Interested in a simple Skills Scan and Learning Progress Tracker tool for the Insurance practitioner standard?
Knowledge
K1: How own role supports the insurance organisations strategic vision, commercial aims and objectives.
K2: The range of potential insurance data and other information sources and how to use this to make informed judgements.
K3: Take appropriate action on insurance issues within the limits of own authority and the relevant escalation procedures.
K4: Engage with all relevant stakeholders - internal and/or external, to ensure successful insurance conclusions within the limits of their own authority.
K5: The principles of data integrity, including its importance and application.
K6: Techniques for working compliantly, including the insurance policies and procedures to be followed.
K7: Techniques for verifying and recording customer information securely using an IT system.
K8: verify and record customer identity, in accordance with data protection (GDPR), Financial Conduct Authority (FCA) regulation Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) and Know your Customer and organisational procedures.
K9: Fraud indicators specific to the claims handled including the potential consequences of not managing risk.
K10: The claims handling process.
K11: Risk indicators specific to the underwriting processes.
K12: The underwriting limits operating within the area of responsibility.
K13: Insurance products and services available in the relevant market sector and appropriate for the client.
K14: The organisational structures and control systems that are designed to ensure efficiency and accountability.
Skills
S1: Achieve desired business outcomes within own area of insurance responsibility, in line with the organisation's commercial aims and objectives.
S2: Identify information from a range of sources to determine an appropriate course of action including a recommendation, a decision or a referral.
S3: Analyse data to make evidence based decisions.
S4: Apply organisational quality assurance policies and procedures in their role and within the limits of own authority.
S5: Apply appropriate method of communication for audience and circumstances.
S6: Records, verifies, maintains and where appropriate, shares information.
S7: Compliant with relevant governance, policies and procedures.
S8: Identify work with stakeholders and creates and maintains a network of stakeholders needed to undertake casework effectively and to conclusion.
S9: Balances competing priorities in order to meet deadlines.
S10: Identify potential claims fraud and determine the correct action to prevent loss.
S11: Builds and maintains positive relationships.
S12: Manage insurance claims and/or payments within the limits of responsibility in line with policies and procedures.
S13: Identify and manage insurance risks within the limits of responsibility in line with policies and procedures.
S14: Gather and interpret relevant information to provide a return on insurance decisions.
S15: Match client’s needs with available insurance products and services.
S16: Recommend insurance and premiums decisions within the limits of responsibility and in line with organisational policies and procedures.
S17: Optimises the potential return on insurance decisions within the scope of own role by identifying and positioning the client’s case with the insurer.
S18: Work as part of a team to help achieve results.
Behaviours
B1: Adopts a positive approach to seeing challenging insurance related situations through to completion.
B2: Actively listens and asks constructive questions in order to build relationships effective to insurance outcomes.
B3: Looks to keep up to date with relevant Insurance matters by taking ownership for their own learning plan.
B4: Seeks out areas of their insurance delivery that might be improved and is proactive in offering own ideas for change.
B5: Displays honesty and integrity in their actions. Shows desire to do the right thing, displaying tact and diplomacy in their dealings with others.
B6: Empathetic and un-bias approach to supporting customers. Show the necessary resilience and stand by difficult decisions.
Core occupation duties
DUTY: Commercial - Support the organisation's strategic vision, commercial aims and objectives by contributing to the generation/handling of insurance products and services. This can mean, for instance, helping to attract new clients or retain existing clients through renewal. Meet numerous critical deadlines and prioritise activity appropriately to meet targets.
K1
K2
K4
S1
S2
S5
S9
S18
B1
B2
B4
B5
DUTY: Analysis & decisions - Gather, analyse and interpret all data that is relevant to the delivery of insurance products and services. Identify and act upon issues arising, taking appropriate action such as making a recommendation, a decision or a referral.
K2
K3
K5
K6
K7
K8
S2
S3
S4
S6
S7
S18
B1
B2
B6
DUTY: Quality Assurance - Ensure the organisation's Insurance quality assurance process is completed satisfactorily to process a transaction, make a decision or recommendation.
K2
K3
K5
K6
S2
S4
S6
S7
S9
S18
B1
B3
B5
DUTY: Communicate - Liaise with relevant internal teams, specialists and external stakeholders to ensure successful conclusions to insurance issues, which could, for instance, be a decision on insurance coverage or a payment to a client.
K2
K4
K8
S2
S5
S8
S11
S18
B1
B2
B3
B5
DUTY: IT Systems - Create IT records and maintain up to date information relating to an insurance record via the organisations IT system(s).
K1
K2
K5
K6
K7
S1
S2
S6
S7
DUTY: Data Protection - Work with personal, confidential and sensitive information, (such as personal, commercial and financial data), following a strict legal duty to maintain the confidentiality of the information and fully adhering to organisational policies and guidelines
K2
K3
K5
K6
K7
K8
S2
S4
S6
S7
B1
B5
B6
DUTY: Regulatory - Adhere to the regulatory requirements that impact on insurance activity within own role, contributing to a compliant workplace. Work also in line with the organisation's processes, and relevant codes of conduct.
K1
K6
S1
S7
S9
B3
B5
B6
Claims Handler/Loss Adjuster duties
DUTY: Fraud - Act as the first line of defence. Contribute to fraud reduction and detection by identifying insurance claims that could be fraudulent, escalating as appropriate within own organisation or as appropriate to relevant bodies including the police, action fraud and other affected financial services organisations.
K1
K2
K4
S1
S2
S5
S9
S18
B1
B2
B4
B5
DUTY: Processing - Manage an insurance claim from start to finish, gathering all of the critical evidence needed to reach a conclusion. Escalate decisions as needed within own organisation. Payout approved claims to the client (or their representative) accurately and promptly.
K2
K3
K5
K6
K7
K8
S2
S3
S4
S6
S7
S18
B1
B2
B6
Assistant Underwriter duties
DUTY: Risk - Assess and decide the specific level of risk associated with a client’s request to insure. Contribute to decisions to accept and decline insurance and decisions on premium levels.
K1
K2
K4
S1
S2
S5
S9
S18
B1
B2
B4
B5
DUTY: Limits - Operate within the approved financial limits, escalating underwriting issues beyond own financial authority.
K2
K3
K5
K6
K7
K8
S2
S3
S4
S6
S7
S18
B1
B2
B6
Junior Broker duties
DUTY: Represent - Act on behalf of your client, making appropriate negotiation/representation to the insurer to provide an effective return on insurance decisions.
K1
K2
K4
S1
S2
S5
S9
S18
B1
B2
B4
B5
DUTY: Products & Services - Proactively identify and recommend insurance products and services (from across the marketplace) to new and existing clients. Contribute to the broker's sales and commission targets.
