Reporting to: Assistant General Manager – Underwriting & Business Development
Job Reference: KOIL/HR/BDC001/2019
Function: Underwriting & Business Development
Key Relationship (Internal): Work closely with underwriting, reinsurance, claims and regional managers
Purpose of the role
The position will be responsible for the identification and opening of new markets, recruitment and growing business from new intermediaries.
Soliciting and acquiring business from corporates and large clients including government institutions and SMEs.
Key champion in developing new products and conducting competitor analysis.
Key Responsibilities
A: QUANTITATIVE = 60%
1. New Leads and opportunities
Acquiring and retaining new business by generating leads• Identifying new markets and business opportunities to increase sales revenue.• Acquiring and developing new business accounts and preparing sales proposals for clients• Targeting key accounts potential for the company.• Reviewing, evaluating and pricing moderately complex business by applying sound underwriting judgement and adhering to company policy and Industry Regulatory Framework.• Creating deal pipelines that lead to substantial conversions
2. Quote to cash
Achieving average revenue per product
Converting issued quotes to revenue
Reviewing financial performance of accounts against budget
3. Loss Ratio
Managing the quality of business to maintain the agreed level of claims ratios
Reviewing, managing and controlling the claims registered and paid to achieve set claims / loss ratios
4. Product Development and Marketing
Spearheading product development and enhancement initiative.
Conducting market campaigns, activations and product sales drives.
Reviewing existing products to maximise on revenue
B: INTERNAL CONTROLS & RISK MANAGEMENT COMPLIANCE = 20%
1. Adherence to Credit & Underwriting Policy
Carrying out periodic reviews of the department’s policies and procedures to ensure their relevance to the business strategy and changing organizational needs.
2. Internal Controls and Reporting
Preparing annual budget for the sales and business development function and ensure proper budgetary control
Update action plans and financial objectives quarterly.
Offering input and feedback to long range, strategic and budget planning processes.
Preparing periodical management reports
C: QUALITATIVE PERFOMANCE & COMPETENCIES = 20%
1. Brand Promotion & Competitive Analysis
Establishing and maintaining a good relationship with brokers, agents and clients. Also maintaining close liaison with other departments in the Company.
Fostering and maintaining good corporate image through liaison with all intermediaries and the general public
Maintaining high public relations amongst clients
Training of intermediaries and staff on our products, selling & closing skills and relationship management.
Recruiting new intermediaries.
Conducting market intelligence and keep management informed of changing trends.
Carrying out market research and competitor surveys.
2. Communication
Visiting, developing and maintaining good rapport with customers and handling their queries and reporting on any significant/persistent concerns to management.
Clarifying and articulating the diverse requirements of customers to support delivery of professional excellence and expertise.
Using customer insight to determine and drive customer service outcomes and quality.
Advising the Assistant General Manager and the Management on issues pertaining to the business
Closely follow up on all leads within a 24 hour response time line client
Excellent customer service and complaints handling
3. Living KOIL Values
Integrity
Excellence
Customer Driven
Innovation
Team Work
Qualifications and Requirements
Bachelor’s degree;
Master’s degree is an added advantage
ACII or AIIK Professional qualification
12 years relevant working experience, Four (4) of which should have been at a managerial level
Competencies and Skills
Competencies
Relationship building for influence
Result Oriented
Accountability
Committed and self-driven
High standards of integrity and professionalism
Self-initiative and innovative
Skills
Thorough knowledge of insurance products, regulations, product development and underwriting.
Understanding of general insurance distribution chain and route to market
Key account management
Risk management
Effective communication
Good negotiation
Great presentation
Leadership skills
