Principal Officer, SBM Insurance Agency at SBM Bank

Job Summary:

The purpose of the role is to develop and manage SBM Bank Kenya Insurance Agency (Bancassurance), a subsidiary of the Group which currently provides insurance and insurance related investment products to the Group, its employees, customers, and suppliers. The job involves growing business in terms of customer base and income across various business lines and ensuring effective account relationship management resulting in optimization of customer satisfaction, retention and wallet share through selling multiple financial solutions from the subsidiary's range of products and services.

Key Responsibilities:

Financial - 50%

• Set up SBM Insurance Agency from inception to have proper operational structures.
• Develop and execute business strategies that ensure the subsidiary from sales, operational and customer experience perspectives.
• Drive and steer the financial  performance of the subsidiary i.e.  income statement/P&L and Balance sheet.
• Oversee all operations, service, administrative, finance and business development functions of the subsidiary.
• Enhance the breadth and depth of the product lines to achieve and sustain competitive positioning in the respective target markets and implement global standards within the region that the Group is operating in.
• Build strong networks and foster positive, productive and mutually business partnerships and relationships both internally and externally.
• Cross-selling objectives - Cross-selling other bank products such as CASA, Assets.

Internal Business Processes - 10%

• Manage regulatory relationships 
• Ensure adherence of the Insurance Agency in all operations as stipulated in the Insurance Act and CBK Incidental Business guidelines.
• Compliance with all audit requirements of the bank and insurance agency - Insurance Regulatory Authority (IRA) Guidelines, Prudential Guidelines, RCSA, Business Continuity Plan (BCP) and other reporting requirements.

Customer Management - 20%

• Provide strategic direction to the quality of management of customers' sales and service experience.
• Provide strategic direction to the management of sales channels, service delivery systems and relationship with business partners for insurance products and services within the SBM Bancassurance.

People - 20%

• Develop and implement a structure that supports the organization's strategy.
• Ensure the recruitment and retention of a high performing team and talent management.
• Provide a good working environment for the entire team.
• Ensure that there is proper succession plans for key roles and career development  for direct reports.
• Ensure that you achieve  the required hours of learning/training for both self and direct report through E-learning, internal & External training activities.
• Ensure compliance with the leave policy on block
• Leave and minimum carry over for both self and direct reports.
• Maintain own high performance and that of the team.
• Own up-to-date and actioned competency  assessment and development plans for self and team.

Key Relationships:

Direct Reports 

• Sales and Product Officer 
• Officer, Collections
• Officer, claims

Indirect Reports

• Relationship Managers
• Assistant Relationship Managers 
• Business Development Officers
• Operations staff
• Direct Sales Representatives 

Key Stakeholders 

• CEO
• Bank & Agency Directors , Directors, Heads, & Managers within all the business units
• Partner Insurance Companies 
• Heads of Bancassurance & CEO's
• Insurance Regulatory Authority
• Bancassurance Association of Kenya
• Motor Dealers and other partners of the bank.
• Customers
• Re-insurers 
• Third party service providers e.g. Assessors, investigators, loss adjusters

Decision Making Authority or Mandate

• Strategic - Controls the subsidiary's budget, P&L and budget.

Job Specifications:

Academic

• Undergraduate degree in a business-related field.

Professional

• Certificate of Proficiency in Insurance and/or other insurance qualification
• Diploma in insurance management and/ or other insurance qualifications

Membership

• Member of a professional insurance body i.e. Associate of the Chartered Insurance Institute, Chartered Institute of Marketing among others.

Desired Work Experience

• Minimum of ten (10) years' experience in sales and/or customer service operations for  life or general insurance with at least five (5) years' experience in a senior management or supervisory role in the financial sector - Banking and/or insurance.

Job Competencies:

• Industry Knowledge
• Credit Analysis
• sales Capability
• Product Knowledge
• Financial Acumen

Behavioral Competencies:

• Leadership
• Networking skills
• Negotiation skills
• Decisive & Initiator 
• Quality orientation

Technical Competencies: 

• Customer Engagement (Internal & External).