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%
$64,181
TOTAL 50%
$66,189
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)
Describes the current systems and scope of services provided by insurance organizations.
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Level 2 Behaviors
(Light Experience)
Follows industry best practices when preparing reports that detail risk assessment findings in insurance claims.
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Level 3 Behaviors
(Moderate Experience)
Makes necessary adjustments to insurance policies to meet customer needs.
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Level 4 Behaviors
(Extensive Experience)
Handles complex insurance losses through negotiation of favorable claims settlements with insurance companies.
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Level 5 Behaviors
(Mastery)
Develops and establishes risk reduction best practices to prevent fraudulent claims transactions.
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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)
Describes the basic structure of insurance legal and regulatory environment.
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Level 2 Behaviors
(Light Experience)
Complies with insurance legal and regulatory principles to safeguard the rights and interests of the insured.
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Level 3 Behaviors
(Moderate Experience)
Analyzes existing legal and regulatory standards to address errors affecting insurance policies.
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Level 4 Behaviors
(Extensive Experience)
Improves legal procedures for licensing intermediaries or producers to prevent penalties.
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Level 5 Behaviors
(Mastery)
Designs compliance strategies and programs to prevent violations of statutes, regulations, and policies.
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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 the differences between bookkeeping and accounting.
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Level 2 Behaviors
(Light Experience)
Assists in designing strategies for overcoming arising financial constraints in our business.
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Level 3 Behaviors
(Moderate Experience)
Leads in calculating overhead correctly to support developing pricing strategies.
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Level 4 Behaviors
(Extensive Experience)
Establishes a working environment that encourages and fosters fiscal responsibility.
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Level 5 Behaviors
(Mastery)
Creates strategies to reach critical financial goals and business 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)
Illustrates the necessity and benefits of active risk management.
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Level 2 Behaviors
(Light Experience)
Conducts regular risk reviews of our business value streams and reports results to management.
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Level 3 Behaviors
(Moderate Experience)
Implements latest policies, procedures, and initiatives to manage risks.
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Level 4 Behaviors
(Extensive Experience)
Develops risk identification and quantification approaches to guide the risk management practices.
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Level 5 Behaviors
(Mastery)
Designs and develops organizational risk management strategy to align with organizational strategy.
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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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