General Manager - Banc assurance at Family Bank Ltd

Are you a go getter, positive minded individual who fits the role profile captured below? There is an opportunity for ambitious, self-driven individuals to fill the above position

Reporting to: Chief Executive Officer.

Job Purpose:

The position is responsible for planning, managing, leading and directing the business focus on the distribution of all insurance products across the bank and its subsidiaries to achieve business, revenue and profit targets.

Key Responsibilities:

• Strategy and Planning.
  • Ensure appropriate Bancassurance Sales structure is in place to drive Bancassurance business.
  • Develop and execute an overall business plan covering all insurance activities across all the business based on business targets in alignment with insurance partners and bank strategy.
  • Analysis of business dynamics across the business to leverage on multiple product/service needs of bank’s customers to better position insurance as a key part of a truly valuable customer proposition through cross- selling.
  • Build capacity of the Bank in Bancassurance.
  • Strategy planning and implementation.
• Financial and Performance Management.
  • Responsible for Insurance P &L by driving insurance products activities across channels and segments.
  • Active management of relationships with all insurance partners to ensure smooth running of the distribution channels in delivering targets.
  • Periodic reporting of Bancassurance sales performance, broker commission projections, P&L monitoring and performance appraisals.
  • Leverage on reciprocal business with insurance stakeholders and partners to mobilize deposits for the bank.
  • Check and verify the accuracy, completeness of the documents against the checklist provide according to product lines; KYC/AML compliance requirements.
• Product Development.
  • Active involvement in identifying product needs for all customer bases across business with product managers and appropriate insurance partners to meet customer needs and product gaps in total product/service offering.
  • Monitor sales workflow activities to ensure compliance with regulations, policies and procedures.
  • Determine, agree and monitor achievement of sales, service TATS through Binders and SLAs.
• Marketing and Brand Management.
  • Work with product managers to identify market growth/cross-sell opportunities to increase product holding and improved revenues.
  • Initiate, execute and manage marketing programs and retention strategies in line with business objectives(Premiums,commissions,product type, and number of policies)
  • Ensure brand compliance for all above and below-the-line communication according to bank standards and relevant insurance partner.
• Business and Market Intelligence.
  • Active analysis and review of all customer profiles, behavioral, geographical and demographic traits (including product holding mix, revenue contribution, behavioral/lifestyle analytics) to identify opportunities for increasing customers’ insurance wallet share (total value).
  • Keeping abreast of market competition, industry practices and best practices to constantly improve on overall business performance.
• People Management
  • Responsible for supervising sales team
  • Internal and external relationship management.
  • Building necessary bench-strength to achieve business targets.
• Business Strategies
  • Integration of the Bancassurance systems with the bank.
  • Development of policies and procedures to support the business.

Key Performance Indicators:

• Acquisition of new business as per budget expectations.
• Growth of all classes of business, Life, General and Medical.
• Business retention through renewals management at least 90%.
• Bancassurance sales activations.
• Premium collections and reconciliation management.
• High Products and brand visibility.

Qualifications:

• Holds a bachelor degree in business management or its equivalent from a reputable university.
• Holder of a Master’s degree is an added advantage.
• A minimum of Five (5) years’ experience in a senior management role in the insurance field.
• Demonstrate a high degree of sensitivity, confidentiality and integrity when dealing with internal and external customers.
• In depth knowledge of Banking Operations, Risk and Controls

Personal Attributes:

• Personality: results oriented with excellent communication and social skills. A forward planner with clear focus, mature, reliable, hardworking and able to work without supervision.
• Honest and with high integrity.
• Entrepreneurial skills (Ability to innovate & execute plans).
• Results oriented with excellent communication, analytical skills, with outstanding reporting & Customer Service skills.
• Possess ability to prioritize and organize a heavy workload while observing set deadlines.
• Demonstrate a high degree of sensitivity, accuracy, confidentiality and integrity when dealing with internal and external customers.