Business Development Manager - Corporate at Kenya Orient Insurance Limited

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