Head of Alternative Distributions and Partnerships at Jubilee Insurance

Job Ref. No: JLIL 220

Role Purpose

The role holder will be responsible for developing and implementing strategies to expand the distribution channels and partnerships beyond the traditional avenues. The role aims to drive growth, increase market share, and enhance customer accessibility to life insurance products through innovative distribution models i.e. Bancassurance, Digital, Affinities, Independent Financial Advisors as well as Strategic Partnerships. As the leader of the team, the role holder will be expected to provide guidance, mentorship, and strategic direction to drive business growth and enhance market presence.

Main Responsibilities
Strategy

•  Alternative Distribution Strategy Development: Formulate and implement the strategy in alignment with the company's overall business objectives. Identify new market opportunities for Bancassurance, Digital Sales, Affinities and develop a strong Independent Financial Advisor’s distribution network.
•  Partnership Development Strategy: Develop and execute a strategic plan to establish and enhance strategic partnerships for the Life Business. Identify potential partners, assess partnership opportunities, and negotiate agreements that align with the organization's objectives and drive business growth.
•  Product Development: Work closely with cross-functional teams to identify market needs and develop innovative products. Collaborate with partners to co-create and customize offerings that meet the unique requirements of our customers.
•  Process Improvement: Continuously assess and improve alternative distribution processes to enhance efficiency, accuracy, and overall customer experience. Identify opportunities for automation, digitization, and streamlining of activities.
•  Operational Excellence: Drive operational excellence within alternative distribution processes by setting clear goals and performance metrics, monitoring performance, and implementing improvement initiatives to achieve service level agreements and operational targets.
•  Technology and Systems: Collaborate with IT and operations teams to assess, select, and implement appropriate technology solutions for the business. Leverage digital tools, policy administration systems, and workflow automation to optimize processes and enhance productivity.
•  Data Analysis and Reporting: Analyze sales data to identify trends, patterns, and opportunities for process improvements or cost savings. Generate regular reports and provide insights to management regarding key performance indicators, operational metrics, and potential areas for improvement.
•  Customer Needs Analysis: Conduct thorough customer needs analysis to understand clients' financial goals and risk profiles. Recommend suitable life insurance solutions based on their requirements.

Operational

•  Partnership Management: Manage and nurture existing strategic partnerships with insurance providers, brokers and other relevant stakeholders. Collaborate with partners to develop joint marketing initiatives, sales programs, and service enhancements to drive customer acquisition and retention. Negotiate and finalize partnership agreements to maximize business opportunities.
•  Sales and Revenue Generation: Drive life insurance sales through the alternative distribution channel. Set ambitious sales targets, develop sales plans, and lead the team to achieve business growth and revenue goals.
•  Market Intelligence: Monitor market trends, competitor offerings, and customer preferences. Utilize market intelligence to identify growth opportunities and challenges.
•  Product and Sales Training: Coordinate with product development and training teams to equip staff with the necessary knowledge and skills to effectively promote life insurance products.
•  Sales Reporting and Analysis: Oversee the preparation regular sales reports, track key performance indicators
• (KPIs), and provide insights to senior management. Utilize data-driven analysis to inform strategic decisions.
•  Customer Experience Focus: Work to enhance the customer experience and address customer feedback and concerns promptly.
•  Relationship Management: Cultivate and maintain strong relationships with partner banks and financial institutions at the senior management level. Collaborate with their teams to drive joint initiatives and ensure effective business integration.
•  Regulatory Compliance: Ensure all alternative channels operations are in compliance with insurance regulations and legal requirements.
•  Proactively manage allocated bancassurance retail portfolio by meeting your retention targets, maintaining, increasing premium & lives volume through organic growth and by selling additional benefits and enhancements.

Corporate Governance

•  Compliance: Stay updated with insurance regulations and underwriting best practices to ensure compliance with industry standards
•  Adherence to the laws and regulations of Kenya, the policies and regulations within the insurance industry and all internal company policies and procedures.
•  Ensuring compliance with applicable statutory and regulatory requirements and establishing mitigation measures against emerging business risks.

Leadership & Culture

•  Lead and manage a team, providing guidance, coaching, and performance feedback.
•  Fostering a corporate culture that promotes ethical practices and good retail citizenship while maintaining a conducive work environment.
•  Collaborate with cross-functional teams to develop initiatives that promote a positive and inclusive company culture.
•  Individualized Development Planning: Create personalized development plans that align with your career aspirations and the organization's objectives.
•  Monitor team performance, track progress against targets, and provide regular reports to senior management.
• Conduct regular team meetings and training sessions to enhance skills and knowledge related to claims handling and industry trends.
•  Building relevant departmental capacity to deliver on strategy by leading, guiding, directing, and evaluating the work of the team.
•  Building the team capabilities and ensuring adequate succession planning within the department.

Key Competencies

• Strategic thinking and business acumen for identifying growth opportunities.
• Excellent communication and negotiation abilities.
• Sales-driven and target-oriented mindset.
• Customer-centric approach and empathy.
• Financial acumen and understanding of life insurance products.
• Excellent data skills, Report writing and Presentational skills.
• Excellent leadership and team management skills to lead the bancassurance team.
• Strong relationship-building abilities for managing external partnerships.
• Analytical mindset for data-driven decision-making and performance evaluation.
• Customer-centric approach, focusing on enhancing customer experiences.

Academic Background & Relevant Qualifications

• Bachelor’s degree in insurance, Finance, Business or any other related course
• Diploma in Insurance qualification.
• LOMA/CII/IIK Qualification.
• Minimum 6-8 years’ experience in a similar role.
• Proven track record in sales and relationship management in the Insurance sector.
• Proven track record of successfully implementing strategic initiatives and driving process improvements.
• Experience in Insurance Digital Sales and Partnerships.