Profession insurance product manager

Insurance product managers set and direct the development of new insurance products, following the product lifecycle policy and the general insurance strategy. They also coordinate the marketing and sales activities related to the specific insurance products of the company. Insurance product managers inform their sales managers (or the sales department) about their newly developed insurance products.

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Personality Type

  • Enterprising / Investigative
  • Investigative / Enterprising

Knowledge

  • 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 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.

  • 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.

  • 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.

  • Financial products

    The different types of instruments that apply to the management of cash flow that are available on the market, such as shares, bonds, options or funds.

  • Sales strategies

    The principles concerning customer behaviour and target markets with the aim of promotion and sales of a product or a service.

  • 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.

  • Marketing management

    The academic discipline and function in an organisation which focuses on the market research, market development, and the creation of marketing campaigns to raise awareness on the company's services and products.

  • Principles of insurance

    Understand the principles of insurance, including third party liability, stock and facilities.

  • 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.

Skills

  • Analyse financial risk

    Identify and analyse risks that could impact an organisation or individual financially, such as credit and market risks, and propose solutions to cover against those risks.

  • 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.

  • 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.

  • 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.

  • Develop financial products

    Take into account the performed financial market research and the organisation's objectives in order to develop and oversee the implementation, promotion, and lifecycle of financial products, such as insurance, mutual funds, bank accounts, stocks, and bonds.

  • Follow company standards

    Lead and manage according to the organisation's code of conduct.

  • Manage financial risk

    Predict and manage financial risks, and identify procedures to avoid or minimise their impact.

  • Liaise with managers

    Liaise with managers of other departments ensuring effective service and communication, i.e. sales, planning, purchasing, trading, distribution and technical.

  • Plan health and safety procedures

    Set up procedures for maintaining and improving health and safety in the workplace.

  • Supervise sales activities

    Monitor and oversee the activities related to the ongoing sales in the shop to ensure that sales goals are met, assess areas for improvement, and identify or solve problems that customers could encounter.

  • Analyse market financial trends

    Monitor and forecast the tendencies of a financial market to move in a particular direction over time.

  • Promote financial products

    Inform existing or potential customers about the various financial goods and services that are offered by the company.

  • Plan marketing campaign

    Develop a method to promote a product through different channels, such as television, radio, print and online platforms, social media with the aim to communicate and deliver value to customers.

  • 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.

  • 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.

  • 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.

Optional knowledge and skills

deliver a sales pitch statistics create cooperation modalities obtain financial information sell insurance review investment portfolios perform market research manage staff develop investment portfolio modern portfolio theory ensure cross-department cooperation recruit employees