8 hard skills or competencies (industry competencies) for Underwriter I
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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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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7 soft skills or competencies (core competencies) for Underwriter I
Skill definition-A set of written instructions that describes the step-by-step activities to complete tasks in compliance with business standards and industry regulations.
Level 1 Behaviors
(General Familiarity)
Discusses the considerations and concerns on applying SOP for the first time.
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Level 2 Behaviors
(Light Experience)
Gathers information on workflows and business controlling points.
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Level 3 Behaviors
(Moderate Experience)
Initiates SOP revisions to support continuous improvement of processes.
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Level 4 Behaviors
(Extensive Experience)
Evaluates the benefits and drawbacks of a specific SOP; oversees the corresponding enhancements.
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Level 5 Behaviors
(Mastery)
Establishes formal policies and procedures to guide the our SOP practices.
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Skill definition-Questioning, analyzing and evaluating various alternatives and situations to draw a rational conclusion independently.
Level 1 Behaviors
(General Familiarity)
Explains the general process of critical thinking.
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Level 2 Behaviors
(Light Experience)
Debates various opinions and suggestions in terms of their relevance to our business.
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Level 3 Behaviors
(Moderate Experience)
Systematizes all aspects of the problem.
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Level 4 Behaviors
(Extensive Experience)
Leads in the search and analysis of solutions using various approaches.
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Level 5 Behaviors
(Mastery)
Develops critical thinking and problem-solving models that positively impact our business.
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Summary of Underwriter I skills and competencies
There are 8 hard skills for Underwriter I, Insurance Industry, Insurance Legal and Regulatory Environment, Insurance Products, etc.
0 general skills for Underwriter I.
7 soft skills for Underwriter I, Standard Operating Procedures (SOP), Critical Thinking, 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 Underwriter I, he or she needs to be proficient in Standard Operating Procedures (SOP), be proficient in Critical Thinking, and be proficient in Attention to Detail.