The Bancassurance Officer role is crucial for supporting the General Manager in developing and executing the General Insurance distribution strategy, aligning with the organization's overarching business goals. This position involves identifying market trends, addressing customer needs, and capitalizing on growth opportunities to drive business expansion and revenue generation, all while maintaining strict compliance and operational efficiency.
Main Responsibilities
Strategic
- Support the General Manager in the development and execution of the General Insurance distribution strategy aligned with the organization's overall business objectives.
- Identify market trends, customer needs, and growth opportunities to drive business expansion and revenue generation.
- Partnership Management: Establish and maintain strategic partnerships within the bank's sectors and segments to leverage the customer base and bank infrastructure.
- Collaborate with partners to develop joint marketing initiatives and enhance customer acquisition and retention.
- Drive revenue growth through the optimization of existing partnerships and the establishment of new ones.
- Collaborate with cross-functional teams to Identify opportunities to expand the medical insurance portfolio by cross-selling additional products and services.
Operational
- Channel Development: Develop and implement initiatives to support the branch bancassurance distribution network.
- Sales Performance: Monitor and analyze sales performance across the branches, identifying areas for improvement and implementing strategies to achieve sales targets.
- Ensure efficient lead generation, conversion, and customer onboarding processes.
- Collaborate with the sales team to identify and pursue new business opportunities within the General sector and promote inclusivity.
- Use of data analytics to drive consumption of relevant solutions.
- Work closely with product development teams to create insurance products tailored for different bank segments.
- Assist with the development and execution of marketing campaigns to promote insurance products through the bancassurance channel.
Corporate Governance
- Compliance: Ensure compliance with regulatory requirements and industry standards in bancassurance and branch operations. Ensure the different distribution channels adhere to governance frameworks, policies, and procedures to mitigate operational and legal risks.
- Risk Management: Identify and manage risks associated with bancassurance and ensuring appropriate controls and safeguards are in place to protect customer information, prevent fraud, and maintain data privacy.
- Ensure compliance with TCF (Treating Customers Fairly) regulations while attending to customers.
Leadership & Culture
- Team Leadership: Provide strategic direction, guidance, and support to the bancassurance team. Foster a culture of collaboration, innovation, and continuous improvement to drive high performance and employee engagement.
- Customer-Centric Approach: Advocate a customer-centric culture within the organization, emphasizing the importance of understanding customer needs, delivering personalized solutions, and enhancing customer experience across all bancassurance touchpoints.
- Establish key performance indicators (KPIs) for the Bancassurance channel, regularly monitoring and analyzing performance against targets.
- Use data-driven insights to make informed decisions and drive continuous improvement.
Qualifications
- Holder of AIIK Diploma in Insurance.
- Degree in Business related courses, Bachelor of Commerce, Insurance Actuarial or Bachelor of Business Management.
- 6 years’ experience in Insurance Sales Management and Data analysis.
- Good written, spoken English & Kiswahili skills.
