Job Ref. No: JLIL 219
Role Purpose
The
role holder will be responsible for cultivating, maintaining, and expanding
Bancassurance relationships to drive revenue growth through exemplary customer
service. The role focuses on meeting retention targets, increasing portfolio
profitability, and expanding the portfolio through benefits upselling, proper
loading, and claims control.
Main Responsibilities
Strategy
- Execute the Bancassurance strategy
to align with overall business objectives, identifying potential partner
banks and financial institutions.
- Continuously assess and improve
Bancassurance processes to enhance efficiency and customer experience.
- Drive operational excellence by
setting clear goals, monitoring performance, and implementing improvement
initiatives.
- Analyze Bancassurance sales data to
identify trends and opportunities for improvement.
- Conduct customer needs analysis to
recommend suitable life insurance solutions.
Operational
- Bancassurance Partnerships.
Establish and manage partnerships with banks and financial institutions to
promote life insurance products.
- Sales and Revenue Generation. Drive
life insurance sales through the Bancassurance channel, setting sales
targets and developing sales plans.
- Market Intelligence. Monitor market
trends and competitor offerings in the Bancassurance sector.
- Product and Sales Training.
Coordinate with product development and training teams to equip bank staff
with the necessary knowledge and skills to effectively promote life
insurance products.
- Sales Reporting and Analysis.
Prepare regular sales reports, track key performance indicators (KPIs),
and provide insights to the senior management. Utilize data-driven
analysis to inform strategic decisions.
- Ensure a customer-centric approach
in all Bancassurance interactions. Work to enhance the customer experience
and address customer feedback and concerns promptly.
- Ensure compliance with insurance
regulations and internal policies.
- Manage allocated Bancassurance
retail portfolio to meet retention targets and increase premium and lives
volume.
- Cultivate and manage productive
partnerships with partner banks and financial institutions.
- Promote life insurance products and
services to bank clients. Leverage the bank’s customer base and referral
network to generate leads and close life insurance sales.
- Implement Customer service journeys
and put in place an annual customer touch point for each client and ensure
that this is adhered to, and records maintained.
Corporate Governance
- Compliance: Stay updated with
insurance regulations and underwriting best practices to ensure compliance
with industry standards
- Adherence to the laws and
regulations of Kenya, the policies and regulations within the insurance
industry and all internal company policies and procedures.
- Ensuring compliance with applicable
statutory and regulatory requirements and establishing mitigation measures
against emerging business risks.
Leadership & Culture
- Lead and manage a team of senior
bancassurance officers, providing guidance, coaching, and performance
feedback.
- Fostering a corporate culture that
promotes ethical practices and good retail citizenship while maintaining a
conducive work environment.
- Collaborate with cross-functional
teams to develop initiatives that promote a positive and inclusive company
culture.
- Individualized Development
Planning. Create personalized development plans that align with your
career aspirations and the organization’s objectives.
- Monitor team performance, track
progress against targets, and provide regular reports to senior
management.
- Conduct regular team meetings and
training sessions to enhance skills and knowledge related to claims
handling and industry trends.
- Building relevant departmental
capacity to deliver on strategy by leading, guiding, directing, and
evaluating the work of the team.
- Building the team capabilities and
ensuring adequate succession planning within the department.
Key Competencies
- Strategic thinking and business acumen
for identifying growth opportunities.
- Excellent communication and negotiation
abilities.
- Sales-driven and target-oriented mindset.
- Customer-centric approach and empathy.
- Financial acumen and understanding of
life insurance products.
- Excellent data skills, Report writing and
Presentational skills.
- Excellent leadership and team management
skills to lead the bancassurance team.
- Strong relationship-building and
negotiation abilities for managing external partnerships.
- Analytical mindset for data-driven
decision-making and performance evaluation.
- Customer-centric approach, focusing on
enhancing customer experiences.
Academic Background & Relevant Qualifications
- Bachelor’s degree in insurance, Finance,
Business or any other related course
- Diploma in Insurance qualification will
be an added advantage.
- LOMA/CII/IIK Qualification will be an
added advantage.
- Minimum 3-5 years’ experience in a
similar role
- Proven track record in sales and
relationship management, preferably in the bancassurance or insurance
sector.
- Proven track record of successfully
implementing strategic initiatives and driving process improvements.
How To Apply
If
you are qualified and seeking an exciting new challenge, please apply via Recruitment@jubileekenya.com
quoting the Job Reference Number and Position by 21st
May 2024. Only shortlisted candidates will be contacted.