Our client an established bank seeks to bring on board a General Manager – Bancassurance.
The individual will be tasked with planning, managing, leading and directing the business focus on the distribution of all insurance products across the bank and its subsidiaries to achieve business, revenue and profit targets.
Reporting to the Chief Executive Officer, the successful candidate will be responsible for:
- Strategic Planning: Ensure appropriate Bancassurance Sales structure is in place to drive Bancassurance business. Develop and execute an overall business plan covering all insurance activities across all the business based on business targets in alignment with insurance partners and bank strategy. Integration of the Bancassurance systems with the bank and guide the development of policies and procedures to support the business.
- Business Management: Manage the analysis of business dynamics across the business to leverage on multiple product/service needs of bank’s customers to better position insurance as a key part of a truly valuable customer proposition through cross- selling.
- Financial Performance: Responsible for Insurance P &L by driving insurance products activities across channels and segments.
- Performance Management: Lead the bancassurance team across the organization and ensure the team members are aligned to the business goals and objectives. Undertake periodic reporting of Bancassurance sales performance, broker commission projections. Monitor the department’s P&L and ensure performance appraisals are undertaken in a timely manner. Work with
- Stakeholder Management: Active management of relationships with all insurance partners internal and external to ensure smooth running of the distribution channels in delivering targets.
- Leverage on reciprocal business with insurance stakeholders and partners to mobilize deposits for the bank.
- Product Development: Actively guide product needs identification for all customer bases across business with Product Managers and appropriate insurance partners to meet customer needs and product gaps in total product/service offering.
- Compliance: Monitor sales workflow activities to ensure compliance with regulations, policies and procedures. Check and verify the accuracy, completeness of the documents against the checklist provide according to product lines; KYC/AML compliance requirements. Ensure brand compliance for all above and below-the-line communication according to bank standards and relevant insurance partner.
- Marketing and Brand Management: Work with Product Managers to identify market growth/cross-sell opportunities to increase product holding and improved revenues. Work with the marketing team to initiate, execute and manage marketing programs and retention strategies in line with the bancassurance business objectives.
- Business and Market Intelligence: Oversee active analyse and review of all customer profiles, behavioural, geographical and demographic traits (including product holding mix, revenue contribution, behavioural/lifestyle analytics) to identify opportunities for increasing customers’ insurance wallet share (total value). Keeping abreast of market competition, industry practices and best practices to constantly improve on overall business performance.
- People Management: Provide leadership to the bancassurance team, manage & drive the performance and build the necessary bench-strength to achieve business targets.
- Strategic Thinking;
- Commercial Acumen;
- Drive for Results
- Stakeholder Management;
- Customer Focus;
- People Management & Development.
- A bachelor degree in business management or its equivalent from a reputable university;
- A Master’s degree in business or a related field is an added advantage;
- A minimum of ten (10) years’ experience with at least five (5) years’ experience in a senior management role in the bancassurance/insurance field.
- In depth knowledge and understanding of Banking Operations, Risk and Controls
- Demonstrate a high degree of sensitivity, accuracy, confidentiality and integrity when dealing with internal and external customers or stakeholders;
- A proven background in acquisition of new business as per budget expectations as well as acquisition of new customers;
- Exposure to and experience handling all classes of insurance business, Life, General and Medical is preferred.
How to Apply
If you are qualified and up to the challenge please apply by sending an email to firstname.lastname@example.org with the subject General Manager – Bancassurance by 5pm 27th July 2020.
Kindly attach your CV in word format.
Only shortlisted candidates will be contacted.