Skills & Competencies for Insurance Broker Executive

Insurance Broker Executive job profile

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JOB SUMMARY for Insurance Broker Executive

Directs the marketing of customer business to different insurance carriers to obtain quotes based on an evaluation and analysis of the customer's insurance needs and requirements.

JOB RESPONSIBILITIES for Insurance Broker Executive

Leads team to obtain and negotiate quotes from different carriers, meet profitability targets, drive customer satisfaction and retention. Ensures efficient operational processes. May lead the most complex accounts and deals. Has deep knowledge of complex insurance products and multiple lines such as commercial property & casualty, employee benefits, and others.

Insurance Broker Executive SALARY RANGE

BASE 50%
$257,942
TOTAL 50%
$306,801
Job Level
M03
Job Code
FA06000963
Education/Degree
Bachelor's Degree
Reports To
Senior Management

Insurance Broker Executive 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 Insurance Broker Executive skill and competencie below to view definitions.
INDUSTRY COMPETENCIES JOB FAMILY COMPETENCIES CORE COMPETENCIES
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6 hard skills or competencies (industry competencies) for Insurance Broker Executive

1 Industry Competency – Insurance Industry
Proficiency Level -4
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)
Reviews and analyzes claim applications to determine coverage eligibility and rates.
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Level 4 Behaviors
(Extensive Experience)
Monitors market trends in insurance services to deliver improved business impacts.
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Level 5 Behaviors
(Mastery)
Establishes and enforces standards for handling claims to maximize insurance workflow efficiency.
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2 Industry Competency – Insurance Legal and Regulatory Environment
Proficiency Level -3
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 Insurance Broker Executive - Skill and Competency
Proficiency Level - 3
4 Skill and Competency - Insurance Broker Executive
Proficiency Level - 4
5 Competency for - Insurance Broker Executive
Proficiency Level - 5

1 general skill or competency (Job family competency) for Insurance Broker Executive

1 Job Family Competencies – Marketing Strategy
Proficiency Level -4
Skill definition-Developing, implementing and assessing marketing plans, objectives and tactics to achieve competitive advantage.
Level 1 Behaviors
(General Familiarity)
Compiles a list of the advantages and disadvantages of marketing strategy.
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Level 2 Behaviors
(Light Experience)
Assists in researching and developing strategic plans to meet our marketing goals and objectives.
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Level 3 Behaviors
(Moderate Experience)
Analyzes our current marketing plans and strategies to identify improvement opportunities.
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Level 4 Behaviors
(Extensive Experience)
Adapts to the latest industry trends and innovations to improve critical marketing workflows.
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Level 5 Behaviors
(Mastery)
Conceptualizes innovative ways to optimize and improve the performance of our marketing strategy.
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3 Insurance Broker Executive - Skill and Competency
Proficiency Level - 3
4 Skill and Competency - Insurance Broker Executive
Proficiency Level - 4
5 Competency for - Insurance Broker Executive
Proficiency Level - 5

12 soft skills or competencies (core competencies) for Insurance Broker Executive

1 Core Competencies – Business Acumen
Proficiency Level -3
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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2 Core Competencies – Budgeting
Proficiency Level -3
Skill definition-Applying specific policies, tools and practices to plan and prepare projected revenues, expenses, cash flows, and capital expenditures.
Level 1 Behaviors
(General Familiarity)
Compiles a list of basic issues and risks for conducting our budget processes.
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Level 2 Behaviors
(Light Experience)
Applies established guidelines for conducting our budgeting processes.
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Level 3 Behaviors
(Moderate Experience)
Communicates budget objectives and plans to help identify financial trends and create budget forecasts.
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Level 4 Behaviors
(Extensive Experience)
Anticipates organizational income and expenses to make forecasts and develop budget plans.
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Level 5 Behaviors
(Mastery)
Adapts relevant industry trends on techniques in financial budgeting in our organization.
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3 Insurance Broker Executive - Skill and Competency
Proficiency Level - 3
4 Skill and Competency - Insurance Broker Executive
Proficiency Level - 4
5 Competency for - Insurance Broker Executive
Proficiency Level - 5

Summary of Insurance Broker Executive skills and competencies

There are 6 hard skills for Insurance Broker Executive, Insurance Industry, Insurance Legal and Regulatory Environment, Insurance Products, etc.
1 general skills for Insurance Broker Executive, Marketing Strategy.
12 soft skills for Insurance Broker Executive, Business Acumen, Budgeting, Customer Relationship Management, 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 Insurance Broker Executive, he or she needs to be skilled in Business Acumen, be skilled in Budgeting, and be skilled in Customer Relationship Management.

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