10 hard skills or competencies (industry competencies) for Underwriter (P/C) 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.
See 4 More Skill Behaviors
Level 2 Behaviors
(Light Experience)
Locates resources to acquire updates regarding market shifts and regulatory changes in insurance.
See 4 More Skill Behaviors
Level 3 Behaviors
(Moderate Experience)
Reviews and analyzes claim applications to determine coverage eligibility and rates.
See 4 More Skill Behaviors
Level 4 Behaviors
(Extensive Experience)
Monitors market trends in insurance services to deliver improved business impacts.
See 4 More Skill Behaviors
Level 5 Behaviors
(Mastery)
Establishes and enforces standards for handling claims to maximize insurance workflow efficiency.
See 4 More Skill Behaviors
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.
See 4 More Skill Behaviors
Level 2 Behaviors
(Light Experience)
Gathers and interprets policy contracts to understand insurance legal and regulatory standards.
See 4 More Skill Behaviors
Level 3 Behaviors
(Moderate Experience)
Maintains financial and market regulation to validate insurance's accounting methods and procedures.
See 4 More Skill Behaviors
Level 4 Behaviors
(Extensive Experience)
Sets guidelines to promote fairness and transparency in financial markets in providing insurance products.
See 4 More Skill Behaviors
Level 5 Behaviors
(Mastery)
Develops compliance and risk management standards to manage overall insurance legal and regulatory environment.
See 4 More Skill Behaviors
9 soft skills or competencies (core competencies) for Underwriter (P/C) 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)
Identifies our internal and external sources for the SOPs we need.
See 4 More Skill Behaviors
Level 2 Behaviors
(Light Experience)
Gathers information on workflows and business controlling points.
See 4 More Skill Behaviors
Level 3 Behaviors
(Moderate Experience)
Maintains the accuracy of SOPs to provide consistent guidance in our workplace.
See 4 More Skill Behaviors
Level 4 Behaviors
(Extensive Experience)
Leverages the use of SOPs to solve business and operation problems.
See 4 More Skill Behaviors
Level 5 Behaviors
(Mastery)
Keeps abreast of industry regulation and its effect on our internal SOPs.
See 4 More Skill Behaviors
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.
See 4 More Skill Behaviors
Level 2 Behaviors
(Light Experience)
Generates the period risk status report from the system and distributes it to stakeholders.
See 4 More Skill Behaviors
Level 3 Behaviors
(Moderate Experience)
Recommends methods to control or reduce risks based on assessment results.
See 4 More Skill Behaviors
Level 4 Behaviors
(Extensive Experience)
Leads root cause analysis of risk events to establish an effective feedback process.
See 4 More Skill Behaviors
Level 5 Behaviors
(Mastery)
Forecasts changes in industry regulations and laws to control and minimize regulatory risk.
See 4 More Skill Behaviors
Summary of Underwriter (P/C) I skills and competencies
There are 10 hard skills for Underwriter (P/C) I, Insurance Industry, Insurance Legal and Regulatory Environment, Commercial Insurance, etc.
0 general skills for Underwriter (P/C) I.
9 soft skills for Underwriter (P/C) I, Standard Operating Procedures (SOP), Risk Management, Critical Thinking, etc.
While the list totals 19 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 (P/C) I, he or she needs to be proficient in Standard Operating Procedures (SOP), be proficient in Risk Management, and be proficient in Critical Thinking.