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)
Explains the policy conditions of various insurance contracts and products.
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Level 2 Behaviors
(Light Experience)
Provides prompt responses to clients’ insurance-related questions and concerns.
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Level 3 Behaviors
(Moderate Experience)
Utilizes various tools and technologies to optimize insurance claims turnaround cycles.
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Level 4 Behaviors
(Extensive Experience)
Provides recommendations for improving methods and procedures to enhance insurance claims handling.
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Level 5 Behaviors
(Mastery)
Leads the deployment of strategic approaches to address complex insurance risk management programs.
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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)
Discusses the importance of insurance regulations in protecting clients' financial security and assets.
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Level 2 Behaviors
(Light Experience)
Gathers and interprets policy contracts to understand insurance legal and regulatory standards.
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Level 3 Behaviors
(Moderate Experience)
Maintains financial and market regulation to validate insurance's accounting methods and procedures.
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Level 4 Behaviors
(Extensive Experience)
Sets guidelines to promote fairness and transparency in financial markets in providing insurance products.
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Level 5 Behaviors
(Mastery)
Develops compliance and risk management standards to manage overall insurance legal and regulatory environment.
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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)
Explains the elements of good customer interaction delivery.
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Level 2 Behaviors
(Light Experience)
Identifies customer needs by conducting customer interactions.
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Level 3 Behaviors
(Moderate Experience)
Implements changes to customer interaction processes to enhance our services and products.
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Level 4 Behaviors
(Extensive Experience)
Optimizes customer interactions to gain repeat transactions and referrals from the customer base.
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Level 5 Behaviors
(Mastery)
Fosters relationships and trust through customer interactions to solicit customer service feedback.
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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)
Explains how to operate contract lifecycle management solutions in managing legal documents.
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Level 2 Behaviors
(Light Experience)
Documents the reasons why legal documents should be withheld from production.
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Level 3 Behaviors
(Moderate Experience)
Leads detailed reviews of legal and operating documents to ensure compliance with criteria.
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Level 4 Behaviors
(Extensive Experience)
Evaluates legal documents for cases that have a high volume of evidence from the discovery process.
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Level 5 Behaviors
(Mastery)
Establishes streamlined document review systems to improve legal management operations.
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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)
Discusses the strengths and weaknesses of our products and services.
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Level 2 Behaviors
(Light Experience)
Explains advantages and disadvantages of different organizational structures from an efficiency perspective.
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Level 3 Behaviors
(Moderate Experience)
Demonstrates an innate sense of how to achieve positive results in the current environment.
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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)
Conceptualizes new and creative business initiatives to boost business growth.
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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)
Identifies basic approaches used to earn profits and increase profitability.
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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)
Maintains adequate cash flow following established regulations.
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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)
Designs data-gathering procedures to streamline the collection of financial information within our business.
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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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