5 hard skills or competencies (industry competencies) for Insurance Managing Broker
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)
Names the commonly used tools and techniques for insurance planning and risk management.
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Level 2 Behaviors
(Light Experience)
Reports any discrepancies encountered in reviewing policy records and documentation.
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Level 3 Behaviors
(Moderate Experience)
Works with insurance agents and team members to update and process insurance policies.
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Level 4 Behaviors
(Extensive Experience)
Recommends alternative insurance claims processing methods to minimize operational costs.
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Level 5 Behaviors
(Mastery)
Stays abreast of the changes in insurance industry laws to ensure our product and service adherence.
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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 general skills or competencies (Job family competencies) for Insurance Managing Broker
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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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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9 soft skills or competencies (core competencies) for Insurance Managing Broker
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)
Participates in the redesign of organizational structures to reflect business priorities.
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Level 4 Behaviors
(Extensive Experience)
Trains others on various business and operation topics.
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Level 5 Behaviors
(Mastery)
Forecasts the short-term and long-term impact of various business cases on P&L performance.
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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)
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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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.