Bancassurance Operations Officer at Kingdom Bank Limited

The job holder will be responsible for the preparation of timely and accurate reconciliations, financial reports and credit control and administrative tasks, and safe keeping of records at the intermediary.

Responsibilities

• Business growth (commission income) as well as customer growth and retention.
• Credit control resulting in a quality premium book.
• Quality of service in customer engagement.
• Risk management in the sales cycle and in all business transactions

Qualifications

Business Operations 

• Receipting of premiums received and allocating them to the relevant clients.
• Generating payment schedules and preparing payment memos to underwriters within agreed SLAs.
• Updating financial records and schedules daily and resolving any identified discrepancies.
• Updating commission schedules on the Bancassurance software and making up follow-ups with underwriters for timely payment of the same.
• Preparing periodical business performance reports for performance tracking and timely decision-making.
• Preparing monthly financial reports and/or incidental business reports on or before the 5th day of every month and assisting with year-end audits and other reviews (compliance assessments etc) by providing relevant schedules and documents.
• Generating and sharing client statements and resolving any disputes raised.
• Credit control resulting in a quality premium book.
• Provide recommendations for improving procedures and systems for initiating corrective actions.
• Regulatory reporting- preparing statements of business for filing with the Insurance Regulatory Authority within the set statutory deadlines.
• Maintaining a comprehensive filing system for all financial records and documents, including relevant backups of the same.
• Maintaining a postdated cheque register and ensure, banking of cheques held is done on the due date.
• Following up on IPF premium refunds from underwriters to ensure timely payments are made.
• Prepare purchase requisition forms for various departmental needs and to ensure that the goods/services delivered meet the specifications provided at the point of requisition.
• Track and monitor expenses incurred by the business and recommend cost-efficient business practices that may positively impact operational efficiency.

Superior Customer Service

• To communicate and liaise with clients, vendors, and branches and assist in handling finance-related communications.
• Ensure high-end customer service and all queries are attended to as per the stipulated TAT & SLA.
• Offering superior service in customer engagements.

Risk and Compliance

• Ensure compliance with both external and internal regulatory requirements and the approved Policy and Procedures Manual, Insurance Act (Cap 487), Insurance (Bancassurance) Regulations, 2020, and all other governing laws and regulations.
• Assist in identifying risks facing the business and recommend remedial actions that can be undertaken to mitigate the risks.
• Benchmarking with best practices and providing recommendations for improving procedures and systems for initiating corrective actions.
• Act as the risk champion in the department and update risk registers, business impact assessments and continuity plans.
• Any other duty as assigned by the supervisor from time to time.

Required Qualifications.

• University degree preferably in a business/finance-related field.
• Certificate Of Proficiency in insurance or good advancement in ACII or AIIK.
• A Master’s degree and/or accounting certification is an added advantage.
• Minimum of 2 years experience in a Bancassurance intermediary or busy insurance brokerage firm.
• Numerical Skills with Proficiency in use of Microsoft Excel.
• Experience with customer management, insurance/banking operations, and relationship management