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%
$238,496
TOTAL 50%
$273,901
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)
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 -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)
Cites examples of the legal principles of insurance applicable to multiple types of insurance products.
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Level 2 Behaviors
(Light Experience)
Assists in assessing regulatory risks to ensure insurance operations meet compliance and regulatory obligations.
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Level 3 Behaviors
(Moderate Experience)
Adopts legal and regulatory initiatives to assess possible risks and maintain insurance solvency.
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Level 4 Behaviors
(Extensive Experience)
Directs the regulation of insurance products to ensure insurance policy provisions comply with state laws.
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Level 5 Behaviors
(Mastery)
Builds policy and regulatory tools to monitor and assess compliance levels with insurance laws and regulations.
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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)
Cites the best practices used in improving customer satisfaction.
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Level 2 Behaviors
(Light Experience)
Adheres to our policies in providing customer satisfaction.
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Level 3 Behaviors
(Moderate Experience)
Analyzes survey results to identify opportunities in improving customer service and satisfaction.
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Level 4 Behaviors
(Extensive Experience)
Creates and leverages KPIs to measure the effectiveness of customer satisfaction.
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Level 5 Behaviors
(Mastery)
Constructs innovative solutions and effective interventions to drive 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)
Lists all the basic types of customer knowledge.
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Level 2 Behaviors
(Light Experience)
Tracks the customers' buying habits by using customer relations management software.
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Level 3 Behaviors
(Moderate Experience)
Utilizes various analytical tools and platforms to monitor customer interactions.
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Level 4 Behaviors
(Extensive Experience)
Resolves complex customer complaints to rebuild customer confidence.
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Level 5 Behaviors
(Mastery)
Establishes a systematic process of collecting and using customer knowledge to build long-lasting relationships.
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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)
Names our key stakeholders from a business value chain perspective.
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Level 2 Behaviors
(Light Experience)
Supports the planning, implementation, and management of training programs that foster process improvements.
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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 -3
Skill definition-Aligning business processes with customers’ goals and expectations.
Level 1 Behaviors
(General Familiarity)
Lists the benefits of having a customer-focused organization.
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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)
Promotes organizational activities that build rapport and cooperative relationships with customers.
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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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