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 rating analysts analyse information related to insurance markets and their credit rating, prepare rating reports and invoices, compile financial data and present and explain credit rating opinions to stakeholders, clients and external parties. They work for insurance companies and calculate the insurance premium and rates for the company’s clients using both manual and automated methods.
Competences and skills
31 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 competencescredit control processes
The various techniques and procedures applied to ensure that credit is given to the suitable customers and that they pay on time.
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.
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.
Essential skills and competences 7 competences
Occupation specific
0 competencesNo competences in this bucket.
Sector-specific
1 competenceprepare credit reports
Prepare reports which outline an organisation's likelihood of being able to repay debts and do so in a timely manner, meeting all the legal requirements linked to the agreement.
Cross-sector
6 competencesadvise 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.
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 loans
Examine and analyse the loans provided to organisations and individuals through different forms of credit such as overdraft protection, export packing credit, term loan, and purchase of commercial bills.
examine credit ratings
Investigate and look for information on the creditworthiness of companies and corporations, provided by credit rating agencies in order to determine the likelihood of default by the debtor.
obtain financial information
Gather information on securities, market conditions, governmental regulations and the financial situation, goals and needs of clients or companies.
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.
Optional knowledge 3 competences
Occupation specific
0 competencesNo competences in this bucket.
Sector-specific
0 competencesNo competences in this bucket.
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 15 competences
Occupation specific
0 competencesNo competences in this bucket.
Sector-specific
4 competencesconsult credit score
Analyse the credit files of an individual, such as credit reports which outlines a person's credit history, in order to assess their creditworthiness and all the risks that would be involved in granting a person a loan.
create credit policy
Create guidelines for a financial institution's procedures in supplying assets on credit, such as the contractual agreements which have to be made, the eligibility standards of prospective clients, and the procedure for collecting repayment and debt.
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.
promote financial products
Inform existing or potential customers about the various financial goods and services that are offered by the company.
Cross-sector
11 competencesadvise on credit rating
Provide advice on the debtor's ability, be it a government institution or a business, to pay back its debt.
advise 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 performance of a company
Analyse the performance of the company in financial matters in order to identify improvement actions that could increase profit, based on accounts, records, financial statements and external information of the market.
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.
apply credit risk policy
Implement company policies and procedures in the credit risk management process. Permanently keep company's credit risk at a manageable level and take measures to avoid credit failure.
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.
communicate with banking professionals
Communicate with professionals in the field of banking in order to obtain information on a specific financial case or project for personal or business purposes, or on behalf of a client.
create cooperation modalities
Prepare, determine and agree on the conditions for cooperation contracts with a company, by comparing products, following evolutions or shifts in the market and negotiating terms and prices.
forecast future levels of business
Predict how the business will perform in future, potential expenditures and revenues to project situations for future periods
perform debt investigation
Use research techniques and tracing strategies to identify overdue payment arrangements and address them
review investment portfolios
Meet with clients to review or update an investment portfolio and provide financial advice on investments.