Skills & Competencies for Insurance Managing Broker

Insurance Managing Broker job profile

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JOB SUMMARY for Insurance Managing 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 Managing Broker

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

Insurance Managing Broker SALARY RANGE

BASE 50%
$236,174
TOTAL 50%
$271,239
Job Level
P04
Job Code
FA06000962
Education/Degree
Bachelor's Degree
Reports To
Supervisor or Manager

Insurance Managing 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 Managing 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 Managing Broker

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)
Explains how reinsurance aids in meeting the long-term debts and financial obligations of a business.
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Level 2 Behaviors
(Light Experience)
Locates resources to acquire updates regarding market shifts and regulatory changes in insurance.
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Level 3 Behaviors
(Moderate Experience)
Prepares insurance plans based on client needs to minimize financial risk or losses during uncertain events.
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Level 4 Behaviors
(Extensive Experience)
Monitors industry changes to improve the strategic directions of insurance operations.
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Level 5 Behaviors
(Mastery)
Develops strategic methods for selling insurance policies to increase the profit of our organization.
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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)
Describes the basic structure of insurance legal and regulatory environment.
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Level 2 Behaviors
(Light Experience)
Complies with insurance legal and regulatory principles to safeguard the rights and interests of the insured.
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Level 3 Behaviors
(Moderate Experience)
Analyzes existing legal and regulatory standards to address errors affecting insurance policies.
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Level 4 Behaviors
(Extensive Experience)
Improves legal procedures for licensing intermediaries or producers to prevent penalties.
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Level 5 Behaviors
(Mastery)
Designs compliance strategies and programs to prevent violations of statutes, regulations, and policies.
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3 Insurance Managing Broker - Skill and Competency
Proficiency Level - 3
4 Skill and Competency - Insurance Managing Broker
Proficiency Level - 4
5 Competency for - Insurance Managing Broker
Proficiency Level - 5

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

1 Job Family Competencies – Customer Satisfaction
Proficiency Level -3
Skill definition-Collecting, analyzing, and measuring satisfaction levels of customers to improve our business's service and products.
Level 1 Behaviors
(General Familiarity)
Describes methods used in collecting and analyzing customer satisfaction data.
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Level 2 Behaviors
(Light Experience)
Assists in creating questions to surveys to identify customer satisfaction levels.
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Level 3 Behaviors
(Moderate Experience)
Communicates with customers to establish positive interactions and maintain a high level of satisfaction.
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Level 4 Behaviors
(Extensive Experience)
Delivers superior customer service to optimize customer satisfaction scores.
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Level 5 Behaviors
(Mastery)
Develops customer service strategies to attain positive impacts on customer satisfaction.
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2 Job Family Competencies – Knowledge of Customers
Proficiency Level -3
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 Managing Broker - Skill and Competency
Proficiency Level - 3
4 Skill and Competency - Insurance Managing Broker
Proficiency Level - 4
5 Competency for - Insurance Managing Broker
Proficiency Level - 5

9 soft skills or competencies (core competencies) for Insurance Managing Broker

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 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)
Communicates financial insights that positively influence the business plan development process.
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Level 4 Behaviors
(Extensive Experience)
Evaluates and explains the financial aspects of a business initiative to different teams.
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Level 5 Behaviors
(Mastery)
Champions organizational change and digital transformation to drive higher business performance.
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2 Core Competencies – Customer Focus
Proficiency Level -3
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)
Responds to customers and addresses their needs in real-time.
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Level 3 Behaviors
(Moderate Experience)
Looks for ways to add value beyond clients' immediate requests.
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Level 4 Behaviors
(Extensive Experience)
Develops guidelines for dealing with customer issues.
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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 Managing Broker - Skill and Competency
Proficiency Level - 3
4 Skill and Competency - Insurance Managing Broker
Proficiency Level - 4
5 Competency for - Insurance Managing Broker
Proficiency Level - 5

Summary of Insurance Managing Broker skills and competencies

There are 5 hard skills for Insurance Managing Broker, Insurance Industry, Insurance Legal and Regulatory Environment, Insurance Products, etc.
3 general skills for Insurance Managing Broker, Customer Satisfaction, Knowledge of Customers, Prospecting.
9 soft skills for Insurance Managing Broker, Business Acumen, Customer Focus, Time Management, etc.
While the list totals 17 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 Managing Broker, he or she needs to be skilled in Business Acumen, be skilled in Customer Focus, and be skilled in Time Management.

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