Principal Bancassurance Officer at Tropical Bank

Job Description

Main Purpose of the Job
To promote a Relationship-based offering by operating as a dedicated and primary point of contact for customers in the target market through providing banking solutions which meet the customerâs needs in accordance with the segmentâs value proposition and the Ecosystem in line with the Bankâs Business objectives.

Duties and Responsibilities
1. Manage relationships and partnerships
⢠Develop and institutionalize criteria and processes;
⢠Due Diligence tools
⢠Key fact documents
⢠To create new client relationships and partnerships whilst ensuring retention of existing business relationships
⢠Draft agreements and escalate to respective layers of approvals
⢠Ensure that customer inquiries are resolved promptly as per laid down policies
⢠Manage correspondences with insurance companies, UIA (Uganda Insurance Association and other stakeholders
⢠Compile information relevant for advising the manger on strategy execution and monitor progress on implementation
⢠To represent the bank at conferences, business meetings and industry events

2. Manage Bancassurance Business
⢠Ensure compliance to internal policies and procedures in all Bancassurance services
⢠Prepare and avail for inspection and supervision purposes by the Regulators all required records for purposes of inspection
⢠Engage in the development of a strategy for Bancassurance, advise management on the execution and monitoring of implementation progress
⢠To supervise the daily Bancassurance Operations which call for cross-selling of products, posting of risk details, claim administration and documentation
⢠Supervise the Specified persons and Sales Officers.
⢠To execute daily Bancassurance operations which entail cross-selling of products;
⢠posting risk details

3. Spearhead persistent business growth;
⢠Drive sustainable growth of the assigned portfolio in order to achieve the set standards and targets
⢠Champion the delivery of good customer service to ensure customer retention and royalty
⢠Monitor to ensure the maintenance of accurate records and reports on Bancassurance transactions
⢠Organize Bancassurance sales activation programs
⢠Track the collection of premiums on all businesses transacted and championing trainings on management of Bancassurance products and also oversee the sensitization of customers on Bancassurance products.
⢠Reporting
⢠Prepare and submit to the Insurance Regulatory Authority and the Bankâs Management, the periodical reports
⢠Render all necessary assistance to the Policy holders or Claimants or beneficiaries in complying with the requirements for settlement of claims by the Insurer
⢠Follow up and respond to any client complaints and enquiries or claims lodged.
⢠Represent the bank in marketing events, sales functions, conferences, business meetings and any other industry events.

4. Support the monitoring of financial records;
⢠Train staff members on management of insurance products
⢠Sensitize customers on insurance products
⢠Continuously track the collection of premiums on all Insurance businesses transacted.
⢠Lease with Insurance Companies to make sure all commissions come in as per the underwritten policies.

Key Performance Indicators
1. Achievement of set targets.
2. Increased activities on individual accounts
3. Increased number of new anchors.
4. Growth in numbers/ deposits & loans
5. Reduced number of customer complaints
6. Increased revenues

Person Specifications
⢠Bachelorâs degree in a business-related field.
⢠Must have a diploma in Insurance
⢠Must have a certificate of proficiency
⢠Five yearsâ experience working in Banking industry with knowledge of Insurance products
⢠Knowledge in retail, corporate, treasury, mortgage products, digital marketing and money transfer services highly desirable
⢠Excellent relationship management skills and interpersonal skills with the ability to build long term, high quality and trusted relationships.
⢠Result driven with a track record of demonstrable networking, selling and influencing skills as well as ability to identify new opportunities.
⢠Demonstrate a solid awareness in operational risk and quality in driving service excellence

Behavioral competencies
⢠Excellent Communication & negotiation skills
⢠Inter-personal / people management skills
⢠Integrity
⢠Excellent sales knowledge & exposure to customer service
⢠Professionalism
⢠Analytical skills
⢠Leadership skills
⢠Creative and innovative thinking
⢠Must be fluent in English