Manager at Credit Bank Ltd

Ref: HRBM/001/2018

Reporting to the Head of Corporate, the position is responsible for planning, managing, leading and directing the business focus on the distribution of all insurance products across the Bank to achieve business, revenue and profit targets.

Main Duties:

Strategy and Planning

• Ensure appropriate Bancassurance Structure is in place to drive Bancassurance business.
• Develop and execute an overall Business Plan covering all insurance activities across all the businesses based on business targets in alignment with insurance Partners and bank strategy.
• Have thorough understanding 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/offer.

Financial and Performance Management

• Responsible for the Insurance P&L through establishing close working relationships across business to deliver customer, business, revenue and profit targets 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.
• Monthly reporting of Bancassurance financials including, but not limited to, commission reconciliation, financial projections, P&L monitoring, etc.

Product Development / Operational Workflow

• Active involvement in identifying product needs for all customer bases across business with product managers and segment managers together with appropriate Insurance Partners to meet customer needs and product gaps in total product/service offering.
• Monitoring operational activities to ensure that they are complaint with regulations, policies and procedures.
• Act as the liaison manager with all insurance partners on insurance matters.
• Determine, agree and monitor achievement of sales and service with Insurance Partner and Shared Distribution.
• Active involvement in defining the appropriate skills, education, experience etc. of the insurance sales staff and development of the training curriculum to optimize sales/ service achievement.

Marketing and Brand Management

• Work with product managers to identify market growth / cross-sell opportunities to increase product holdings 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 bases to understand customer profiles, behavioural and lifestyle traits (including product holding mix, revenue contribution, behavioural / 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 appropriate team members in addition to managing internal key relationships.
• Building / managing necessary bench-strength to achieve business targets.

Compliance

• Responsible for any necessary reporting as required by insurance authorities and regulators.

Key Performance Indicators:

• Acquisition of new business
• Growth of all classes of business, Life, General and Medical.
• Business retention – Renewals should be at least 90%
• Bancassurance sales activations

Minimum qualification and experience required:

• Bachelors degree in Business related field
• Certificate of Proficiency in Insurance (COP)
• 8 years’ service exposure in Insurance
• ACII will be added advantage
• Excellent knowledge of insurance products and processes, regulatory requirements as well as ability to manage P&L to drive business performance and revenues.
• Good interpersonal and management skills
• Good understanding of customer segmentation and needs as well as an in-depth knowledge of distribution channel strategies in a bank or similar organization
• Demonstrated capacity to lead, coach and supervise team members effectively
• Visible excellent communication (written and verbal) and negotiation skills
• Demonstrated integrity and ethical standards.