Bancassurance Operations Analyst at SBM Bank

Job Purpose:

The purpose of this role is to support SBM Bancassurance operations by ensuring accurate client onboarding, insurance policy processing, premium receipting, and secure data migration across systems. Reporting to the Head of Bancassurance, the role holder will execute day-to-day operational tasks efficiently and in line with Service Level Agreements (SLAs), underwriting standards, and regulatory requirements. The role focuses on maintaining high data integrity, supporting compliance processes, and delivering reliable operational and client service support to ensure effective delivery of bancassurance solutions.

Key Responsibilities:

Accountability: Company 50%

• Process all customer insurance cover requests, submit to respective insurers, and obtain cover confirmations within agreed Service Level Agreements (SLAs).
• Create and onboard new insurance clients in line with Know Your Customer (KYC) requirements, regulatory guidelines, and internal bank policies.
• Capture, update, and maintain client and policy information on Bancapro in accordance with approved underwriting guidelines and internal procedures.
• Review client and policy documentation to ensure completeness, accuracy, and compliance with underwriting and regulatory standards.
• Prepare and circulate declaration reports and follow up with underwriters and designated stakeholders within set SLAs.
• Maintain and update manual and system databases to ensure accurate, complete, and timely information availability.
• Collate data and process unutilized premium refunds in a timely and accurate manner.
• Communicate with branches and customers on premium refunds, especially where beneficiary details are missing or insufficient.
• Perform monthly production and premium reconciliations for various underwriters and prepare reconciliation reports.
• Maintain reconciliation issue logs, circulate to stakeholders, and follow up to ensure timely resolution.
• Monitor outstanding premiums, identify policies due for action (renewal, cancellation, or follow-up), and engage relevant stakeholders.
• Respond to reconciliation-related queries and demand notices from underwriters within agreed timelines.
• Log insurance claims with providers and follow up to closure, ensuring stakeholders are regularly updated.
• Manage customer and internal stakeholder queries and complaints within agreed SLAs.
• Support User Acceptance Testing (UAT) activities and liaise with relationship officers, underwriters, IT teams, and internal departments to resolve policy, data, and documentation discrepancies,

Accountability: Risk and Control Rigor 30%

• Ensure all activities and duties within SBM Bancassurance are carried out in full compliance with regulatory requirements, the Enterprise-Wide Risk Management Framework, and internal SBM policies and standards.
• Identify, assess, and manage risks and risk events (incidents) relevant to bancassurance operations, ensuring timely escalation in line with SBM risk governance procedures.
• Conduct periodic checks and reviews on processes and transactions, follow up on identified gaps, and ensure timely resolution of control issues.
• Recommend risk and control improvements to enhance operational efficiency, strengthen compliance, and mitigate potential operational risks within SBM Bancassurance

Accountability: Customer 20%

• Ensure strict adherence to internal and external Service Level Agreements (SLAs) while processing customer insurance cover requests, claims, and related transactions.
• Act as an enabler and liaise with stakeholders to resolve customer queries and complaints promptly, ensuring service standards are consistently met.
• Escalate issues in a timely manner where SLA targets may be missed, minimizing customer impact

Knowledge; Skills and Experience required for this Role:

• Excellent underwriting skills and insurance product knowledge
• Effective communication and negotiating skills to deal with external service providers and customers
• Service Excellence and Problem-Solving skills
• Planning and Organizing
• Good understanding of insurance processes
• Accuracy and attention to detail
• Technological understanding (tools – Microsoft Office,)
• Resilience and ability to work under pressure

Preferred Experience

• Proven ability to work within and across teams effectively
• Technological understanding (tools – Microsoft Office, etc)
• Exposure to governance, control, and risk management
• Bancassurance experience

Education Qualification:

• A Business-Related Degree from a recognized university

Additional requirements that would give an added advantage

• Certificate Of Proficiency (COP) qualification/ Diploma in Insurance,

Behavioral Competencies

• Analytical Thinking – Ability to think on their feet and resolve issues. (Level: Intermediate)
• Ethics and Values – Be ethical in dealings with internal and external parties. (Level: Intermediate)
• Communication/Relationship Management – Ability to express oneself when dealing with internal and external parties. (Level: Advanced)
• Leadership – Ability to take charge of situations, assess what can be done with the team, and what needs to be escalated to relevant parties. (Level: Intermediate) Resilience – Agility and ability to work in a volatile, uncertain, complex, and ambiguous environment. (Level: Intermediate)

Technical Competencies

• Insurance Knowledge – Understand basic insurance concepts that apply to insurance related interactions. (Proficiency level: Novice)
• Use of Analytical Tools – Technical understanding of analytical tools e.g. Microsoft
• Office Suite, Power BI, etc.