What skills does a insurance product manager need?

A insurance product manager needs 26 essential skills including financial products, insurance law, financial statements, financial management, marketing management. Core competencies include .

Will AI replace insurance product manager jobs?

The AI disruption score for insurance product manager is 62/100 (high risk). Some tasks may be automated but the role will evolve rather than disappear entirely.

Management & LeadershipAdministrative and commercial managersISCO 1223

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.

European Skills Framework

Skills and knowledge areas required for this occupation based on European classification.

Essential (26)

financial productsfinancial productsThe 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.insurance lawinsurance lawThe 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 o...financial statementsfinancial statementsThe 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 statem...financial managementfinancial managementThe 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 incre...marketing managementmarketing managementThe 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 a...corporate social responsibilitycorporate social responsibilityThe 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 envir...financial analysisfinancial analysisThe 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 financ...principles of insuranceprinciples of insuranceThe understanding of the principles of insurance, including third party liability, stock and facilities.sales strategiessales strategiesThe principles concerning customer behaviour and target markets with the aim of promotion and sales of a product or a service.insurance marketinsurance marketThe 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 insurancetypes of insuranceThe various types of risk or loss transfer policies that exist and their characteristics, such as health insurance, car insurance or life insurance.enforce financial policiesenforce financial policiesRead, understand, and enforce the abidance of the financial policies of the company in regards with all the fiscal and accounting proceedings of the organisation.analyse market financial trendsanalyse market financial trendsMonitor and forecast the tendencies of a financial market to move in a particular direction over time.strive for company growthstrive for company growthDevelop 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 a financial plancreate a financial planDevelop a financial plan according to financial and client regulations, including an investor profile, financial advice, and negotiation and transaction plans.advise on financial mattersadvise on financial mattersConsult, advise, and propose solutions with regards to financial management such as acquiring new assets, incurring in investments, and tax efficiency methods.manage financial riskmanage financial riskPredict and manage financial risks, and identify procedures to avoid or minimise their impact.analyse financial performance of a companyanalyse financial performance of a companyAnalyse the performance of the company in financial matters in order to identify improvement actions that could increase profit, based on accounts, records, financial statements and external informati...promote financial productspromote financial productsInform existing or potential customers about the various financial goods and services that are offered by the company.plan marketing campaignsplan marketing campaignsDevelop 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.create insurance policiescreate insurance policiesWrite 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 ...develop financial productsdevelop financial productsTake 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 ...supervise sales activitiessupervise sales activitiesMonitor 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 encoun...analyse financial riskanalyse financial riskIdentify 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.liaise with managersliaise with managersLiaise with managers of other departments ensuring effective service and communication, i.e. sales, planning, purchasing, trading, distribution and technical.follow company standardsfollow company standardsLead and manage according to the organisation's code of conduct.

Optional (13)

statisticsstatisticsThe study of statistical theory, methods and practices such as collection, organisation, analysis, interpretation and presentation of data. It deals with all aspects of data including the planning of ...modern portfolio theorymodern portfolio theoryThe 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 t...deliver a sales pitchdeliver a sales pitchPrepare and deliver an understandably constructed sales talk for a product or a service, identifying and using persuasive argumentation.manage staffmanage staffManage 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 wor...develop investment portfoliodevelop investment portfolioCreate 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 natu...recruit employeesrecruit employeesHire new employees by scoping the job role, advertising, performing interviews and selecting staff in line with company policy and legislation.review investment portfoliosreview investment portfoliosMeet with clients to review or update an investment portfolio and provide financial advice on investments.create cooperation modalitiescreate cooperation modalitiesPrepare, 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.obtain financial informationobtain financial informationGather information on securities, market conditions, governmental regulations and the financial situation, goals and needs of clients or companies.ensure cross-department cooperationensure cross-department cooperationGuarantee communication and cooperation with all the entities and teams in a given organisation, according to the company strategy.plan health and safety proceduresplan health and safety proceduresSet up procedures for maintaining and improving health and safety in the establishment or workplace.sell insurancesell insuranceSell insurance products and services to customers, such as health, life or car insurance.perform market researchperform market researchGather, assess and represent data about target market and customers in order to facilitate strategic development and feasibility studies. Identify market trends.