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The purpose for this role is to have a dedicated resource with the appropriate skills and knowledge to support the Bancassuarance strategy in BB segment of the bank. The key objective is to help the Director of BB to Deliver the Firm, by effectively cross selling insurance products to the Existing and New to Bank customers.
Responsible to Business Development Manager – Corporate with general management, renewals management, premium collection and relationship management ability. The key objective is to ensure that the Bank delivers a strong CVP that enables the Bank to become the preferred insurance solution provider through BBIAL.
Role will involve enhancing Insurance business development through effective renewals and transfer of the existing insurance covers to BBIAL, and ensuring that all new facility requests that require insurance cover are insured under BBIAL. In addition, the role requires that the jobholder explores the existing insurance cover opportunities the customers of the Bank and the segment may have, and delivering the Bank’s CVP to ensure they place all such insurances through BBIAL for the clients under the Business Banking segment.
Main accountabilities and approximate time split
Business Development/Management:
- Responsible for the achievement of the BB Bancassurance revenue targets
- Support the BB team of RMs to ensure that all insurance renewals are done on time, and through the BBIAL
- Support the BB team of RMs to ensure that all NTB insurance requirements are sourced and placed with the approved underwriters, preferably FA or any other approved underwriter through the BBIAL
- Work with the Trade Finance team to ensure that all LC customers are provided with marine cover through BBIAL
- Joint customer visits with RMs to understand insurance needs and tailor customer led cost effective proposals to meet those needs
- Attend BB Weekly RM Meetings to report on insurance uptake progress and enlist support
- Weekly, monthly and quarterly performance tracking
- Sales activations and customer sensitization(quarterly) in partnership with partners to increase uptake e.g. breakfasts, cocktails etc. (customer sensitization)
- Relationship management with insurance partners for effective service delivery
- Responsible for customer complaints management within BB segment
- Responsible for claims processing and management within the TATs stated
- Leading and managing the planning of annual business targets/ objective with each Relationship manager and ensuring that they are achieved through a regular process of monitoring and evaluation of results.
- Manage renewals with sales teams to ensure renewals target is met.
- Responsible for the appropriate allocation of resources to approved field activations
- Obtain Approval of all sales related expenses
- Field activity by accompanying relationship managers to presentations
- Dashboard management with relevant MI teams to confirm accuracy of management reports on sales activities
- Own budgets distribution with insurer partners and ensure they are met as agreed
- Set up Bi-weekly business review meetings with Insurance partners to discuss budget achievement and product uptake
- Identify product needs and develop solutions in liaison with various insurer partners/Underwriters by sales teams.
- Identifying cross and up sale opportunities and track performance
- Develop training budgets, programmes as per needs identified
- Develop, implement and track sales incentive programmes
- Work with the BDM – Corporate to ensure strategy deliverables are properly documented and monitored.
- Ensure all documentation is correctly completed, collected and submitted as per procedure manuals and SLA’s
Rigor/compliance:
- Ensure all regulatory requirements are met by ensuring compliance to the insurance act and SLA’s
- Ensures review and escalation if required, of Sales administrative issues.
- Responsible for compliance with business procedure manuals
- Ensuring all claims are reported, tracked and resolved as per SLA by Head office
- Ensure compliance with Snap checks process and internal audit
- Ensure all drawn facilities have adequate cover written via BBIAL
People management:
25%:
- Managing relationships with BB staff to drive business
- Dealing with outlets ,operations centre to ensure full understanding of the insurance process & procedures
- Motivation of Relationship Managers through agreed programmes
- Training/Coaching of Stakeholders to achieve business goals
- Providing general support to the BB team as and when required
Premium Collection
And policy administration.
- Ensure all premium is collected from all sales as per laid down procedures in accordance with the insurance Act and SLA’s with partner insurers
- Provide management reports on premium collection status of all sales done on a monthly basis
- Manage all aspects of premium refunds raised by sales teams
- Ensure all premium is receipted as received with partner insurer in liaison with Head office – Bancassurance teams
Technical skills / Competencies
- Excellent underwriting skills and insurance product knowledge
- A learning mind-set to rapidly assimilate complex business issues and quickly solve problems in a structured manner or pre-empting issues that may arise where there is limited precedence
- Effective negotiating skills to secure both internal and external resources and deal with external service providers
- Able to adopt and/or coach the use of a variety of methods to keep work streams on schedule and within budget
- Knowledge of cost centre/budget management.
- Quality, high standards and controls
- Passionate Drive for results
- Service Excellence
- Planning and Organising
- Good understanding of insurance processes
- Understanding of project management principles
- Implementing processes
- Accuracy and attention to detail
- Problem Solving skill
- Technological understanding (tools – Microsoft Office, etc)
- Time Management
- Communication skill
Knowledge, Expertise and Experience & Qualifications
Essential
- A Business related Degree from a recognized university.
- COP qualification, Diploma in Insurance, LOMA or progress in ACII qualification
- Exposure to Corporate business and strong relationship management skills
- Knowledge of insurance business (claims management & underwriting), products and processes.
- Presentation skills and expertise in proposals presentation experience
- Exposure to governance, control and risk management
- Proven ability to effectively work across teams
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