actuarial science
The rules of applying mathematical and statistical techniques to determine potential or existing risks in various industries, such as finance or insurance.
Insurance risk consultants prepare reports for insurance underwriters. For this purpose, they undertake surveys in order to determine the potential financial risk for personal products, properties or sites.
Competences and skills
32 ESCO relationsEssential knowledge 6 competences
Occupation specific
0 competencesNo competences in this bucket.
Sector-specific
2 competencesprinciples of insurance
The understanding of the principles of insurance, including third party liability, stock and facilities.
Cross-sector
4 competencesinsurance 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.
risk identification
The different types of risk and the related classification criteria such as their nature and scope, the activity to which they relate, their causes and consequences and their financing.
survey techniques
Techniques on how to identify a target audience, choose the right survey method and analyse the data.
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.
Essential skills and competences 8 competences
Occupation specific
0 competencesNo competences in this bucket.
Sector-specific
2 competencesconduct financial surveys
Conduct the procedures of a financial survey from the initial formulation and compilation of the questions, identifying the target audience, managing the survey method and operations, managing the processing of acquired data, to analysing the results.
estimate damage
Estimate damage in case of accidents or natural disasters.
Cross-sector
6 competencesadvise on risk management
Provide advice on risk management policies and prevention strategies and their implementation, being aware of different kinds of risks to a specific organisation.
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.
analyse insurance risk
Analyse the probability and size of the risk that is to be insured, and estimate the value of the insured property of the client.
obtain financial information
Gather information on securities, market conditions, governmental regulations and the financial situation, goals and needs of clients or companies.
perform risk analysis
Identify and assess factors that may jeopardise the success of a project or threaten the organisation's functioning. Implement procedures to avoid or minimise their impact.
prepare survey report
Gather the analysed data from the survey and write a detailed report on the outcome of the survey.
Optional knowledge 4 competences
Occupation specific
0 competencesNo competences in this bucket.
Sector-specific
1 competenceclaims procedures
The different procedures that are used to formally request a payment for a suffered loss from an insurance company.
Cross-sector
3 competencesdebt systems
The processes needed to obtain goods or services before payment and when a sum of money is owed or overdue.
modern portfolio theory
The theory of finance that attempts to either maximise the profit of an investment equivalent to the risk taken or to reduce the risk for the expected profit of an investment by judiciously choosing the right combination of financial products.
statistics
The study of statistical theory, methods and practices such as collection, organisation, analysis, interpretation and presentation of data. It deals with all aspects of data including the planning of data collection in terms of the design of surveys and experiments in order to forecast and plan work-related activities.
Optional skills and competences 14 competences
Occupation specific
0 competencesNo competences in this bucket.
Sector-specific
8 competencescalculate insurance rate
Gather information on the 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.
collect property financial information
Collect information concerning the previous transactions involving the property, such as the prices at which the property had been previously sold and the costs that went into renovations and repairs, in order to obtain a clear image of the property's value.
compile statistical data for insurance purposes
Produce statistics on potential risks such as natural and technical disasters and production downtimes.
create risk maps
Use data visualisation tools in order to communicate the specific financial risks, their nature and impact for an organisation.
digital
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.
decide on insurance applications
Assess applications for an insurance policy, taking into account the risk analyses and client information, in order to deny or approve the application and set in motion the necessary procedures following the decision.
produce materials for decision making
Compile relevant data, write reports and occasionally prepare presentations to communicate information that will help the business management team to take decisions.
review insurance process
Analyse all documentation related to a specific insurance case in order to ensure that the application for insurance or the claims process was handled according to guidelines and regulations, that the case will not pose significant risk to the insurer or whether claims assessment was correct, and to assess the further course of action.
Cross-sector
6 competencesapply statistical analysis techniques
Use models (descriptive or inferential statistics) and techniques (data mining or machine learning) for statistical analysis and ICT tools to analyse data, uncover correlations and forecast trends.
digital
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.
organise a damage assessment
Organise a damage assessment by indicating an expert to identify and examine the damage, give information and instructions to experts and follow up on the experts, and write a damage report.
perform debt investigation
Use research techniques and tracing strategies to identify overdue payment arrangements and address them
provide support in financial calculation
Provide colleagues, clients or other parties with financial support for complex files or calculations.
synthesise financial information
Collect, revise and put together financial information coming from different sources or departments in order to create a document with unified financial accounts or plans.