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)
Defines the key terminologies and components of an insurance policy.
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Level 2 Behaviors
(Light Experience)
Enters new information about insurance premiums and payments to update insurance policy records.
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Level 3 Behaviors
(Moderate Experience)
Examines insurance applications and letters from clients to determine necessary policy changes.
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Level 4 Behaviors
(Extensive Experience)
Evaluates existing claims handling process to identify fraud and opportunities for optimization of outcomes.
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Level 5 Behaviors
(Mastery)
Champions the adoption of AI and automation technologies to streamline insurance operations.
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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)
Cites examples of the legal principles of insurance applicable to multiple types of insurance products.
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Level 2 Behaviors
(Light Experience)
Assists in assessing regulatory risks to ensure insurance operations meet compliance and regulatory obligations.
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Level 3 Behaviors
(Moderate Experience)
Adopts legal and regulatory initiatives to assess possible risks and maintain insurance solvency.
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Level 4 Behaviors
(Extensive Experience)
Directs the regulation of insurance products to ensure insurance policy provisions comply with state laws.
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Level 5 Behaviors
(Mastery)
Builds policy and regulatory tools to monitor and assess compliance levels with insurance laws and regulations.
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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)
Describes key financial literacy concepts and principles.
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Level 2 Behaviors
(Light Experience)
Applies techniques to maximize profit and minimize losses that affect our business's financial status.
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Level 3 Behaviors
(Moderate Experience)
Handles challenges and unexpected budgetary issues and adheres to corporate policies.
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Level 4 Behaviors
(Extensive Experience)
Develops clear financial vision to guide employees in achieving organizational purpose and goals.
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Level 5 Behaviors
(Mastery)
Builds systems and tools critical for measuring financial accountability in our business.
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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)
Discusses the difficulties and challenges in risk management.
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Level 2 Behaviors
(Light Experience)
Compiles and maintains risk management documents to reflect the latest policies.
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Level 3 Behaviors
(Moderate Experience)
Escalates significant risks to the appropriate management to address issues.
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Level 4 Behaviors
(Extensive Experience)
Creates and updates standard operating procedures (SOP) to improve risk management efficiency and effectiveness.
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Level 5 Behaviors
(Mastery)
Constructs risk management metrics to monitor, evaluate, and improve effectiveness.
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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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