skillfactor-pipeline/skills/insurance-broker/references/tasks.md

Tasks & work activities — insurance broker

Source: O*NET 30.3, occupation 41-3021.00 (Insurance Sales Agents).

Task statements

• [Core] Call on policyholders to deliver and explain policy, to analyze insurance program and suggest additions or changes, or to change beneficiaries.
• [Core] Calculate premiums and establish payment method.
• [Core] Customize insurance programs to suit individual customers, often covering a variety of risks.
• [Core] Sell various types of insurance policies to businesses and individuals on behalf of insurance companies, including automobile, fire, life, property, medical and dental insurance, or specialized policies, such as marine, farm/crop, and medical malpractice.
• [Core] Interview prospective clients to obtain data about their financial resources and needs, the physical condition of the person or property to be insured, and to discuss any existing coverage.
• [Core] Seek out new clients and develop clientele by networking to find new customers and generate lists of prospective clients.
• [Core] Explain features, advantages, and disadvantages of various policies to promote sale of insurance plans.
• [Core] Contact underwriter and submit forms to obtain binder coverage.
• [Core] Ensure that policy requirements are fulfilled, including any necessary medical examinations and the completion of appropriate forms.
• [Core] Confer with clients to obtain and provide information when claims are made on a policy.
• [Core] Perform administrative tasks, such as maintaining records and handling policy renewals.
• [Core] Select company that offers type of coverage requested by client to underwrite policy.
• [Core] Develop marketing strategies to compete with other individuals or companies who sell insurance.
• [Core] Attend meetings, seminars, and programs to learn about new products and services, learn new skills, and receive technical assistance in developing new accounts.
• [Supplemental] Monitor insurance claims to ensure they are settled equitably for both the client and the insurer.
• [Supplemental] Inspect property, examining its general condition, type of construction, age, and other characteristics, to decide if it is a good insurance risk.
• [Supplemental] Install bookkeeping systems and resolve system problems.
• [Supplemental] Plan and oversee incorporation of insurance program into bookkeeping system of company.
• [Supplemental] Explain necessary bookkeeping requirements for customer to implement and provide group insurance program.

Detailed work activities

• Attend events to develop professional knowledge.
• Calculate costs of goods or services.
• Customize financial products or services to meet customer needs.
• Develop marketing plans or strategies.
• Develop professional relationships or networks.
• Examine condition of property or products.
• Examine documents to verify adherence to requirements.
• Explain financial information to customers.
• Gather customer or product information to determine customer needs.
• Identify potential customers.
• Install computer software.
• Maintain records of sales or other business transactions.
• Manage information technology projects or system activities.
• Prepare sales or other contracts.
• Process sales or other transactions.
• Resolve computer software problems.
• Review accuracy of sales or other transactions.
• Sell products or services.
• Study product information to acquire professional knowledge.
• Take product orders from customers.