Skills & Competencies for Insurance Broker

Insurance Broker job profile

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JOB SUMMARY for Insurance Broker

Develops and markets 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

Assesses and negotiates quotes from different carriers based on exposure, risk, and financing. Develops recommendations to advises customers on the best options that will meet their needs and to place and retain the business.

Insurance Broker SALARY RANGE

BASE 50%
$92,619
TOTAL 50%
$97,294
Job Level
P02
Job Code
FA06000960
Education/Degree
Bachelor's Degree
Reports To
Supervisor or Manager

Insurance Broker 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 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

1 Industry Competency – Insurance Industry
Proficiency Level -2
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)
Defines the key terminologies and components of an insurance policy.
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Level 2 Behaviors
(Light Experience)
Enters new information about insurance premiums and payments to update insurance policy records.
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Level 3 Behaviors
(Moderate Experience)
Examines insurance applications and letters from clients to determine necessary policy changes.
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Level 4 Behaviors
(Extensive Experience)
Evaluates existing claims handling process to identify fraud and opportunities for optimization of outcomes.
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Level 5 Behaviors
(Mastery)
Champions the adoption of AI and automation technologies to streamline 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)
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 - Skill and Competency
Proficiency Level - 3
4 Skill and Competency - Insurance Broker
Proficiency Level - 4
5 Competency for - Insurance Broker
Proficiency Level - 5

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

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 -2
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 - Skill and Competency
Proficiency Level - 3
4 Skill and Competency - Insurance Broker
Proficiency Level - 4
5 Competency for - Insurance Broker
Proficiency Level - 5

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

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)
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 - Skill and Competency
Proficiency Level - 3
4 Skill and Competency - Insurance Broker
Proficiency Level - 4
5 Competency for - Insurance Broker
Proficiency Level - 5

Summary of Insurance Broker skills and competencies

There are 5 hard skills for Insurance Broker, Insurance Industry, Insurance Legal and Regulatory Environment, Insurance Products, etc.
3 general skills for Insurance Broker, Customer Satisfaction, Knowledge of Customers, Prospecting.
8 soft skills for Insurance Broker, 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, 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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