A financial services group in Kenya (Life, General Insurance and Asset Management) is looking for Head of Distribution & Business Development. This role is responsible for driving new business acquisition and retention of existing business on a profitable basis and ensuring achievement of revenue and profitability targets. Manage and drive the identification and development of distribution channels to support the delivery of revenue and profitability targets while ensuring excellent client experience. Lead in preparation of business plans, and coordination of marketing and sales strategies.
Job Responsibilities
Strategy & Implementation
Develop and implement strategies to identify and develop business opportunities in existing and under penetrated markets (both traditional and non-traditional markets).
Drive the implementation of the strategy to maximise revenue and profitability through alignment of in-house products and solutions.
Implement and operationalise tactical plans in collaboration with executive management and other relevant business stakeholders enable service delivery and achieve business objectives.
Optimise utilization of the Company’s comparative advantage (in resources, assets, product range and market leadership) to promote prospects for business acquisition and retention
Carry out relevant market research and take all necessary actions to ensure that the Company remains competitive.
Investigate competitors’ activities and overall economic and social trends whilst drawing up action plans to stimulate profitable revenue growth.
Develop and sustain a competitive edge for the company through external networking, benchmarking and representation on related forums and any other approved channels.
Build and maintain strategic partnerships with business partners, stakeholders and business areas in order to understand business priorities and requirement.
Internal Processes
Co-ordinate the activities of and manage the sales teams.
Set meaningful and measurable objectives (annual targets) that deliver company goals and objectives on revenue growth and profitability
Facilitate initiatives aimed at equipping the sales force in business to identify and meet clients’ need and improve client engagement.
Gather competitive intelligence and new product ideas from the business environment and share market insights with management team.
Periodically review existing products and proposes changes/ enhancements based on client needs, propose and lead in customised solutions for clients across licences within the CVP framework. with a view to enhancing their quality.
Assist in capacity building within the support operations of the business to ensure efficient process turnaround times and seamless client service
Drive the application of good governance principles and legislative compliance within the area.
Client
Develop, maintain and build strong long-standing relationships with existing and potential clients including brokers, agencies and direct clients, and other relevant stakeholders.
Carry out and coordinate product training for brokers, agencies and direct clients across business lines.
Effectively manage intermediary relationships and ensure SLA management with internal and external stakeholders.
Engage with key internal and external stakeholders to identify changing client needs and make recommendations to align service offering with client needs.
Deliver on service level agreements made with internal and external stakeholders in order to ensure that expectations are managed.
Establish a customer service framework that drives efficient and effective client management, administration and maintenance.
Collaborate with senior staff in other departments to enhance a well-coordinated approach to service delivery and customer service.
Drive the design and application of a stakeholder feedback capability in respect of service delivery.
Compliance & Best Practice
Ensure strict compliance with internal and regulatory processes and controls.
Responsible for the implementation and adoption of Compliance, Anti-Money Laundering and Sanctions related requirements contained in policies, procedures and processes.
Manage portfolio risks and regulatory compliance aspects regarding business acquisition.
Maintaining a high level of integrity and ethical standards commensurate with the requirements of market best-practice
Reporting
Prepare periodical business performance reports for internal and external use and/or consumption.
Analyse performance against monthly, quarterly and annual targets and provide reports that include remedies for any negative variances.
Ensure incident reporting is done in a timely manner.
Ensure regulatory returns, reports and other compliance documents are prepared and submitted in a timely manner. Including follow up or approval and/or closure.
People
Promote a positive work climate and culture to energize employees, give meaning to work, minimize work disruption and maximize employee productivity.
Demonstrate exemplary leadership behaviour, through personal involvement, commitment and dedication in support of organisational values.
Drive a culture that guides and directs best practice, fostering an environment of continuous learning, improvement and cohesiveness.
Establish, develop and manage a team with the requisite skills and aptitude to deliver on the Company’s strategy
Identify, define, communicate and obtain buy-in for performance expectations through the implementation of aligned KPIs for the team.
Execute effective workforce planning practices and actively participate in recruitment of suitably qualified talent for the department in line with the company’s policies.
Effectively manage performance within the team in order to ensure business objectives are achieved.
Enable a learning and growth culture whereby information regarding successes, issues, trends and ideas are actively shared between team members.
Conduct periodic training needs assessment form the department members and recommend training programs to address any gaps within company policies and practices.
Conduct continuous training, guidance, coaching and mentoring for the team.
Take ownership for own learning and development.
Other Requirements
Minimum of Insurance, Sales or Marketing degree
Professional Insurance qualifications
Insurance Body Membership and Accreditation
8 – 10 years’ post qualification experience in the financial sector, largely focused on insurance sales, and at least 5 years of effective management of a substantial insurance client portfolio.
In depth understand of local Insurance practices, laws and regulatory requirements. Strong existing relationships with leading insurance intermediaries would be a significant advantage.
Demonstrable in-depth understand of insurance regulatory frameworks as pertains to insurance practices and products.
Good communication and presentation skills at a senior level
Extensive strategic planning, budgeting and management experience.
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