Business Development Manager- Bancassurance at Absa Bank Limited

Job Summary

• The purpose for this role is to a resource with the appropriate skills and knowledge to support the Bancassurance strategy in the bank in the business area assigned to.
• Responsible to Head of Bancassurance with general management, renewals management, premium collection, and relationship management ability
• Role will involve enhancing Insurance business development through effective renewals management, ensuring all new business is written via ABIAL and insurance cross sales from the areas assigned to. And overall sales management.

Job Description

Main accountabilities and approximate time split.

Business Development/Management: Time split 65%:

• Responsible for the achievement of the revenue targets
• Support the stakeholders and all relevant teams to ensure that all insurance renewals are done on time, and through the ABIAL
• Support team  to ensure that all NTB insurance requirements are sourced and placed with the approved underwriters, through the ABIAL
• Joint customer visits/calls with RMs to understand insurance needs and tailor customer led cost-effective proposals to meet those needs
• Attend meetings to report on insurance uptake progress and enlist the support
• Daily, Weekly, monthly, and quarterly performance tracking
• Regular Sales activations and customer sensitization in partnership with partners to increase uptake e.g. breakfasts, cocktails, etc. (customer sensitization)
• Relationship management with insurance partners for effective service delivery to the customers and stakeholders
• Leading and managing the planning of annual business targets/ objectives with each channel and segment and ensuring that they are achieved through a regular process of monitoring and evaluation of results.
• Manage renewals with sales teams to ensure the 95% renewal target is met.
• Responsible for the appropriate allocation of resources to approved field activations
• Obtain Approval for all sales-related expenses
• Field activity by accompanying relationship managers to presentations and/or making Insurance presentations on their behalf.
• Dashboard management with relevant MI teams to confirm the accuracy of management reports on sales activities
• Identifying cross and up-sale opportunities and tracking performance
• Develop Banca programs as per needs identified
• Develop, implement, and track sales incentive programs
• Work with the Head of the Banca and key stakeholders to ensure strategy deliverables are properly documented and monitored.
• understands business trends and is agile
• innovative

Rigor/compliance: Time split 5%:

• Ensure all regulatory requirements are met by ensuring compliance with the insurance act and SLA’s
• Ensures review and escalation if required, of insurance Sales administrative issues in the cluster. Ensuring all claims are reported to OPS, tracked, and resolved as per SLA by the Head office

People management: Time split 20%

• Managing relationships with stakeholders and Bancassurance staff to drive business
• Dealing with channels and segments to ensure a full understanding of the insurance process & procedures
• The motivation of relationship managers/producers through agreed programs
• Coaching Stakeholders and banca resources to achieve business goals
• Providing general support to the team
• Has leadership and management skills

Premium Collection And policy administration. Time split 10%

• Ensure all premium is collected from all sales as per laid down procedures in accordance with the Insurance Act and SLAs with partner insurers
• Provide management reports on the premium collection status of all sales done on a weekly basis

Technical skills / Competencies

• Excellent underwriting skills and insurance product knowledge
• A learning mindset to rapidly assimilate complex business issues and quickly solve problems in a structured manner or pre-empting issues that may arise where there is limited precedence
• Effective negotiating skills to secure both internal and external resources and deal with external service providers
• Able to adopt and/or coach the use of a variety of methods to keep work streams on schedule and within budget
• Quality, high standards, and controls
• Passionate Drive for results
• Service Excellence
• Planning and Organizing
• Good understanding of insurance processes
• Understanding of project management principles
• Implementing processes
• Accuracy and attention to detail
• Problem-Solving skill
• Technological understanding (tools – Microsoft Office, etc)
• Time Management
• Communication skill

Knowledge, Expertise, Experience & Qualifications 

Essential 

• A Business-related Degree from a recognized university.
• COP qualification, Diploma in Insurance, LOMA, or progress in ACII qualification
• Exposure to Corporate business and strong relationship management skills
• Knowledge of insurance business (claims management & underwriting), products, and processes.
• Presentation skills and expertise in proposals presentation experience
• Exposure to governance, control, and risk management
• Proven ability to effectively work across teams

Preferred

• Middle to Large Broker/Underwriter experience in dealing with Corporate insurance and relationships

Education

• Higher Diplomas: Business, Commerce and Management Studies (Required)