Business Development Executive - Medical (Bancassurance Channel)

Principal Accountabilities

Revenue Growth and Profitability

• Drive revenue growth by optimizing existing partnerships and establishing new strategic alliances with banking institutions.
• Develop and execute the bancassurance channel strategy aligned with overall business objectives.
• Recruit dedicated Bancassurance Sales Officers (BSOs) to drive product penetration, customer acquisition, and revenue growth with banking institutions.
• Track performance for BSOs to ensure consistent meeting and exceeding of sales targets.
• Design and implement initiatives to expand bancassurance, including new products, distribution models, and digital capabilities.
• Manage tender requests from the channel and the quotation process, ensuring turnaround times (TATs) are consistently met to maintain a healthy pipeline.
• Leverage data analytics to generate insights and drive uptake of relevant insurance solutions.
• Oversee effective lead generation, conversion, and customer onboarding processes.
• Provide 'ease of doing business' tools for retail and SME products to empower bancassurance officers to quote and bind business in the field.
• Liaise with the credit control team to provide statements monthly and ensure adherence to the credit policy.
• Manage agreements with intermediaries and ensure consistent compliance by all parties.
• Develop and execute marketing campaigns to promote insurance products through bancassurance.
• Use strong negotiation skills to ensure that appropriate targets, pricing, and margins are secured.
• Collaborate with Management on topline goals, planning, forecasting, and short/long-term business development plans.
• Prepare monthly and weekly business development reports detailing initiatives and performance.
• Ensure compliance with regulatory requirements, industry standards, and TCF (Treating Customers Fairly) principles.

Relationship Management

• Continuously monitor the outpatient fund and ensure prudent management.
• Establish and maintain professional relationships through networking with banking institutions.
• Host regular and relevant functions to seek opportunities to develop strong relationships and business bonds.
• Share submissions and hit ratios on a quarterly basis to identify trends.
• Implement a structured intermediary visit plan and maintain regular visit reports to track engagement.
• Develop and execute a structured training plan for banking institutions to enhance product knowledge and sales capability.

Market Intelligence

• Collect market intelligence through daily research and networking to keep abreast of market developments.
• Assess market opportunities regarding competitor sales sources by remaining in touch with market forces.

Qualifications and Experience

• Academic Qualification: Bachelor’s degree in a Business-related course (Insurance Option, Marketing, Business Administration, or Finance) or equivalent from a recognized university.
• Professional Qualifications: Professional qualification - AIIK or ACII.
• Experience: Five (5) years of insurance experience with at least two (2) years specifically in medical sales within the bancassurance sector.
• Knowledge: Deep understanding of the insurance industry.