Skills & Competencies for Underwriter (Life) III

Underwriter (Life) III job profile

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JOB SUMMARY for Underwriter (Life) III

Reviews medical, occupational, financial, and legal information to select or reject individual or group life insurance applications.

JOB RESPONSIBILITIES for Underwriter (Life) III

Calculates rates and premiums from approved decrement tables. Approves or denies applications on own discretion.

Underwriter (Life) III SALARY RANGE

BASE 50%
$96,907
TOTAL 50%
$103,680
Job Level
P03
Job Code
FA06000047
Education/Degree
Bachelor's Degree
Reports To
Manager

Underwriter (Life) III 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 Underwriter (Life) III skill and competencie below to view definitions.
INDUSTRY COMPETENCIES CORE COMPETENCIES
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10 hard skills or competencies (industry competencies) for Underwriter (Life) III

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)
Explains the policy conditions of various insurance contracts and products.
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Level 2 Behaviors
(Light Experience)
Provides prompt responses to clients’ insurance-related questions and concerns.
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Level 3 Behaviors
(Moderate Experience)
Utilizes various tools and technologies to optimize insurance claims turnaround cycles.
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Level 4 Behaviors
(Extensive Experience)
Provides recommendations for improving methods and procedures to enhance insurance claims handling.
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Level 5 Behaviors
(Mastery)
Leads the deployment of strategic approaches to address complex insurance risk management programs.
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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)
Discusses the importance of insurance regulations in protecting clients' financial security and assets.
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Level 2 Behaviors
(Light Experience)
Gathers and interprets policy contracts to understand insurance legal and regulatory standards.
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Level 3 Behaviors
(Moderate Experience)
Maintains financial and market regulation to validate insurance's accounting methods and procedures.
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Level 4 Behaviors
(Extensive Experience)
Sets guidelines to promote fairness and transparency in financial markets in providing insurance products.
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Level 5 Behaviors
(Mastery)
Develops compliance and risk management standards to manage overall insurance legal and regulatory environment.
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3 Underwriter (Life) III - Skill and Competency
Proficiency Level - 3
4 Skill and Competency - Underwriter (Life) III
Proficiency Level - 4
5 Competency for - Underwriter (Life) III
Proficiency Level - 5

10 soft skills or competencies (core competencies) for Underwriter (Life) III

1 Core Competencies – Standard Operating Procedures (SOP)
Proficiency Level -2
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)
Identifies our internal and external sources for the SOPs we need.
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Level 2 Behaviors
(Light Experience)
Participates in the implementation of new SOPs and enhancement of existing ones.
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Level 3 Behaviors
(Moderate Experience)
Modifies SOPs accordingly to reflect changes in our business practices and policies.
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Level 4 Behaviors
(Extensive Experience)
Optimizes the current SOP development and implementation processes.
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Level 5 Behaviors
(Mastery)
Leads cross-functional efforts to develop and implement SOPs across our organization.
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2 Core Competencies – Risk Management
Proficiency Level -3
Skill definition-The identification, evaluation, and prioritization of various risks, followed by controlling practices to minimize any adverse impact.
Level 1 Behaviors
(General Familiarity)
Obtains internal and external educational resources on risk management.
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Level 2 Behaviors
(Light Experience)
Logs and updates data in the risk information management system.
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Level 3 Behaviors
(Moderate Experience)
Researches and suggests enhancements of risk management tools to improve efficiency.
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Level 4 Behaviors
(Extensive Experience)
Monitors the implementation of risk policies and programs to ensure consistency.
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Level 5 Behaviors
(Mastery)
Keeps abreast of market trends and their effect on internal risk management.
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3 Underwriter (Life) III - Skill and Competency
Proficiency Level - 3
4 Skill and Competency - Underwriter (Life) III
Proficiency Level - 4
5 Competency for - Underwriter (Life) III
Proficiency Level - 5

Summary of Underwriter (Life) III skills and competencies

There are 10 hard skills for Underwriter (Life) III, Insurance Industry, Insurance Legal and Regulatory Environment, Personal Insurance, etc.
0 general skills for Underwriter (Life) III.
10 soft skills for Underwriter (Life) III, Standard Operating Procedures (SOP), Risk Management, Critical Thinking, etc.
While the list totals 20 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 (Life) III, he or she needs to be proficient in Standard Operating Procedures (SOP), be skilled in Risk Management, and be skilled in Critical Thinking.

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