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%
$90,750
TOTAL 50%
$100,300
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 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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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 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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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)
Discusses empathetic language in creating personalized and memorable customer interaction.
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Level 2 Behaviors
(Light Experience)
Follows the regulations and policies governing customer interactions.
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Level 3 Behaviors
(Moderate Experience)
Handles employee-to-customer interactions to maximize the overall customer experience.
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Level 4 Behaviors
(Extensive Experience)
Engages with customers to ensure positive interaction and build strong relationships.
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Level 5 Behaviors
(Mastery)
Develops strategies to improve customer interactions and achieve maximum customer satisfaction.
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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)
Evaluates and explains the financial aspects of a business initiative to different teams.
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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)
Assists in designing strategies for overcoming arising financial constraints in our business.
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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)
Establishes a working environment that encourages and fosters fiscal responsibility.
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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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