Job Description
The Senior Bancassurance Officer is responsible for ensuring underwriting, claims processing, and proper documentation. The role holder must report insurance claims to the insurers, maintain high efficiency in the preparation and submission of reports, and handle business placement with insurers for all underwriting matters within agreed service level agreements. This includes ensuring that all processes are well-documented in our electronic filing system.
Key Measurable Goals:
Efficient processing of insurance application and claims forms.
Ensure complete documentation of all applications.
Prompt reporting of claims to insurers.
Prompt preparation of risk notes and placement with insurers.
Timely preparation and submission of reports.
Adhere to the set TATs (turnaround times).
Key Responsibilities:
Claims Management:
Claims Processing
Receive and review insurance claims from clients.
Verify the accuracy and completeness of claim forms and required documentation.
Coordinate with insurance companies to ensure timely and accurate processing of claims.
Follow up on pending claims and ensure prompt resolution.
Client Communication:
Communicate with clients regarding the status of their claims.
Provide guidance and support to clients during the claims process.
Address any queries or concerns related to claims.
Claims Documentation:
Maintain accurate records of all claims processed.
Prepare and submit periodic reports on claims status and resolution.
Underwriting:
New Business Underwriting:
Assess and evaluate new insurance applications.
Determine the risk associated with insuring potential clients.
Recommend appropriate insurance coverage and premiums based on risk assessment.
Ensure all underwriting guidelines and policies are adhered to.
Policy Issuance:
Prepare and issue insurance policies for approved applications.
Ensure accuracy and completeness of policy documentation.
Communicate policy terms and conditions to clients.
Renewal Underwriting:
Review and assess renewal applications for existing clients.
Adjust coverage and premiums as necessary based on changes in risk factors.
Ensure timely renewal of policies to maintain continuous coverage.
Ensure proper IPF processes are strictly followed within the set TATs.
Reconciliation:
Premium Reconciliation:
Reconcile premiums received with policies issued.
Identify and resolve discrepancies between premium payments and policy records.
Ensure accurate and timely posting of premium payments.
Claims Reconciliation:
Reconcile claims payments with claims processed.
Identify and resolve discrepancies between claims payments and claims records.
Ensure accurate and timely posting of claims payments.
Financial Reporting:
Prepare and submit periodic reconciliation reports to management.
Ensure compliance with financial policies and procedures.
Client Retention:
Customer Relationship Management:
Build and maintain strong relationships with clients.
Proactively address client needs and concerns to enhance customer satisfaction.
Provide exceptional customer service to retain clients.
Policy Renewals:
Contact clients 3 weeks prior to policy expiration to discuss renewal options.
Offer tailored insurance solutions to meet clients’ changing needs.
Ensure high renewal rates through effective communication and service.
Cross-Functional Collaboration:
Coordination with Sales Team:
Work closely with the sales team to ensure seamless onboarding of new clients.
Provide underwriting and claims support to the sales team as needed.
Coordination with Insurance Partners:
Maintain strong relationships with insurance partners.
Coordinate with partners to ensure smooth processing of underwriting and claims.
Stay updated on changes in underwriting guidelines and claims procedures.
Compliance and Risk Management:
Regulatory Compliance:
Ensure compliance with all regulatory requirements and industry standards.
Stay updated on changes in insurance regulations and guidelines.
Risk Assessment:
Continuously assess and manage risks associated with underwriting and claims.
Implement risk mitigation strategies to minimize potential losses.
Continuous Improvement:
Process Improvement:
Identify opportunities to streamline and improve underwriting, claims, and reconciliation processes.
Implement best practices to enhance operational efficiency and effectiveness.
Professional Development:
Stay updated on industry trends and developments.
Participate in training and development programs to enhance skills and knowledge.
Qualifications and Skills:
Education: Bachelor’s degree in business administration, Finance, Insurance, Actuarial or a related field.
Experience: Minimum of 4 years of experience in insurance underwriting, claims management, and reconciliation.
Skills:
Strong analytical and problem-solving skills.
High emotional intelligence.
Excellent communication and interpersonal skills.
Proficiency in insurance software, preferably Rensoft, DMVIC and Microsoft Office Suite.
Attention to detail and accuracy.
Ability to work independently and as part of a team.
Strong organizational and time management skills.
Education
Bachelor’s degree in business administration, Finance, Insurance, Actuarial or a related field.
Knowledge & Skills
Strong analytical and problem-solving skills.
Proficiency in insurance software, preferably Rensoft, DMVIC and Microsoft Office Suite.
Excellent communication and interpersonal skills.
Experience:
Minimum of 3-5 years of experience in insurance underwriting, claims management, and reconciliation.
Personal Attributes
High emotional intelligence.
Attention to detail and accuracy.
Ability to work independently and as part of a team.
Strong organizational and time management skills
Skills
Analytical Thinking, Claims Management, Payment Handling, Process Improvements, Reconciliations, Time Management
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