Skills & Competencies for Reinsurance Specialist

Reinsurance Specialist job profile

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JOB SUMMARY for Reinsurance Specialist

Performs routine reinsurance administrative duties, such as maintaining records, processing and verifying new business.

JOB RESPONSIBILITIES for Reinsurance Specialist

Organizes the preparation of monthly and annual reports and ensures reinsurance information has been recorded accurately. Performs reconciliation of premium billing statements and DAC tax calculations and maintenance of various reinsurance operations. Researches and resolves the more complex cases and provides guidance to others. May review work performed by others and train new staff. Works towards industry designations (e.g., FLMI, ARA, ACS, etc.).

Reinsurance Specialist SALARY RANGE

BASE 50%
$64,326
TOTAL 50%
$66,337
Job Level
P02
Job Code
FA06000693
Education/Degree
Bachelor's Degree
Reports To
Manager or Head of a Unit/Department

Reinsurance 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 Reinsurance Specialist skill and competencie below to view definitions.
INDUSTRY COMPETENCIES CORE COMPETENCIES
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8 hard skills or competencies (industry competencies) for Reinsurance 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)
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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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)
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 Reinsurance Specialist - Skill and Competency
Proficiency Level - 3
4 Skill and Competency - Reinsurance Specialist
Proficiency Level - 4
5 Competency for - Reinsurance Specialist
Proficiency Level - 5

7 soft skills or competencies (core competencies) for Reinsurance 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)
Understands the practical concepts and processes of risk management.
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Level 2 Behaviors
(Light Experience)
Supports risk owners with management of operational risks, including but not limited to risk assessment, risk control, and risk monitoring.
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Level 3 Behaviors
(Moderate Experience)
Utilizes various analytical tools and techniques to conduct risk management activities.
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Level 4 Behaviors
(Extensive Experience)
Provides risk training for employees on risk categories, identification, quantification, and control.
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Level 5 Behaviors
(Mastery)
Promotes a risk aversion culture to balance and manage risk while conducting business.
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3 Reinsurance Specialist - Skill and Competency
Proficiency Level - 3
4 Skill and Competency - Reinsurance Specialist
Proficiency Level - 4
5 Competency for - Reinsurance Specialist
Proficiency Level - 5

Summary of Reinsurance Specialist skills and competencies

There are 8 hard skills for Reinsurance Specialist, Insurance Industry, Insurance Legal and Regulatory Environment, Insurance Products, etc.
0 general skills for Reinsurance Specialist.
7 soft skills for Reinsurance Specialist, Financial Acumen, Risk Management, Analytical Thinking, 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 Reinsurance Specialist, he or she needs to be proficient in Financial Acumen, be proficient in Risk Management, and be proficient in Analytical Thinking.

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