Bancassurance Officer at First Assurance Co Ltd

Overall Job Purpose

To support the Bancassurance Manager in Business Development by providing Sales support and Customer Service by managing and maintaining the relationship between FAK and the BBK Branch Network among other Banks in order to deliver exceptional customer service to the Banks clients.

Key Accountabilities

Accountability: Operational Process Support

• To support Banks’ network in the gaining and processing of FAK products, and assisting the Regional Sales Managers in insurance business development and overall business oversight. The role will be focused on New Business generation, portfolio growth, Relationship Management, Cross-selling, customer service duties, etc
• Drive growth in Bancassurance business within their regions.
• Support Bank’s Bancassurance Officers, Lead Generators, Sales managers and Relationship Managers with First Assurance products, service and process.
• Prospect and market various First Assurance products to prospective Banks’ clients and advice customers on the adequacy of cover requested for in relation to the policies available.
• Oversee the operational aspects of Bancassurance business at the branch i.e. underwriting, claims, finance and customer service as well as preparation of quotations, negotiating terms for customers and closing sales.
• Ensure all collaterals and assets that have the Bank interest are properly and comprehensively insured and the Bank’s interest properly noted in the policy.
• Ensure that the Bank, customers and staff insurable assets insured under the branch are renewed on time and that the premium is paid up.
• Take accountability to gain knowledge and understanding of our products to enable training thereof. Ensure thorough understanding of products in order to train the Branch
• Network effectively on the products and service offering.
• Own the process of positioning the Segments and Sales Enablement unit as a key service provider to the different sectors in the retail bank
• Daily update of branch sales figures in preparation for huddles & arrange fun factor for huddle
• Influence targets to ensure achievement of performance objectives within the region
• Attend & support agreed number of sales & service campaigns
• Achieve sales leads targets by pro-actively engaging with customers / listings - set target
• Train Banks’ sales team in the branches with regards to new and existing products as well as processes, including on the job training.
• Carry out market research, customer data mining and segmentation and provide customer feedback to Bancassurance Manager for the development of new products and enhancement of existing ones to suite the various market segments.
• To facilitate timely issuance of relevant documents
• Ensure that all queries on technical insurance issues from customers and branch staff are addressed promptly while providing technical guidance.
• Ensure compliance with all regulatory and internal procedures in regard to Bancassurance business.
• Organizing training, seminars and scheduled functions to ensure loyalty.
• Monthly reporting of bancassurance financials including, but not limited to, commission reconciliation, financial projections, P&L monitoring, marketing allowance activities, etc
• Premium collection and remittance.

Role / Person

Specification

Education and Experience Required:

• University Degree preferably in a business field from a recognized University
• Over 3 years in insurance marketing and/or underwriting experience with preference to candidates with Bancassurance Sales.
• Experience of a similar nature in the banking/insurance industry will be an added advantage

Professional qualifications

• At least 3 papers and good progress in
• CII Diploma in Insurance (UK)
• IIK Diploma in Insurance (Kenya)

Knowledge & Skills:

• Knowledge to Insurance products in the bank set-up with knowledge of the Bank’s set standards, policies and the operating manual.
• Excellent communicator with ability to work effectively in a diversified set up and in a highly collaborative team environment.
• Proven ability to respond quickly, independently and appropriately to competing priorities under tight deadlines
• Personal organization and thoroughness coupled with the ability to work under minimum supervision with good Judgment and decision making skills.
• Knowledgeable in compiling data and preparing a variety of reports as well as ability to verify the accuracy of documents
• Negotiation skills
• Organizational skills

Competencies: (Maximum of 8 competencies)

• Personal and Interpersonal skills
• Reporting writing
• Decision making skills
• Relationship and networking skills
• Persuading and Influencing skills
• Ability to work under pressure
• Change management skills