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 JOB DESCRIPTION

Position: Principal Bancassurance Officer

Department: Retail Department

Grade/Level: TBA

Responsible To: Executive Director

Responsible For: Bancassurance Officers

MAIN PURPOSE OF THE JOB

Plan and lead the execution of all aspects of the Bancassurance Business; business growth, revenue assurance, management of stakeholders’ relationships (insurers, underwriters and others) in line with the business goals and objectives.

DUTIES AND RESPONSIBILITIES

1. Manage Bancassurance Business:

a) Focal person to ensure compliance to internal policies and procedures in all Bancassurance services,

b) To constantly guarantee that Bancassurance services operate in fulfillment of the legal, statutory and regulatory requirements (Bancassurance Regulation 2017 and any amendments) according to Insurance Regulatory Authority, Bank of Uganda and other relevant bodies,

c) Prepare and avail for inspection and supervision purposes by the Regulators all required records for purposes of inspection and respond to emerging issues,

d) Lead the development of a Strategy for Bancassurance, advise Management on execution and monitoring of implementation progress,

e) To supervise the daily Bancassurance Operations which entails cross - selling of products; posting of risk details, claims administration and documentation,

f) Supervise the Specified persons and Sales Officers.

2. Manage relationships and partnerships

a) Develop and institutionalize criteria and processes; Due Diligence Tools, Key Fact Documents and other operational instruments for initiating and engaging Policy Holders,

b) To create new client relationships and partnerships whilst ensuring retention of existing business relationships through high standards of customer service,

c) Draft agreements and escalate for respective layers of approvals,

d) Ensure customer inquiries are resolved promptly as per laid down policies and procedures,

e) Manage correspondences with insurance companies, Uganda Insurance Association and other relevant stakeholders,

f) Represent the Bank at conferences, business meetings and industry events.

3. Spearhead persistent business growth;

a) Drive sustainable growth of the assigned portfolio in order to achieve the set standards and targets,

b) Monitor to ensure the maintenance of accurate records and reports on Bancassurance transactions,

c) Champion the delivery of good customer service to ensure customer retention and royalty,

d) Organize Bancassurance sales activation programs.

4. Manage and monitor financial and revenue performance

a) Track the collection of premiums on all insurance business transacted,

b) Champion trainings on ‘Management of Bancassurance Products’ as well as oversee the “Sensitization of Customers’ on Bancassurance products.

5. Reporting

c) Prepare and submit to the Insurance Regulatory Authority and the Bank‘s management, the periodical (such as the monthly and annual reports on the performance of the Bancassurance Business),

d) Render all necessary assistance to the Policyholders or Claimants or Beneficiaries in complying with the requirements for settlement of claims by the Insurer,

e) Follow up and respond to any client complaints and enquiries or claims lodged.

BUDGET RESPONSIBILITIES

1. Grow the business by TBA

2. Increase number of customers by TBA

KEY PERFORMANCE INDICATORS

1. Business growth and profitability.

2. Percentage customer retention and new relationships

3. Percentage achievement of set targets

4. Audit and Risk ratings

5. Well maintained records

6. Timely and accurate reports

7. Number of customer complaints

PERSON SPECIFICATION

Qualifications

• Bachelor’s degree in a business or related field from a recognized universities.

• A diploma in Insurance from the Chartered Insurance Institute of the United Kingdom or a similar Institute.

• Holder of Professional indemnity and Fidelity insurance policies (added advantage)

Experience

• Minimum of 4 years’ experience in Insurance.

• Ability to identify business opportunities from market intelligence

• Knowledge of underwriting, claims, finance or regulation

• Experience in training and sales (added advantage)

Behavioural competencies

• Leadership skills

• Communication skills

• Planning and organizational skills

• Negotiation skills

• Networking skills and relationship management

• Attention to detail

• Problem solving skills

• Creative and innovative thinking

All intereested candidates should send their CV, application letter and supporting documents(in one PDF) to hr@trobank.com before 13th April, 2021

 

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