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 processes and rate standards for calculating the amount for insurance claims.
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Level 2 Behaviors
(Light Experience)
Gathers clients' financial information for the preparation of insurance contracts.
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Level 3 Behaviors
(Moderate Experience)
Performs thorough investigation and analysis of insurance claims to prevent fraudulent activities.
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Level 4 Behaviors
(Extensive Experience)
Leads the digitization and automation of insurance-related services to drive business transformation.
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Level 5 Behaviors
(Mastery)
Develops loss control practices to reduce financial exposure and risks in 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)
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 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)
Identifies basic approaches used to earn profits and increase profitability.
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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)
Maintains adequate cash flow following established regulations.
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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)
Designs data-gathering procedures to streamline the collection of financial information within 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)
Lists the common types of risks in a business environment.
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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)
Partners with risk owners to drive risk mitigation by highlighting areas in need of remediation.
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Level 4 Behaviors
(Extensive Experience)
Evaluates the performance of the current risk management framework; suggests enhancements and alternative solutions.
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Level 5 Behaviors
(Mastery)
Establishes policies, procedures, and best practices to guide the risk management activities.
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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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