Business Development Principal - Medical at Equity Bank Kenya

Job Purpose:

The role plays a pivotal role in driving the growth and expansion of the firm's insurance offerings within the general business, medical, and life insurance sectors. This role demands a strategic thinker with exceptional leadership skills, industry expertise, and a keen understanding of market dynamics.

Strategic Planning:

Develop and implement strategic plans to expand the firm's presence in the General business/Medical/Life insurance sectors. Identify growth opportunities, market trends, and competitive threats.

Business Development:

Lead business development initiatives to acquire new clients and partnerships within the target sector. Build and maintain strong relationships with key stakeholders, including the Bank, insurance carriers, brokers, and regulatory bodies.

Product Development:

Collaborate with product development teams to design innovative insurance products tailored to the needs of clients in the General business/Medical/Life insurance segments. Conduct market research and competitor analysis to ensure product competitiveness.

Market Expansion:

Drive the expansion of the firm's market reach by exploring new geographical territories and demographic segments. Develop effective marketing strategies to promote insurance products and enhance brand visibility.

Risk Management:

Assess and mitigate risks associated with business expansion initiatives, regulatory compliance, and market fluctuations. Ensure adherence to legal and regulatory requirements in all business activities.

Performance Monitoring:

Establish key performance indicators (KPIs) and metrics to measure the success of business development initiatives. Monitor sales performance, revenue growth, and market share to identify areas for improvement.

Stakeholder Management:

Foster a culture of collaboration, innovation, and excellence within the team and with the network of Regional General Managers, Bancassurance Managers and Officers.

Client Relationship Management:

Cultivate strong relationships with existing clients to enhance client retention and satisfaction. Address client inquiries, concerns, and feedback in a timely and professional manner.

Risk Advisory:

Research and identify sector clients (Medical) to offer risk advisory services. Make risk management advisory services presentations to prospective and existing clients. Structure risk management solutions for individual and corporate clients. Generate advisory fees from risk management services offered in some instances. Arrange specialized types of insurance cover in complex cases to suit client’s operating activities. Research and keep up to date with technical aspects affecting risk, Carry out risk surveys or liaise with external stakeholders in provision of risk survey services to clients.

Qualifications and Experience

• Bachelor's degree in Business Administration, Finance, Marketing, or a related field. MBA or relevant professional certifications  preferred.
• At least 10years in business development, in the insurance, or Bancassurance industry
• Diploma AIIK
• Certificate of Proficiency in Insurance (COP)

Key Competencies & Skills

• Strong analytical skills with the ability to interpret data, identify trends, and make strategic recommendations.
• Excellent communication, negotiation, and presentation skills.
• Demonstrated leadership abilities with a track record of building and managing high-performing teams.
• Ability to thrive in a fast-paced, dynamic environment and adapt to changing priorities.