Insurance collector

Insurance collectors collect payment for an overdue insurance bill. They specialise in all areas of insurance such as medical, life, car, travel, etc and recurrently contact individuals to offer payment assistance or to facilitate payment plans according to individual’s financial situation.

The following job titles also refer to insurance collector:

insurance claims clerk
insurance claims and policy processing clerk
insurance collectors
claims clerk
collector of insurance payments

A high school diploma or equivalent is generally the minimum required to work as an insurance collector.

ISCO skill level is defined as a function of the complexity and range of tasks and duties to be performed in an occupation. It is measured on a scale from 1 to 4, with 1 the lowest level and 4 the highest, by considering:

• the nature of the work performed in an occupation in relation to the characteristic tasks and duties
• the level of formal education required for competent performance of the tasks and duties involved and
• the amount of informal on-the-job training and/or previous experience in a related occupation required for competent performance of these tasks and duties.

Insurance collector is a Skill level 2 occupation.

These occupations, although different, require a lot of knowledge and skills similar to insurance collector.

pawnbroker
insurance clerk
back office specialist
debt collector
financial markets back office administrator

These occupations require some skills and knowledge of insurance collector. They also require other skills and knowledge, but at a higher ISCO skill level, meaning these occupations are accessible from a position of insurance collector with a significant experience and/or extensive training.

property insurance underwriter
insurance risk consultant
insurance fraud investigator
insurance underwriter
actuarial assistant

This knowledge should be acquired through learning to fulfill the role of insurance collector.

• 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.
• Debt collection techniques: The techniques and principles used to collect overdue debt from customers.
• Credit card payments: The methods involving payment done through credit cards.
• Debt systems: The processes needed to obtain goods or services before payment and when a sum of money is owed or overdue.
• 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.

These skills are necessary for the role of insurance collector.

• Maintain client debt records: preserve a list with the debt records of clients and update it regularly
• Maintain records of financial transactions: Collate all the financial transactions done in the daily operations of a business and record them in their respective accounts.
• Provide support in financial calculation: Provide colleagues, clients or other parties with financial support for complex files or calculations.
• Create cooperation modalities: Prepare, 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 information: Gather information on securities, market conditions, governmental regulations and the financial situation, goals and needs of clients or companies.
• Perform debt investigation: Use research techniques and tracing strategies to identify overdue payment arrangements and address them
• 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.
• Identify clients’ needs: Identify the areas in which the client may require aid and investigate the possibilities for meeting those needs.
• Handle financial transactions: Administer currencies, financial exchange activities, deposits as well as company and voucher payments. Prepare and manage guest accounts and take payments by cash, credit card and debit card.

This knowledge is sometimes, but not always, required for the role of insurance collector. However, mastering this knowledge allows you to have more opportunities for career development.

• Principles of insurance: Understand the principles of insurance, including third party liability, stock and facilities.
• Actuarial science: The rules of applying mathematical and statistical techniques to determine potential or existing risks in various industries, such as finance or insurance.
• Claims procedures: The different procedures that are used to formally request a payment for a suffered loss from an insurance company.
• 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.

These skills and competences are sometimes, but not always, required for the role of insurance collector. However, mastering these skills and competences allows you to have more opportunities for career development.

• Analyse insurance needs: Gather information about the insurance needs of a client, and give information and advice about all possible insurance options.
• Develop investment portfolio: Create 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 natural and technical disasters.
• Review insurance process: Analyse all documentation related to a specific insurance case in order to ensure that the application for insurance or the claims process was handled according to guidelines and regulations, that the case will not pose significant risk to the insurer or whether claims assessment was correct, and to assess the further course of action.
• Review investment portfolios: Meet with clients to review or update an investment portfolio and provide financial advice on investments.
• 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.
• Apply technical communication skills: Explain technical details to non-technical customers, stakeholders, or any other interested parties in a clear and concise manner.
• 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.
• Analyse insurance risk: Analyse the probability and size of the risk that is to be insured, and estimate the value of movable or immovable property of the client.
• Handle financial disputes: Handle disputes between individuals or organisations, either public or corporate, which deal with financial matters, accounts, and taxation.

4214 – Debt-collectors and related workers

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References

1. Insurance collector – ESCO