Job Ref No: HR/41/16
Available Positions: One (1)
Unit: Retail & Premium Banking Division
Reporting to: Director Retail & Premium Banking
Position Scope: The position is responsible for planning, managing, leading and directing the business focus on the distribution of all insurance products across the Bank to achieve business, revenue and profit targets.
Key Responsibilities:
Strategy and Planning
Ensure appropriate Banc assurance Structure is in place to drive Banc assurance business in the bank.
Develop and execute an overall Business Plan covering all insurance activities across all the businesses based on business targets in alignment with insurance Partners and bank strategy.
Have thorough understanding of business dynamics across the business to leverage on multiple product / service needs of Banks customers to better position insurance as a key part of a truly valuable customer proposition/offer.
Financial and Performance Management Active management of overall Insurance P&L in the bank through establishing close working relationships across business and Product/Marketing manager to deliver customer, business, revenue and profit targets for the bank by driving insurance products activities across channels and segments.
Active management of relationships with all insurance partners to ensure smooth running of the distribution channels in delivering targets for the bank.
Monthly reporting of Banc assurance financials including, but not limited to, commission reconciliation, financial projections, P&L monitoring, marketing allowance activities etc.
Product Development / Operational Workflow
Active involvement in identifying product needs for all customer bases across business with product managers and segment managers together with appropriate Insurance Partners to meet customer needs and product gaps in total product/service offering.
Monitoring operational activities to ensure that they are complaint with bank regulations, policies and procedures.
Act as the liaison manager with all insurance partners on insurance matters.
Determine, agree and monitor achievement of sales and service KPIs (including the appropriate number of staff for each region for allocation of sales and service targets) with Insurance Partner and Shared Distribution.
Active involvement in defining the appropriate skills, education, experience etc of the insurance sales staff and development of the training curriculum to optimize sales/ service achievement.
Marketing and Brand Management
Work with product managers to identify market growth / cross-sell opportunities to increase product holdings and improved revenues.
Initiate, execute and manage marketing programmes and retention strategies in line with business objectives (premiums, commissions, product type, and number of policies).
Ensure brand compliance for all above and below-the-line communication according to bank standards and relevant Insurance Partner.
BIU and Market Intelligence
Active analysis and review of all customer bases to understand customer profiles, behavioural and lifestyle traits (including product holding mix, revenue contribution, behavioural / lifestyle analytics) to identify opportunities for increasing customers’ insurance wallet share (total value).
Keeping abreast of market competition, industry practices and best practices to constantly improve on overall business performance.
People Management
Responsible for supervising appropriate team member in addition to managing internal key relationships.
Building/ managing necessary bench-strength to achieve business targets.
Compliance
Responsible for any necessary reporting as required by insurance authorities and regulators. Line managers and Corporate Communications must be informed of all external communications to regulators.
Key Performance Indicators:
Acquisition of new business
Growth of all classes of business, Life, General and Medical.
Business retention – Renewals should be at 90%
Banca sales activations
Work Relationships:
Internal
Divisional Heads
Line Managers
External
Insurance Companies
IRA
Skills & Experience:
Essential
Bachelors degree in Business related field
Certificate Of Proficiency in Insurance (COP)
8 years service exposure in Insurance
Excellent knowledge of insurance products and processes, regulatory requirements as well as ability to manage P&L to drive business performance and revenues.
Good interpersonal and management skills
Good understanding of customer segmentation and needs as well as an in-depth knowledge of distribution channel strategies in a bank or similar organization
Demonstrated capacity to lead, coach and supervise team members effectively
Visible excellent communication (written and verbal) and negotiation skills
Demonstrated integrity and ethical standards.
Desirable
ACII
