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)
Names the commonly used tools and techniques for insurance planning and risk management.
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Level 2 Behaviors
(Light Experience)
Reports any discrepancies encountered in reviewing policy records and documentation.
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Level 3 Behaviors
(Moderate Experience)
Verifies received insurance coverage and damage reports to ensure accurate processing of claims.
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Level 4 Behaviors
(Extensive Experience)
Provides technical guidance to staff on claim investigation to ensure accurate insurance claims processing.
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Level 5 Behaviors
(Mastery)
Pursues creative initiatives that may differentiate our business and give us a competitive advantage.
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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)
Explains the application of insurance regulatory laws to avoid civil penalties and license suspension.
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Level 2 Behaviors
(Light Experience)
Supports the execution of a legal and regulatory framework to promote strict insurance compliance.
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Level 3 Behaviors
(Moderate Experience)
Performs compliance reviews to determine possible violations and deficiencies in insurance regulations.
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Level 4 Behaviors
(Extensive Experience)
Trains teams on new laws and regulations to reduce liability risks and compliance violations.
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Level 5 Behaviors
(Mastery)
Establishes best practices in creating insurance laws and regulations to prevent frauds and malpractices.
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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)
Lists possible issues and concerns regarding customer interaction.
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Level 2 Behaviors
(Light Experience)
Supports the development of creative ways to improve the value of customer interaction.
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Level 3 Behaviors
(Moderate Experience)
Performs good customer interaction to meet our customer standards and our objectives.
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Level 4 Behaviors
(Extensive Experience)
Recommends improvement opportunities in the customer interaction process to create positive service.
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Level 5 Behaviors
(Mastery)
Leads innovative processes to maximize the timing and effectiveness of customer interactions.
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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)
Lists legal terminology and concepts used in legal document review.
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Level 2 Behaviors
(Light Experience)
Uses document review workflows to sort and sift large amounts of legal documentation.
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Level 3 Behaviors
(Moderate Experience)
Updates legal databases and reviews legal documents for accuracy of legal protocols.
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Level 4 Behaviors
(Extensive Experience)
Monitors the evaluation of complex documents for relevance, responsiveness, privilege, and confidentiality.
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Level 5 Behaviors
(Mastery)
Oversees the investigation of specific cases to identify direct contact and proof of elements.
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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)
Names our key stakeholders from a business value chain perspective.
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Level 2 Behaviors
(Light Experience)
Supports the planning, implementation, and management of training programs that foster process improvements.
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Level 3 Behaviors
(Moderate Experience)
Participates in the redesign of organizational structures to reflect business priorities.
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Level 4 Behaviors
(Extensive Experience)
Trains others on various business and operation topics.
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Level 5 Behaviors
(Mastery)
Forecasts the short-term and long-term impact of various business cases on P&L performance.
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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 obstacles and challenges in managing financial transactions of an organization.
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Level 2 Behaviors
(Light Experience)
Researches market trends and needs to help provide market insights for financial decision-making processes.
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Level 3 Behaviors
(Moderate Experience)
Utilizes cost-benefit thinking to set priorities and identify cost-effective approaches.
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Level 4 Behaviors
(Extensive Experience)
Pursues various ways to optimize tax strategies to minimize taxes.
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Level 5 Behaviors
(Mastery)
Sets organizational priorities by aligning finances with strategic business goals and 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

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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