Profession insurance agency manager

Insurance agency managers coordinate and oversee the operations of an institution or a branch of an institution that offers insurance services. They provide clients with advice on insurance products.

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Personality Type

• Enterprising / Conventional

Knowledge

• 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.

• Tax legislation

  Tax legislation applicable to a specific area of specialisation, such as import tax, government tax, etc.

• Claims procedures

  The different procedures that are used to formally request a payment for a suffered loss from an insurance company.

• 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.

• Principles of insurance

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

• 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 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.

• Accounting techniques

  The techniques of recording and summarising business and financial transactions and analysing, verifying, and reporting the results.

• 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.

• 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.

• Business management principles

  Principles governing business management methods such as strategy planning, methods of efficient production, people and resources coordination.

Skills

• Coordinate operational activities

  Synchronise activities and responsibilities of the operational staff to ensure that the resources of an organisation are used most efficiently in pursuit of the specified objectives.

• 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.

• Ensure compliance with company regulations

  Guarantee that employees' activities follow company regulations, as implemented through client and corporate guidelines, directives, policies and programmes.

• Control financial resources

  Monitor and control budgets and financial resources providing capable stewardship in company management.

• Follow company standards

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

• 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.

• Develop an organisational structure

  Create and develop the organisational structure of a group of people working together to realise the goals of the organisation.

• 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.

• 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.

• 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.

• Analyse market financial trends

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

• Align efforts towards business development

  Synchronise the efforts, plans, strategies, and actions carried out in departments of companies towards the growth of business and its turnover. Keep business development as the ultimate outcome of any effort of the company.

• Apply technical communication skills

  Explain technical details to non-technical customers, stakeholders, or any other interested parties in a clear and concise manner.

• Identify clients' needs

  Identify the areas in which the client may require aid and investigate the possibilities for meeting those needs.

• Make strategic business decisions

  Analyse business information and consult directors for decision making purposes in a varied array of aspects affecting the prospect, productivity and sustainable operation of a company. Consider the options and alternatives to a challenge and make sound rational decisions based on analysis and experience.

• 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.

• Compile statistical data for insurance purposes

  Produce statistics on potential risks such as natural and technical disasters and production downtimes.

• 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.

• 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.

• Liaise with managers

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

• Manage staff

  Manage employees and subordinates, working in a team or individually, to maximise their performance and contribution. Schedule their work and activities, give instructions, motivate and direct the workers to meet the company objectives. Monitor and measure how an employee undertakes their responsibilities and how well these activities are executed. Identify areas for improvement and make suggestions to achieve this. Lead a group of people to help them achieve goals and maintain an effective working relationship among staff.

• 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.

• Calculate insurance rate

  Gather information on your 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.

• Plan health and safety procedures

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

• 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.

Optional knowledge and skills

Source: Sisyphus ODB