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 brokers promote, sell and provide advice on various insurance policies such as life insurance, health insurance, accident insurance and fire insurance to individuals and organisations. They also work as intermediaries between individuals or organisations and insurance companies, and negotiate the best insurance policies for their clients, arranging insurance cover where needed. Insurance brokers engage with new prospective clients, provide them with quotes for their policy needs, assist them in the signing of new insurance contracts and propose specific solutions to their specific problems.
Competences and skills
46 ESCO relationsEssential knowledge 7 competences
Occupation specific
0 competencesNo competences in this bucket.
Sector-specific
4 competencesclaims procedures
The different procedures that are used to formally request a payment for a suffered loss from an insurance company.
principles of insurance
The understanding of the principles of insurance, including third party liability, stock and facilities.
sales promotion techniques
The techniques used to persuade customers to purchase a product or a service.
Cross-sector
3 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.
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 11 competences
Occupation specific
2 competencescompare insurance products
Compare the offers of several insurance companies in order to find the product which will best suit the client's needs and expectations.
inform on insurance products
Inform customers on insurance-related matters such as current insurance offers, changes in existing contracts or the advantages of certain insurance packages.
Sector-specific
3 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.
prospect new customers
Initiate activities in order to attract new and interesting customers. Ask for recommendations and references, find places where potential customers can be located.
sell insurance
Sell insurance products and services to customers, such as health, life or car insurance.
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 insurance needs
Gather information about the insurance needs of a client, and give information and advice about all possible insurance options.
apply technical communication skills
Explain technical details to non-technical customers, stakeholders, or any other interested parties in a clear and concise manner.
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.
handle financial transactions
Administer currencies, financial exchange activities, deposits as well as company and voucher payments. Prepare and manage guest accounts and take payments by cash, credit card and debit card.
protect client interests
Protect the interests and needs of a client by taking necessary actions, and researching all possibilities, to ensure that the client obtains their favoured outcome.
Optional knowledge 6 competences
Occupation specific
0 competencesNo competences in this bucket.
Sector-specific
1 competencecustomer service
Processes and principles related to the customer, client, service user and to personal services; these may include procedures to evaluate customer's or service user's satisfaction.
Cross-sector
5 competencescontract law
The field of legal principles that govern written agreements between parties concerning the exchange of goods or services, including contractual obligations and termination.
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.
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.
social security law
Legislation concerning the protection of individuals and the provision of aid and benefits, such as health insurance benefits, unemployment benefits, welfare programs and other government-provided social security.
tax legislation
Tax legislation applicable to a specific area of specialisation, such as import tax, government tax, etc.
Optional skills and competences 22 competences
Occupation specific
0 competencesNo competences in this bucket.
Sector-specific
6 competencesanalyse claim files
Check the claim from a customer and analyse the value of the lost materials, buildings, turnover or other elements, and judge the responsibilities of the different parties.
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.
initiate claim file
Start up the process to file a claim for a customer or victim, based on the judgement of the damage and the responsibilities of the parties involved.
maintain relationship with customers
Build a lasting and meaningful relationship with customers in order to ensure satisfaction and fidelity by providing accurate and friendly advice and support, by delivering quality products and services and by supplying after-sales information and service.
manage claim files
Follow up on the progress of a claim file, keep all parties informed of the status of the file, ensure the customer receives the damages owed, treat any problems or complaints from customers, close the file and give information to an authorised person or department when there is suspicion of fraud.
promote financial products
Inform existing or potential customers about the various financial goods and services that are offered by the company.
Cross-sector
16 competencesanalyse 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 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
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.
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.
deliver visual presentation of data
Create visual representations of data such as charts or diagrams for easier understanding.
digital
develop investment portfolio
Create an investment portfolio for a customer that includes an insurance policy or multiple policies to cover specific risks, such as financial risks, assistance, reinsurance, industrial risks or natural and technical disasters.
file claims with insurance companies
File a factual request to an insurance company in case a problem occurs which is covered under an insurance policy.
identify clients' needs
Identify the areas in which the client may require aid and investigate the possibilities for meeting those needs.
maintain records of financial transactions
Collate all the financial transactions done in the daily operations of a business and record them in their respective accounts.
manage claims process
Manage the relation with an insurer related to its obligation to receive, investigate and act on a claim filed by an insured.
manage contract disputes
Monitor issues that arise between the parties involved in a contract and provide solutions in order to avoid lawsuits.
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 in line with any legal limitations.
monitor legislation developments
Monitor changes in rules, policies and legislation, and identify how they may influence the organisation, existing operations, or a specific case or situation.
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.
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.
use data processing techniques
Gather, process and analyse relevant data and information, properly store and update data and represent figures and data using charts and statistical diagrams.
digital