
5 Competency for - Finance & Insurance Manager
Proficiency Level - 5

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.

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