Main Responsibilities
Strategy
Execute the Bancassurance strategy to align with overall business objectives, identifying potential partner banks and financial institutions.
Continuously assess and improve Bancassurance processes to enhance efficiency and customer experience.
Drive operational excellence by setting clear goals, monitoring performance, and implementing improvement initiatives.
Analyze Bancassurance sales data to identify trends and opportunities for improvement.
Conduct customer needs analysis to recommend suitable life insurance solutions.
Operational
Bancassurance Partnerships. Establish and manage partnerships with banks and financial institutions to promote life insurance products.
Sales and Revenue Generation. Drive life insurance sales through the Bancassurance channel, setting sales targets and developing sales plans.
Market Intelligence. Monitor market trends and competitor offerings in the Bancassurance sector.
Product and Sales Training. Coordinate with product development and training teams to equip bank staff with the necessary knowledge and skills to effectively promote life insurance products.
Sales Reporting and Analysis. Prepare regular sales reports, track key performance indicators (KPIs), and provide insights to the senior management. Utilize data-driven analysis to inform strategic decisions.
Ensure a customer-centric approach in all Bancassurance interactions. Work to enhance the customer experience
and address customer feedback and concerns promptly.
Ensure compliance with insurance regulations and internal policies.
Manage allocated Bancassurance retail portfolio to meet retention targets and increase premium and lives volume.
Cultivate and manage productive partnerships with partner banks and financial institutions.
Promote life insurance products and services to bank clients. Leverage the bank's customer base and referral network to generate leads and close life insurance sales.
Implement Customer service journeys and put in place an annual customer touch point for each client and ensure that this is adhered to, and records maintained.
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.
People & Culture
Team Leadership: Build and lead cross-functional teams, fostering collaboration, accountability, and high performance across diverse skill sets and departments.
Retention KPI: Achieve a regrettable turnover rate below 5% annually within finance teams by promoting a supportive environment, career growth opportunities, and recognition.
Employee Engagement Score (EES) KPI: Drive a 10% year-over-year increase in EES through team-building, transparent communication, and empowerment initiatives.
Cultural Alignment Index (CAI): Attain the Company's CAI target score by embedding Jubilee's values (e.g., innovation, teamwork, excellence) into project execution and team dynamics.
Skill Development: Provide mentorship and training to team members on departmental tools, techniques, and industry-specific knowledge, enhancing capability.
Conflict Resolution: Mediate and resolve team conflicts or stakeholder disputes, maintaining morale and focus on project goals.
Resource Advocacy: Advocate for team needs (e.g., additional resources, training) to senior management, ensuring departmental success and staff well-being.
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 and negotiation 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 will be an added advantage.
LOMA/CII/IIK Qualification will be an added advantage.
Minimum 6-8 years' experience in a similar role
Proven track record in sales and relationship management, preferably in the bancassurance or insurance sector.
Proven track record of successfully implementing strategic initiatives and driving process improvements