Skills & Competencies for New Policy Specialist

New Policy Specialist job profile

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JOB SUMMARY for New Policy Specialist

Processes incoming applications for new and renewing policies to include changes/updates according to company guidelines for group health, dental and/or life policies.

JOB RESPONSIBILITIES for New Policy Specialist

Responsibilities include reviewing and screening requests, calculating new premiums, issuing new policies and associated documentation. Serves assigned accounts by responding to inquiries and resolving issues of concern. May handle more complex situations or issues.

New Policy Specialist SALARY RANGE

BASE 50%
$60,764
TOTAL 50%
$63,069
Job Level
P02
Job Code
FA06000799
Education/Degree
Bachelor's Degree
Reports To
Supervisor or Manager

New Policy Specialist 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 New Policy Specialist skill and competencie below to view definitions.
INDUSTRY COMPETENCIES JOB FAMILY COMPETENCIES CORE COMPETENCIES
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6 hard skills or competencies (industry competencies) for New Policy Specialist

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)
Utilizes various tools and technologies to optimize insurance claims turnaround cycles.
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Level 4 Behaviors
(Extensive Experience)
Provides recommendations for improving methods and procedures to enhance insurance claims handling.
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Level 5 Behaviors
(Mastery)
Leads the deployment of strategic approaches to address complex insurance risk management programs.
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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 New Policy Specialist - Skill and Competency
Proficiency Level - 3
4 Skill and Competency - New Policy Specialist
Proficiency Level - 4
5 Competency for - New Policy Specialist
Proficiency Level - 5

3 general skills or competencies (Job family competencies) for New Policy Specialist

1 Job Family Competencies – Document Processing
Proficiency Level -2
Skill definition-Converting, capturing, and processing data into digital formats to allow document integration into business processes.
Level 1 Behaviors
(General Familiarity)
Explains the workflow design of document processing and management.
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Level 2 Behaviors
(Light Experience)
Files paper documents for processing according to classification categories.
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Level 3 Behaviors
(Moderate Experience)
Prepares paperwork to ensure completion and conformance of documents to processing guidelines.
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Level 4 Behaviors
(Extensive Experience)
Oversees the processing of all documents to detect and avoid document errors.
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Level 5 Behaviors
(Mastery)
Leads document processing by validating data for complex issues across multiple systems.
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2 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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3 New Policy Specialist - Skill and Competency
Proficiency Level - 3
4 Skill and Competency - New Policy Specialist
Proficiency Level - 4
5 Competency for - New Policy Specialist
Proficiency Level - 5

6 soft skills or competencies (core competencies) for New Policy Specialist

1 Core Competencies – Standard Operating Procedures (SOP)
Proficiency Level -2
Skill definition-A set of written instructions that describes the step-by-step activities to complete tasks in compliance with business standards and industry regulations.
Level 1 Behaviors
(General Familiarity)
Identifies our internal and external sources for the SOPs we need.
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Level 2 Behaviors
(Light Experience)
Participates in the implementation of new SOPs and enhancement of existing ones.
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Level 3 Behaviors
(Moderate Experience)
Modifies SOPs accordingly to reflect changes in our business practices and policies.
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Level 4 Behaviors
(Extensive Experience)
Optimizes the current SOP development and implementation processes.
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Level 5 Behaviors
(Mastery)
Leads cross-functional efforts to develop and implement SOPs across our organization.
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2 Core Competencies – Attention to Detail
Proficiency Level -2
Skill definition-Executing and completing a task with a high level of accuracy.
Level 1 Behaviors
(General Familiarity)
Lists best practices and tools to maintain high accuracy and thoroughness in the workplace.
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Level 2 Behaviors
(Light Experience)
Uses checklists to ensure that information goes out error-free.
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Level 3 Behaviors
(Moderate Experience)
Suggests solutions to issues that arise while executing the tasks.
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Level 4 Behaviors
(Extensive Experience)
Employs techniques for motivating personnel to meet or exceed accuracy goals.
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Level 5 Behaviors
(Mastery)
Leads the creation of tools for enhancing and assuring accuracy.
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3 New Policy Specialist - Skill and Competency
Proficiency Level - 3
4 Skill and Competency - New Policy Specialist
Proficiency Level - 4
5 Competency for - New Policy Specialist
Proficiency Level - 5

Summary of New Policy Specialist skills and competencies

There are 6 hard skills for New Policy Specialist, Insurance Industry, Insurance Legal and Regulatory Environment, Insurance Products, etc.
3 general skills for New Policy Specialist, Document Processing, Customer Satisfaction, Customer Support.
6 soft skills for New Policy Specialist, Standard Operating Procedures (SOP), Attention to Detail, Time Management, etc.
While the list totals 15 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 New Policy Specialist, he or she needs to be proficient in Standard Operating Procedures (SOP), be proficient in Attention to Detail, and be proficient in Time Management.

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