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%
$92,392
TOTAL 50%
$97,058
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)
Identifies the key legislation and regulations governing insurance contracts.
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Level 2 Behaviors
(Light Experience)
Records and maintains insurance policy and claims information in a database system.
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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 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)
Lists the factors that influence customer satisfaction.
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Level 2 Behaviors
(Light Experience)
Performs customer follow-up to complete all service requests on time.
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Level 3 Behaviors
(Moderate Experience)
Uses key performance indicators (KPIs) to measure goals for customer satisfaction.
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Level 4 Behaviors
(Extensive Experience)
Trains and guides teams on the methods and formulas used to measure customer satisfaction data.
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Level 5 Behaviors
(Mastery)
Promotes interdepartmental collaboration to achieve service level agreements (SLA).
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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)
Documents the ways to collect customer knowledge like interviews, focus groups, and social media.
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Level 2 Behaviors
(Light Experience)
Conducts customer satisfaction surveys to learn about the consumers' experience with the company.
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Level 3 Behaviors
(Moderate Experience)
Analyzes consumer data information to make changes to marketing strategies.
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Level 4 Behaviors
(Extensive Experience)
Leads the consumer journey mapping to oversee the business from the customer's perspective.
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Level 5 Behaviors
(Mastery)
Builds training modules about the methods to consolidate data and information regarding customer knowledge.
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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)
Describes the market conditions that impact the business.
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Level 2 Behaviors
(Light Experience)
Collects and compiles competitor information for competitive analysis.
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Level 3 Behaviors
(Moderate Experience)
Applies technical expertise, business sense, and product knowledge to manage the product lifecycle effectively.
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Level 4 Behaviors
(Extensive Experience)
Coordinates technical and business teams to solve complex and diverse customer problems.
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Level 5 Behaviors
(Mastery)
Builds strong business partnerships internally and externally to drive "win-win" business successes.
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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)
Describes the impact of avoiding overcommitments in dealing with customer concerns.
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Level 2 Behaviors
(Light Experience)
Enters clients' issues into the customer database systems.
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Level 3 Behaviors
(Moderate Experience)
Communicates information with customers to build their understanding of issues and capabilities.
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Level 4 Behaviors
(Extensive Experience)
Delivers training to employees to provide outstanding experiences for customers.
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Level 5 Behaviors
(Mastery)
Creates procedures and methods for monitoring and evaluating customer concerns, issues, and satisfaction.
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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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