Principal Officer - Bancassurance at Rose Avenue Group

A Tier 1 commercial bank in Kenya is looking for Principal Officer - Bancassurance to head their insurance intermediary. Reporting to the Board of Directors, he/she shall develop and implement strategies and plans for building a strong bancassurance portfolio in line with the business plan and policies of the intermediary. Ensure Intermediary targets are met in Line with Budgets and over role responsibility of the Intermediary and staff under the intermediary.

Job Responsibilities

• Provide strategic guidance and direction for the growth of the Bancassurance business arm. Developing bancassurance business plans which should be aligned to the whole Life business plan and drive growth and profitability of the general, Life and medical insurance business segment.
• Develop and implement sales strategies and insurance sales activation programs across the multiple channels and the retail banking network of the bank.
• Coordinate with key external partner’s i.e. Banks, Insurance Regulatory Authorities and industry bodies.
• Oversee bancassurance functions not limited to relationship management, establishing new banking relationships.
• Create new client relationships and partnerships and nurture existing business relationships to generate revenue.
• Evaluate product portfolio against the market demands and partner with insurance companies for development and launch of new products.
• Ensure that the compliance requirements of the regulatory authorities, applicable laws and internal policies and procedures are adhered to.
• Execute day to day Insurance operations entailing selling and cross-selling of insurance products, updating risk details and claims administration.
• Champion insurance products training at the bank by working closely with Human Resources
• Follow-up on underwriting, operations and trainings in relation to bancassurance.
• Contribution to the achievement of the overall individual life/General/ Medical sales budget (full year) through effective training programs
• Through the training programs, achieve a minimum of 80% 3 year always rolling Individual Life persistency
• Deliver the banc assurance sales budget (FYB)
• Supervision to the bancassurance team

Key Performance Measures:

• Customer growth (%)
• Number of existing customers for whom cross selling/marketing successfully concluded (%)
• Provide regular customer feedback (#)
• Customer satisfaction feedback score
• Customer product awareness score
• Marketing campaigns (#)
• Customer brand awareness score
• Number of new customers introduced and successfully concluded (#)
• Qualified leads (#)
• New accounts opened(#)   

Other Requirements

• A bachelor’s degree in a relevant field; preferably in finance and accounting and a Diploma in insurance from the Collage of Insurance or a similar institute
• The candidate must have a Diploma in Insurance
• At least five years’ of relevant experience in insurance (underwriting, claims, finance or regulations. and other insurance matters)
• Extensive knowledge of financial services industry, specifically insurance and banking.
• Good presentation and strong verbal and written communication skills,
• Computer literate in Microsoft Office Applications.