Skills & Competencies for Insurance Broker Trainee

Insurance Broker Trainee job profile

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JOB SUMMARY for Insurance Broker Trainee

Participates in career training program to learn insurance brokerage and placement.

JOB RESPONSIBILITIES for Insurance Broker Trainee

Assists with account servicing and renewals of existing insurance business. Supports brokers in the marketing of customer business to different insurance carriers to obtain quotes. Collects, prepares, and processes data required to maintain and service accounts.

Insurance Broker Trainee SALARY RANGE

BASE 50%
$71,363
TOTAL 50%
$72,135
Job Level
P01
Job Code
FA06000959
Education/Degree
Bachelor's Degree
Reports To
Supervisor or Manager

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

1 Industry Competency – Insurance Industry
Proficiency Level -1
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)
Makes necessary adjustments to insurance policies to meet customer needs.
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Level 4 Behaviors
(Extensive Experience)
Handles complex insurance losses through negotiation of favorable claims settlements with insurance companies.
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Level 5 Behaviors
(Mastery)
Develops and establishes risk reduction best practices to prevent fraudulent claims transactions.
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2 Industry Competency – Insurance Legal and Regulatory Environment
Proficiency Level -1
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 Trainee - Skill and Competency
Proficiency Level - 3
4 Skill and Competency - Insurance Broker Trainee
Proficiency Level - 4
5 Competency for - Insurance Broker Trainee
Proficiency Level - 5

3 general skills or competencies (Job family competencies) for Insurance Broker Trainee

1 Job Family Competencies – Customer Satisfaction
Proficiency Level -2
Skill definition-Collecting, analyzing, and measuring satisfaction levels of customers to improve our business's service and products.
Level 1 Behaviors
(General Familiarity)
Explains the importance of customer satisfaction to a business.
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Level 2 Behaviors
(Light Experience)
Identifies and reports issues promptly to ensure quick resolution and customer satisfaction.
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Level 3 Behaviors
(Moderate Experience)
Negotiates issues directly with the customer to maximize customer satisfaction.
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Level 4 Behaviors
(Extensive Experience)
Recommends plans to enhance the current process in increasing customer satisfaction efficiencies.
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Level 5 Behaviors
(Mastery)
Fosters maintains effective business-to-customer relationships to meet and exceed customer expectations.
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2 Job Family Competencies – Knowledge of Customers
Proficiency Level -1
Skill definition-Collecting experience and insight information to understand the customers’ needs, wants, and aims.
Level 1 Behaviors
(General Familiarity)
Identifies the methodologies of customer knowledge management in the business.
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Level 2 Behaviors
(Light Experience)
Receives return products to enhance future transactions.
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Level 3 Behaviors
(Moderate Experience)
Follows up with customers to acquire complete satisfaction.
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Level 4 Behaviors
(Extensive Experience)
Makes new changes to the overall process to improve the customer’s experience.
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Level 5 Behaviors
(Mastery)
Develops standard operation processes to build customer knowledge across our organization.
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3 Insurance Broker Trainee - Skill and Competency
Proficiency Level - 3
4 Skill and Competency - Insurance Broker Trainee
Proficiency Level - 4
5 Competency for - Insurance Broker Trainee
Proficiency Level - 5

8 soft skills or competencies (core competencies) for Insurance Broker Trainee

1 Core Competencies – Business Acumen
Proficiency Level -1
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)
Implements effective marketing strategies that achieve improved business outcomes.
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Level 4 Behaviors
(Extensive Experience)
Optimizes business processes based on deep insight into various business unit functions.
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Level 5 Behaviors
(Mastery)
Evaluates industry and market trends to identify new business opportunities.
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2 Core Competencies – Customer Focus
Proficiency Level -2
Skill definition-Aligning business processes with customers’ goals and expectations.
Level 1 Behaviors
(General Familiarity)
Identifies appropriate actions in dealing with client issues.
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Level 2 Behaviors
(Light Experience)
Seeks information to understand customers' circumstances, problems, expectations, and needs.
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Level 3 Behaviors
(Moderate Experience)
Reviews action plans to identify the factors that may affect customer relationships.
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Level 4 Behaviors
(Extensive Experience)
Measures customer satisfaction levels to recommend and implement service improvement alternatives.
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Level 5 Behaviors
(Mastery)
Establishes best practices to create, evaluate and enhance customer loyalty.
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3 Insurance Broker Trainee - Skill and Competency
Proficiency Level - 3
4 Skill and Competency - Insurance Broker Trainee
Proficiency Level - 4
5 Competency for - Insurance Broker Trainee
Proficiency Level - 5

Summary of Insurance Broker Trainee skills and competencies

There are 5 hard skills for Insurance Broker Trainee, Insurance Industry, Insurance Legal and Regulatory Environment, Insurance Products, etc.
3 general skills for Insurance Broker Trainee, Customer Satisfaction, Knowledge of Customers, Prospecting.
8 soft skills for Insurance Broker Trainee, Business Acumen, Customer Focus, Time Management, etc.
While the list totals 16 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 Trainee, he or she needs to be proficient in Business Acumen, be proficient in Customer Focus, and be proficient in Time Management.

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