Bancassurance Officer (1)

Job Purpose

The primary function of the role holder will be the delivery of Bancassurance business performance through effective selling, excellent customer service, and execution of operational Bancassurance services to the customers under the Bancassurance profile at the Bank.

Main Responsibilities

• Execute a comprehensive Bancassurance strategy aligned with the overall business objectives.

• Cultivate and maintain strong relationships with insurance partners to enhance collaboration and achieve mutual business goals.

• Collaborate with key stakeholders internally and externally to optimize the Bancassurance distribution channel.

• Champion the delivery of consistent, seamless, and trusted customer service to ensure customer retention and loyalty.

• Drive sales initiatives to achieve revenue targets and maximize business growth.

• Ensure underwriting terms and conditions are strictly adhered to in the underwriting process of business as per regulatory guidelines.

• Ensure effective and efficient management of the insurance renewal process and payment arrangements, ensuring timely and accurate debiting of premiums and cover conditions, and that documentation complies with set standards and procedures.

• Foster a culture of continuous learning and development within the team.

• Maintain accurate records and reports on insurance transactions.

• Ensure customer/branch inquiries are addressed promptly as per laid-down policies and procedures.

• Execute day-to-day insurance operations, including cross-selling insurance products, ensuring posting of risk details, claims administration and documentation, and following up on renewals.

• Ensure compliance with the Bank’s policies, procedures, and regulatory requirements.

• Collect Bancassurance commissions on all insurance businesses transacted as per laid-down procedures and signed MOUs with insurers.

Educational Qualifications & Work Experience

• Bachelor’s degree in Finance, Business Administration, Accounting, Insurance, or a related field.

• Possession of Professional Qualifications is an added advantage, such as Insurance Certification.

• Minimum of three (3) years of experience.

• Excellent skills in Underwriting, Bancassurance Sales, Insurance Regulatory Reporting, Customer Relationship Management, and Stakeholder Management.