Profession insurance agency manager
Insurance agency managers coordinate and oversee the operations of an institution or a branch of an institution that offers insurance services. They provide clients with advice on insurance products.
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- Insurance market
The trends and major driving factors in the insurance market, insurance methodologies and practices, and the identification of the major stakeholders in the insurance sector.
- Tax legislation
Tax legislation applicable to a specific area of specialisation, such as import tax, government tax, etc.
- Claims procedures
The different procedures that are used to formally request a payment for a suffered loss from an insurance company.
- Financial statements
The set of financial records disclosing the financial position of a company at the end of a set period or of the accounting year. The financial statements consisting of five parts which are the statement of financial position, the statement of comprehensive income, the statement of changes in equity (SOCE), the statement of cash flows and notes.
- Principles of insurance
Understand the principles of insurance, including third party liability, stock and facilities.
- Corporate social responsibility
The handling or managing of business processes in a responsible and ethical manner considering the economic responsibility towards shareholders as equally important as the responsibility towards environmental and social stakeholders.
- Insurance law
The law and legislation concerning the policies of transferring risks or losses from one party, the insured, to another, the insurer, in exchange for a periodic payment. This includes the regulation of insurance claims and the business of insurance.
- Accounting techniques
The techniques of recording and summarising business and financial transactions and analysing, verifying, and reporting the results.
- Financial analysis
The process of assessing the financial possibilities, means, and status of an organisation or individual by analysing financial statements and reports in order to make well informed business or financial decisions.
- Financial management
The field of finance that concerns the practical process analysis and tools for designating financial resources. It encompasses the structure of businesses, the investment sources, and the value increase of corporations due to managerial decision-making.
- Types of insurance
The various types of risk or loss transfer policies that exist and their characteristics, such as health insurance, car insurance or life insurance.
- Business management principles
Principles governing business management methods such as strategy planning, methods of efficient production, people and resources coordination.
Insurance manager - Career Profile
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- Coordinate operational activities
Synchronise activities and responsibilities of the operational staff to ensure that the resources of an organisation are used most efficiently in pursuit of the specified objectives.
- Create a financial plan
Develop a financial plan according to financial and client regulations, including an investor profile, financial advice, and negotiation and transaction plans.
- Ensure compliance with company regulations
Guarantee that employees' activities follow company regulations, as implemented through client and corporate guidelines, directives, policies and programmes.
- Control financial resources
Monitor and control budgets and financial resources providing capable stewardship in company management.
- Follow company standards
Lead and manage according to the organisation's code of conduct.
- Provide cost benefit analysis reports
Prepare, compile and communicate reports with broken down cost analysis on the proposal and budget plans of the company. Analyse the financial or social costs and benefits of a project or investment in advance over a given period of time.
- Develop an organisational structure
Create and develop the organisational structure of a group of people working together to realise the goals of the organisation.
- Create underwriting guidelines
Create guidelines for the assessment of risks and determining whether acceptance of liability and granting payments is worth the risk for the organisation. Develop improved methods of analysis which ensure that all aspects of the underwriting process are examined.
- Manage contracts
Negotiate the terms, conditions, costs and other specifications of a contract while making sure they comply with legal requirements and are legally enforceable. Oversee the execution of the contract, agree on and document any changes.
- Strive for company growth
Develop strategies and plans aiming at achieving a sustained company growth, be the company self-owned or somebody else's. Strive with actions to increase revenues and positive cash flows.
- Analyse market financial trends
Monitor and forecast the tendencies of a financial market to move in a particular direction over time.
- Align efforts towards business development
Synchronise the efforts, plans, strategies, and actions carried out in departments of companies towards the growth of business and its turnover. Keep business development as the ultimate outcome of any effort of the company.
- Apply technical communication skills
Explain technical details to non-technical customers, stakeholders, or any other interested parties in a clear and concise manner.
- Identify clients' needs
Identify the areas in which the client may require aid and investigate the possibilities for meeting those needs.
- Make strategic business decisions
Analyse business information and consult directors for decision making purposes in a varied array of aspects affecting the prospect, productivity and sustainable operation of a company. Consider the options and alternatives to a challenge and make sound rational decisions based on analysis and experience.
- Advise on financial matters
Consult, advise, and propose solutions with regards to financial management such as acquiring new assets, incurring in investments, and tax efficiency methods.
- Compile statistical data for insurance purposes
Produce statistics on potential risks such as natural and technical disasters and production downtimes.
- Enforce financial policies
Read, understand, and enforce the abidance of the financial policies of the company in regards with all the fiscal and accounting proceedings of the organisation.
- Create insurance policies
Write a contract that includes all the necessary data, such as the insured product, the payment to be made, how often the payment is needed, the personal details of the insured and on what conditions the insurance is valid or invalid.
- Liaise with managers
Liaise with managers of other departments ensuring effective service and communication, i.e. sales, planning, purchasing, trading, distribution and technical.
- Manage staff
Manage employees and subordinates, working in a team or individually, to maximise their performance and contribution. Schedule their work and activities, give instructions, motivate and direct the workers to meet the company objectives. Monitor and measure how an employee undertakes their responsibilities and how well these activities are executed. Identify areas for improvement and make suggestions to achieve this. Lead a group of people to help them achieve goals and maintain an effective working relationship among staff.
- Analyse financial performance of a company
Based on accounts, records, financial statements and external information of the market, analyse the performance of the company in financial matters in order to identify improvement actions that could increase profit.
- Calculate insurance rate
Gather information on your client's situation and calculate their premium on the basis of various factors such as their age, the place where they live and the value of their house, property and other relevant assets.
- Plan health and safety procedures
Set up procedures for maintaining and improving health and safety in the workplace.
- Build business relationships
Establish a positive, long-term relationship between organisations and interested third parties such as suppliers, distributors, shareholders and other stakeholders in order to inform them of the organisation and its objectives.
Optional knowledge and skillsrecruit employees organise a damage assessment review insurance process create cooperation modalities make investment decisions manage financial risk check accounting records sell insurance analyse insurance risk contract law manage contract disputes supervise accounting operations represent the organisation plan marketing campaign perform market research produce materials for decision making lead claim examiners obtain financial information analyse claim files decide on insurance applications synthesise financial information coordinate marketing plan actions manage claim files advise on investment estimate damage analyse insurance needs
Source: Sisyphus ODB