Business Development Manager (IFA Channel) at Jubilee Insurance

Job Ref. No: JLIL 302

Role Purpose

• The role holder will be responsible for development and execution of the sales and customer retention strategy through the IFA channel. This includes recruitment and management of Independent Financial Advisors.

Main Responsibilities

Strategy

• Supporting the Head of Alternative Distribution & Partnerships in the development of the IFA channel strategy with supporting budgets and business plans
• Implement strategies for the IFA channel to increase sales, lower costs, and obtain greater efficiency.
• Oversee the financial performance of the IFA channel including budgeting, forecasting, and financial analysis.
• Develop and execute a comprehensive roadmap for the channel, aligned with the organization's goals and market trends.
• Execute comprehensive business development strategies to drive revenue growth and market expansion. Implement strategies to enhance client retention and satisfaction, including regular client engagement and relationship management.
• Foster relationships with key stakeholders, industry associations, and influential networks to enhance the company's visibility and reputation.
• Monitor performance and risk exposure on an ongoing basis.

Business Growth & Development

• Identify and assess new business opportunities within the IFA channels workstreams. Execute the company's distribution strategy, aligning it with overall business goals and market trends. Identify growth opportunities and expansion areas for the channel.
• Conduct market research and analysis to identify target markets, customer segments, and competitive landscape.
• Collaborate with the marketing team to implement sales and marketing initiatives to attract new clients and increase market share.
• Lead efforts to acquire new clients by building and maintaining a strong pipeline of prospects.
• Conduct client presentations, negotiations, and contract discussions to secure new business.
• Collaborate with internal teams to ensure alignment of business growth initiatives with operational capabilities.
• Represent the organization at industry events, conferences, and seminars to build networks and identify potential partnerships

Operational

• Oversee the IFA channel and monitor its growth, recruit, train, and mentor the Independent Financial Advisors.
• Drive achievement of the revenue budget through Independent Financial Advisors.
• Monitor and maintain policies persistency though efficient customer service and retention strategies
• Design and oversee comprehensive training programs for the IFAs to enhance their product knowledge, sales skills, and customer service capabilities. Monitor the effectiveness of training programs and provide ongoing support to the advisors
• Ensure the efficient and compliant operation of all processes and procedures within IFA channel
• Establish and maintain strong relationships with key clients, addressing their needs, and proactively identifying opportunities to enhance their experience.
• Monitor client feedback, analyze trends, and implement measures to improve service quality and exceed client expectations.

Jubilee Life Brand

• Ensuring effective public relations and enhancing the company’s corporate image with all stakeholders and partners.

Corporate Governance

• Compliance. Stay updated on insurance related, industry regulations, compliance requirements, and best practices.
• Adherence to the laws and regulations of Kenya, the policies and regulations within the insurance industry and all
• internal company policies and procedures.
• Ensuring compliance with applicable statutory and regulatory requirements and establishing mitigation measures against emerging business risks.
• Implement effective risk management strategies, including appropriate internal controls, to mitigate operational, financial, and regulatory risks.

Leadership & Culture

• Oversee the IFA productivity
• Provide leadership to the team and build know-how and knowledge sharing to create efficiencies and synergies.
• Building relevant departmental capacity to deliver on strategy by leading, guiding, directing, and evaluating the work of the team.
• Fostering a culture that promotes ethical practices and good corporate citizenship while maintaining a conducive work environment for attracting, retaining, and motivating employees.
• Conduct regular team meetings and training sessions to enhance skills and knowledge related to financial reporting and industry trends. 

Key Competencies

• Customer-Centric Leadership: Ability to lead the customer experience function with a strong focus on meeting customer needs and expectations.
• Data-Driven Decision-Making: Skill in using customer data and feedback to make informed decisions and drive improvements.
• Strategic Thinking: Ability to think strategically and align marketing initiatives with business objectives and market dynamics.
• Leadership and Team Management: Skill in leading and motivating marketing teams to achieve performance goals and foster a collaborative work environment.
• Communication and Persuasion: Excellent communication skills to effectively convey marketing messages to various stakeholders and influence decision-making.
• Creativity and Innovation: Capacity to generate creative ideas and develop innovative marketing campaigns that differentiate the company in the market.
• Analytical Skills: Proficiency in analyzing marketing data and metrics to derive actionable insights and make datadriven decisions.

Academic Background & Relevant Qualifications

• Bachelor’s degree in Business, Commerce, Sales, Finance or any other related course
• Relevant Sales Related Qualifications, Masters Degree is an added advantage
• COP certification or a Diploma in Insurance
• Minimum 5 years’ experience in a similar role
• Extensive experience in leading and managing Sales function within the insurance sector.
• Proven experience in developing and implementing sales strategies as well as delivering performance though sale agents.