Modifies, updates, and processes existing insurance policies and claims to reflect any change in beneficiary, amount of coverage, or type of insurance.
Evaluates information from application for policy reinstatement for completeness and accuracy. May approve policy if all criteria's are met.
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 Policy Processing Specialist I skill and competencie below to view definitions.
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.
Level 2 Behaviors
(Light Experience)
Enters new information about insurance premiums and payments to update insurance policy records.
Level 3 Behaviors
(Moderate Experience)
Examines insurance applications and letters from clients to determine necessary policy changes.
Level 4 Behaviors
(Extensive Experience)
Evaluates existing claims handling process to identify fraud and opportunities for optimization of outcomes.
Level 5 Behaviors
(Mastery)
Champions the adoption of AI and automation technologies to streamline insurance operations.
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.
Level 2 Behaviors
(Light Experience)
Assists in assessing regulatory risks to ensure insurance operations meet compliance and regulatory obligations.
Level 3 Behaviors
(Moderate Experience)
Adopts legal and regulatory initiatives to assess possible risks and maintain insurance solvency.
Level 4 Behaviors
(Extensive Experience)
Directs the regulation of insurance products to ensure insurance policy provisions comply with state laws.
Level 5 Behaviors
(Mastery)
Builds policy and regulatory tools to monitor and assess compliance levels with insurance laws and regulations.
Skill definition-Converting, capturing, and processing data into digital formats to allow document integration into business processes.
Level 1 Behaviors
(General Familiarity)
Cites various document classification categories and systems for the processing of data.
Level 2 Behaviors
(Light Experience)
Assists in processing document requests of various electronic formats to classify documents.
Level 3 Behaviors
(Moderate Experience)
Extracts layout and structure from documents for processing and routing to intended recipients.
Level 4 Behaviors
(Extensive Experience)
Coordinates daily workflow of document processing to ensure on-time and accurate completion of forms.
Level 5 Behaviors
(Mastery)
Designs methodologies for efficient document processing to meet business and operational goals.
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)
Cites examples of SOP practices in our business operations.
Level 2 Behaviors
(Light Experience)
Assists in the preparation of internal standard operating procedures (SOP).
Level 3 Behaviors
(Moderate Experience)
Analyses our business and operations to identify room for improvement on the related standard operating procedures.
Level 4 Behaviors
(Extensive Experience)
Coaches others on the implementation of SOP to reduce errors and improve quality.
Level 5 Behaviors
(Mastery)
Builds a monitoring system to evaluate the effectiveness of our SOPs.
Skill definition-Executing and completing a task with a high level of accuracy.
Level 1 Behaviors
(General Familiarity)
Cites steps and tips to improve attention to detail in the workplace.
Level 2 Behaviors
(Light Experience)
Keeps full attention when listening to understand the message.
Level 3 Behaviors
(Moderate Experience)
Balances between accuracy and efficiency for different tasks or programs.
Level 4 Behaviors
(Extensive Experience)
Creates and implements quality management processes for our business.
Level 5 Behaviors
(Mastery)
Defines possible hurdles to projects and creates strategies to deal with them.
There are 7 hard skills for Policy Processing Specialist I, Insurance Industry, Insurance Legal and Regulatory Environment, Insurance Products, etc.
1 general skills for Policy Processing Specialist I, Document Processing.
6 soft skills for Policy Processing Specialist I, Standard Operating Procedures (SOP), Attention to Detail, Initiative, etc.
While the list totals 14 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 Policy Processing Specialist I, he or she needs to be proficient in Standard Operating Procedures (SOP), be proficient in Attention to Detail, and be proficient in Initiative.
