Reporting to: Assistant General Manager – Underwriting & Business Development
Job Reference: KOIL/HR/BDC001/2019
Function: Underwriting & Business Development
Key Relationship (Internal): Work closely with underwriting, reinsurance, claims and regional managers
Purpose of the role
- The position will be responsible for the identification and opening of new markets, recruitment and growing business from new intermediaries.
- Soliciting and acquiring business from corporates and large clients including government institutions and SMEs.
- Key champion in developing new products and conducting competitor analysis.
Key Responsibilities
A: QUANTITATIVE = 60%
1. New Leads and opportunities
- Acquiring and retaining new business by generating leads
• Identifying new markets and business opportunities to increase sales revenue.
• Acquiring and developing new business accounts and preparing sales proposals for clients
• Targeting key accounts potential for the company.
• Reviewing, evaluating and pricing moderately complex business by applying sound underwriting judgement and adhering to company policy and Industry Regulatory Framework.
• Creating deal pipelines that lead to substantial conversions
2. Quote to cash
- Achieving average revenue per product
- Converting issued quotes to revenue
- Reviewing financial performance of accounts against budget
3. Loss Ratio
- Managing the quality of business to maintain the agreed level of claims ratios
- Reviewing, managing and controlling the claims registered and paid to achieve set claims / loss ratios
4. Product Development and Marketing
- Spearheading product development and enhancement initiative.
- Conducting market campaigns, activations and product sales drives.
- Reviewing existing products to maximise on revenue
B: INTERNAL CONTROLS & RISK MANAGEMENT COMPLIANCE = 20%
1. Adherence to Credit & Underwriting Policy
- Carrying out periodic reviews of the department’s policies and procedures to ensure their relevance to the business strategy and changing organizational needs.
2. Internal Controls and Reporting
- Preparing annual budget for the sales and business development function and ensure proper budgetary control
- Update action plans and financial objectives quarterly.
- Offering input and feedback to long range, strategic and budget planning processes.
- Preparing periodical management reports
C: QUALITATIVE PERFOMANCE & COMPETENCIES = 20%
1. Brand Promotion & Competitive Analysis
- Establishing and maintaining a good relationship with brokers, agents and clients. Also maintaining close liaison with other departments in the Company.
- Fostering and maintaining good corporate image through liaison with all intermediaries and the general public
- Maintaining high public relations amongst clients
- Training of intermediaries and staff on our products, selling & closing skills and relationship management.
- Recruiting new intermediaries.
- Conducting market intelligence and keep management informed of changing trends.
- Carrying out market research and competitor surveys.
2. Communication
- Visiting, developing and maintaining good rapport with customers and handling their queries and reporting on any significant/persistent concerns to management.
- Clarifying and articulating the diverse requirements of customers to support delivery of professional excellence and expertise.
- Using customer insight to determine and drive customer service outcomes and quality.
- Advising the Assistant General Manager and the Management on issues pertaining to the business
- Closely follow up on all leads within a 24 hour response time line client
- Excellent customer service and complaints handling
3. Living KOIL Values
- Integrity
- Excellence
- Customer Driven
- Innovation
- Team Work
Qualifications and Requirements
- Bachelor’s degree;
- Master’s degree is an added advantage
- ACII or AIIK Professional qualification
- 12 years relevant working experience, Four (4) of which should have been at a managerial level
Competencies and Skills
Competencies
- Relationship building for influence
- Result Oriented
- Accountability
- Committed and self-driven
- High standards of integrity and professionalism
- Self-initiative and innovative
Skills
- Thorough knowledge of insurance products, regulations, product development and underwriting.
- Understanding of general insurance distribution chain and route to market
- Key account management
- Risk management
- Effective communication
- Good negotiation
- Great presentation
- Leadership skills
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