Profession insurance product manager

Insurance product managers set and direct the development of new insurance products, following the product lifecycle policy and the general insurance strategy. They also coordinate the marketing and sales activities related to the specific insurance products of the company. Insurance product managers inform their sales managers (or the sales department) about their newly developed insurance products.

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Personality Type

• Enterprising / Investigative
• Investigative / Enterprising

Knowledge

• Marketing management

  The academic discipline and function in an organisation which focuses on the market research, market development, and the creation of marketing campaigns to raise awareness on the company's services and products.

• 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.

• 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.

• 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.

• 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.

• 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.

• Principles of insurance

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

• 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.

• Sales strategies

  The principles concerning customer behaviour and target markets with the aim of promotion and sales of a product or a service.

• 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.

Skills

• Plan health and safety procedures

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

• Analyse market financial trends

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

• 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.

• Liaise with managers

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

• Supervise sales activities

  Monitor and oversee the activities related to the ongoing sales in the shop to ensure that sales goals are met, assess areas for improvement, and identify or solve problems that customers could encounter.

• Promote financial products

  Inform existing or potential customers about the various financial goods and services that are offered by the company.

• Develop financial products

  Take into account the performed financial market research and the organisation's objectives in order to develop and oversee the implementation, promotion, and lifecycle of financial products, such as insurance, mutual funds, bank accounts, stocks, and bonds.

• 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.

• Follow company standards

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

• Plan marketing campaign

  Develop a method to promote a product through different channels, such as television, radio, print and online platforms, social media with the aim to communicate and deliver value to customers.

• Manage financial risk

  Predict and manage financial risks, and identify procedures to avoid or minimise their impact.

• 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.

• 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.

• 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.

• 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.

• 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.

Optional knowledge and skills

Source: Sisyphus ODB