Skills & Competencies for Rating Specialist

Rating Specialist job profile

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JOB SUMMARY for Rating Specialist

Responsible for calculating insurance premiums based on rate books, calculators, and the type and amount of policy.

JOB RESPONSIBILITIES for Rating Specialist

Revises rates as necessary and maintains records and appropriate filings.

Rating Specialist SALARY RANGE

BASE 50%
$51,929
TOTAL 50%
$53,087
Job Level
A03
Job Code
FA06000826
Education/Degree
High School Diploma or Technical Certificate
Reports To
Supervisor or Manager

Rating 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 Rating Specialist skill and competencie below to view definitions.
INDUSTRY COMPETENCIES CORE COMPETENCIES
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8 hard skills or competencies (industry competencies) for Rating 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)
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 -1
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 importance of compliance programs in maintaining an insurance legal and regulatory environment.
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Level 2 Behaviors
(Light Experience)
Documents compliance complaints to track and escalate possible legal violations and ensure prompt resolution.
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Level 3 Behaviors
(Moderate Experience)
Executes market conduct exams to verify the adherence of insurance operations to laws and regulations.
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Level 4 Behaviors
(Extensive Experience)
Reviews root causes of regulatory deficiencies to create corrective action plans and ensure adherence.
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Level 5 Behaviors
(Mastery)
Develops an insurance regulatory framework to promote consumers' protection and achieve policy objectives.
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3 Rating Specialist - Skill and Competency
Proficiency Level - 3
4 Skill and Competency - Rating Specialist
Proficiency Level - 4
5 Competency for - Rating Specialist
Proficiency Level - 5

7 soft skills or competencies (core competencies) for Rating Specialist

1 Core Competencies – Financial Acumen
Proficiency Level -2
Skill definition-Obtaining financial information and applying financial understanding to foster sound judgment and correct business decisions.
Level 1 Behaviors
(General Familiarity)
Lists obstacles and challenges in managing financial transactions of an organization.
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Level 2 Behaviors
(Light Experience)
Researches market trends and needs to help provide market insights for financial decision-making processes.
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Level 3 Behaviors
(Moderate Experience)
Utilizes cost-benefit thinking to set priorities and identify cost-effective approaches.
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Level 4 Behaviors
(Extensive Experience)
Pursues various ways to optimize tax strategies to minimize taxes.
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Level 5 Behaviors
(Mastery)
Sets organizational priorities by aligning finances with strategic business goals and objectives.
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2 Core Competencies – Risk Management
Proficiency Level -2
Skill definition-The identification, evaluation, and prioritization of various risks, followed by controlling practices to minimize any adverse impact.
Level 1 Behaviors
(General Familiarity)
Obtains internal and external educational resources on risk management.
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Level 2 Behaviors
(Light Experience)
Logs and updates data in the risk information management system.
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Level 3 Behaviors
(Moderate Experience)
Researches and suggests enhancements of risk management tools to improve efficiency.
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Level 4 Behaviors
(Extensive Experience)
Monitors the implementation of risk policies and programs to ensure consistency.
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Level 5 Behaviors
(Mastery)
Keeps abreast of market trends and their effect on internal risk management.
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3 Rating Specialist - Skill and Competency
Proficiency Level - 3
4 Skill and Competency - Rating Specialist
Proficiency Level - 4
5 Competency for - Rating Specialist
Proficiency Level - 5

Summary of Rating Specialist skills and competencies

There are 8 hard skills for Rating Specialist, Insurance Industry, Insurance Legal and Regulatory Environment, Insurance Finance and Actuarial Concepts, etc.
0 general skills for Rating Specialist.
7 soft skills for Rating Specialist, Financial Acumen, Risk Management, Attention to Detail, 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 Rating Specialist, he or she needs to be proficient in Financial Acumen, be proficient in Risk Management, and be proficient in Attention to Detail.

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