Relationship Manager Bancassurance at Sidian Bank

JOB PURPOSE

Business Revenue Generation through the existing SBUs; Branch banking and HQ SBU and expansion to the general insuring public. This entails formulating strategies for the Intermediaries business growth and active selling to the existing bank customers from various business units segments and retail business from branches. The role also requires one to build, nurture the growth of business, establishing and managing business relationships and ensuring high customer experience standards are maintained in line with the overall strategic plan.

KEY RESPONSIBILTIES 

• Business Development
• Premium Collection and policy administration
• People Management
• Risk & Compliance

Business Development 

• Generating Commission Revenue for Bancassurance products from bank and non-bank customers with Special attention to branches, retail customers and direct customer with no facilities 
• Generation of insurance business from the banks existing corporate, micro and SME Customers pledging asset as collaterals.
• Generations of Retail insurance business through branches -Medical, Individual life and group life 
• Follow up on insurance business with Branch staff and business teams for business from the branches and respective head office units
• Development and execution of marketing programs in line with the Bancassurance strategy
• Prospecting for new sources of business from the direct clients and branch referrals
• Training of bank staff translating to business conversion on monthly basis
• Accompany Relationship Managers and Branch managers for customer visits translating to business revenue.
• Preparation of relevant SLAs with underwriters
• Market Intelligence reports on Insurance Industry players and performance and advise client
• Cross-sell various bank products
• Business Planning and Marketing Management
• Formulate marketing strategies geared towards awareness and business growth within the branches 
• Identify and explore new revenue streams to ensure growth of the business. 

Premium Collection and Policy Administration

• Ensure all premium are collected on all business booked on I-Pen and same remitted to underwriters before lapse of credit period advanced by the insurance company 
• Follow-up with the underwriters on credit notes passed and refund same to customers
• Follow up with branches IPF are disbursed to Intermediary A/c and where client is paying in installments, debiting client each month
• Ensure clients receive policy documents and motor certificates in good time upon renewal.

People Management

• Lead, counsel and motivate the underwriting and claims team and conflict resolution as to when they arise from branches especially during claims processing 
• Ensure retention of the under writing and claims officer
• Co-ordinate the relationship of the business development with the operations team.
• Organize rewards system in partnership with underwriters for branches /individuals who surpass their targets we visit and give gift voucher on quarterly basis and pay incentives to branch staff for lead generation on individual life

Risk & Compliance

• Ensure that all customers onboarded to the bank meet the minimum criteria and are screened adequately considering the Banks AML/CFT/CPF guidelines and escalation of any suspicious accounts.
• Continuously monitor customer transactions in the context of the profile of the customer and properly document the background and purpose of all complex, unusual, large transactions, and all unusual patterns of transactions, which have no apparent economic or visible lawful purpose. 
• Prior to Customer on boarding, ensure that a potential client has been screened, account opening form is duly completed and all required documentation as per the account opening policy obtained.
• Ensure that verification is done as to the identity of the customer, documentation used to open account, and conducted transactions during the customer journey.
• Ensure that all transaction forms are filled to completion and properly reviewed. Where information provided is not reasonable, a suspicious transaction report should be raised immediately as per process indicating the basis of suspicion
• Responsible for immediately alerting the MLRO on suspicious transactions or activities noted in customers’ accounts. Any inconsistent activities or transactions, any suspicious accounts, any attempted accounts or transactions, must be investigated and reported to the compliance function immediately, placing a clear basis of suspicion.
• Identify any high risk accounts such as Politically Exposed Persons (PEP) at point of account opening and at execution of transaction continuously, given the dynamic nature of such high risk accounts. Forward the details of such high-risk customer(s) and any PEP/PEP Related persons noted   to senior management for approval.  Ensure that such accounts have all the requisite documents such as updated annual EDDs, are marked as high risk in the system and the reason for high risk rating properly indicated. 
• Identify customers in portfolio that require an update of profiles in a timely manner and ensure that the changes are maintained in the system and are up-to-date. 
• Ensure that UBO information is obtained and captured in AODs and core banking at point of account onboarding and throughout the customer journey.
• Ensure accurate and complete data has been captured in the system and that customers are properly risk rated or categorized as per bank policy on customer categorization as high, medium or low, and ensure that timely KYC update is done for the various risk categories of clients as per regulatory requirements
• Ensure that the transactions contain the full details and the relevant supporting documentation and authorizations are in place where required. Where information provided is not reasonable, a suspicious transaction report should be raised immediately as per process indicating the basis of suspicion.

DECISION MAKING AUTHORITY

• The position entails day to day making of business decisions and advising customers on their insurance needs and costs. For Individual, SMEs and medium corporate customers with specific insurance requirement, the position holder is expected to make informed decisions and give customers advise on the same. Large corporate customers such as manufacturing plants, a recommendation will be made and a survey recommended to the customer immediately to ensure sufficiency of the covers issued.
• The position holder will also make decisions on the credit periods offered to the customers and will be responsible for collection of any outstanding premiums, in line with the insurance companies credit policies. Any matter involving premium refunds will be referred to the Finance and operations team who will seek approval from Head of Bancassurance before effecting.

ACADEMIC BACKGROUND

• University degree (Preference given to a Business-related degree or B Com Insurance )

WORK EXPERIENCE

• Minimum of 3 years’ experience in Bancassurance or insurance industry or Sales experience (Preference given to Bancassurance experience in the industry)

SKILLS & COMPETENCIES

• Bancassurance Competence: Ability to understand the Insurance products offered in the market, and knowledge of all documentation and processes.
• Technology Skills: Computer literate, excel and power point presentation skills 
• Industry knowledge: Candid knowledge of the banking and insurance sector interactions

PROFESSIONAL CERTIFICATION

• COP OR  ACII added advantage