Officer, Bancassurance at SBM Bank

JOB SUMMARY:

The core function of this role is to support the credit risk monitoring function by ensuring that all Bank loans and Bank financed assets are covered for insurance at all times and to manage exposures on loans and collaterals in strict compliance with the Bank’s approved Credit Policy and applicable regulatory requirements, following up on confirmation and renewal of insurance covers on disbursed loans and collaterals held.

KEY RESPONSIBILITIES:

Strategy - 10%

• Play an active role in execution of SBM bank’s Growth strategy through credit risk mitigation by ensuring that all eligible loans and financed assets have current insurance covers from approved insurance underwriters.
• Coordinating with the Bank’s appointed insurance agents, ensure claims are paid in a timely manner, customer queries with regards to insurance are resolved speedily documentary evidence kept for audit purposes.

Key Result Areas - 65%

• Sending weekly schedules of newly disbursed loans to the appointed insurance agents for underwriting.
• Ensure monthly and annual credit life and collateral insurance renewals by sending out client notifications via ICT department,
• Liaise with Credit Risk department in computation and collection of sufficient premium to cover exposures.
• Verification of insurance covers on collaterals as per credit document management process noting the bank’s insurable interest from underwriters
• Management and updates on insurance cover for completed construction works with bank’s interest.
• Update and share reports on collateral insurance renewals and exposures with Credit Department.
• Match relevant insurance solutions to the bank’s products and advice on current market trends.
• Terminate covers for liquidated loans/exposures, deceased and process credit life premium refunds to clients.
• Facilitate insurance policy document shipping for bank’s custody and filing in client credit files.
• Facilitate medical requests for exposures above Free Cover Limit per underwriter.
• Process and guide claims settlement on loans and collaterals claims.

Compliance - 10%

• Ensure adherence to banking policies and procedures in securing the facilities.
• Ensure adherence to the Insurance Act in securing of loan book.

Human Resource - 10%

• Participating in staff capacity building activities such as training and team building activities.
• Train Credit Admin team on insurance product solutions and any other interested party/ies.
• Creativity, innovation, flexibility, honesty and unexceptional integrity- Note, these items are the most important aspect in your day to day activities.

Others - 5%

• Assist on any other tasks that may delegated by the Bank’s management/ the Manager - Credit Administration from time to time.

KEY RELATIONSHIPS:

Direct Reports to this Position

• N/A

Customers of this Position

• All Departments in the Bank

KEY KNOWLEDGE AND COMPETENCIES:

Knowledge; Skills and Experience required for this Role

• Excellent communication skills, both oral and written.
• Computer literate and possessing excellent presentation skills.
• Extensive knowledge and experience in bancassurance in Credit department of a bank.

Competencies required for this Role

• University degree, preferably in Commerce, Economics or Business Administration.
• A minimum of 3 years work experience in a commercial/ banking environment.
• Understanding of and experience with Insurance products and processes

Problem Solving

• Excellent analytical, problem identification and solving skills.