Principal Officer for Bancassurance

Experience & Qualifications

• Educated to first or second degree in a related field (Finance / Actuarial Science / Mathematics / Generic Management )
  
• Minimum of 10 years work experience in Insurance.
  
• Thorough knowledge of financial services industry specifically insurance and retail banking.
  
• Knowledge of both Life Insurance and Short-term insurance.
  
• Working knowledge of insurance Legislation and Regulations including IRA reporting requirements.
  
• Understanding of Insurance and Banking operating systems
  
• Strong Excel, Word and Power point
  
• Financial, budgeting and accounting skills
  
• Interpersonal Skills, People Skills, Management Skills
  

Business Area Management

• Development of Vision, Mission and Future Strategy of the business area
  
• Implementing the overall objectives, philosophies, policies and budgets approved by EXCO and ensuring immediate subordinates comply with them.
  
• Support the Consumer Banking Management in the constant evaluation and upgrading of all processes to achieve business objectives.
  
• Reviewing actual performance against strategic and financial plans and taking appropriate action to assist senior personnel in achieving their objectives.
  
• Submitting to the Consumer Banking leadership, on an annual basis, a business plan that incorporates a sales plan.
  

Product Management and customer experience

• Creates awareness of the Bancassurance solutions within the bank through roadshows and training across all teams to create confidence amongst the teams to use and sell the product.
  
• Lead the evaluation of products, solutions and its offerings versus the demands of the market using insights obtained from working with the segments and partnering insurance companies and conducting customer surveys.
  
• Ensure the insurance products are distributed through all the bank channels (Branch, Online etc.) and in line with the strategy of each business area.
  
• Liaises with in-country Insurers including their head office and brokers to ensure that any changes and administrative requirements are implemented i.e. changes in pricing, products, regulatory etc.
  
• Analyses any product related queries in order to determine its root cause and resolves accordingly.
  

Sales strategy

• Accountable for ensuring all staff engaged in selling insurance have been accredited and undergoes the necessary sales and product accreditation in line with internal and external regulatory requirements.
  
• Develops, Implements and manage strategies to increase sales and to ensure that sales are in line with / exceed budget.
  
• Monitors product performance reports and come up with actions to improve sales. These should be shared with the business heads to cascade to their teams for execution.
  
• Drives sales by sending through a monthly Bancassurance sales report to the business heads and recognises top performers in collaboration with the line managers.
  
• Develop the annual training calendar for the entire bank network to create overall awareness and increase the base for lead generation
  

Product marketing and distribution

• Ensure Bancassurance offerings are incorporated into marketing for the entire banking product proposition to customers.
  
• Use all channels and opportunities to market and promote Bancassurance aligned to the overall product strategy through working closely with the marketing and communications team e.g. social media, digital banking channels.
  
• Owns and initiates marketing programmes to ensure awareness of and drive the volume of products.
  

Product communication

• Signs-off all Bancassurance training material, ensuring accuracy of product and process information.
  
• Monitors all bancassurance product communication to ensure that no miscommunication takes place.
  
• Ensures end-to-end processes are mapped and that all product information is available to the sales teams. This would apply to the value chain ranging from new business to query management, customer fulfilment and reporting.
  

Financial management

• Regular monitoring of the financial numbers in comparison to budget
  
• Collaborate with the Data team to generate the required monthly and annual reports, and embed within the organisational rhythms e.g., Sales Council
  
• Ensure the monthly reconciliations are done and all issues are resolved
  
• Ensure that MIS reports are accurate and completed on time for circulation to all governance structures
  
• Influence the team to effectively use MIS within the business