Job Title: Specified Officer Bancassurance
Reports to: Manager Bancassurance/ Principal Officer
Department: Bancassurance
Job Purpose Statement: Generate business Revenue through the existing NCBA channels to the general insurance market. This will entail active selling of both Bancassurance and Insurance Premium Finance Products.
Key Result Areas
Financial (60%)
• Grow Bancassurance & IPF Portfolio by nurturing relationships between customers, insurance companies, brokers, agents and the bank.
• Grow Commission Revenue for Bancassurance products
• Drive IPF Revenue growth per agreed budget through managing the relationship between the insurance company and the bank.
• Prepare Credit applications for IPF in conformity with Credit Policy guidelines and requirements, all documentation is filled and is in order.
• Coordinate all IPF financing and operations associated with the IPF portfolio with the intention of monitoring acceptable credit risk and maximizing the bank’s return.
• Prepare relevant performance reports to the Bancassurance Manager for conversions, calls and customer visits.
• Implement strategies to increase sales and to ensure that sales are in line with / exceed budget
• Actively participates in Insurance and IPF Sales activation programs organized by the bank and Insurers in conjunction with Bancassurance.
• Share weekly business performance reports to the Bancassurance Manager for conversions, calls and customer visits
• Implement strategies to increase sales and to ensure that sales are in line with / exceed budget.
Customer (20%)
• Work closely with customer relationship teams in a bid to acquire business from target segments.
• Manage customer relationships to ensure retention and no regrettable loss to competition.
• Ensure timely drawdowns and premium payments to insurance companies.
• Oversee the relationship management of Insurance Companies and Brokers through maintenance of an effective call program.
• Attend expeditiously to queries / routine correspondence generally emanating from Clients, Insurers, Brokers, Credit Administration, Risk Control, and Branches.
• Collect and analyse vital data on insurance companies’ annual reports, industry reports and all press cuttings etc. to acquire in-depth knowledge which will facilitate comprehensive review of the insurance industry.
• Review limits for all existing insurance companies on the bank’s approved list and propose for new additions on time.
• Explain the terms of insurance products to Bancassurance prospective policy holders while taking into account the needs of the prospective policy holder in recommending a specific insurance plan, product or service on offer by the insurer
• Explain to the prospective policy holder the nature of information required by the insurer in the proposal form, and the importance of disclosure of material information in the purchase of an insurance contract;
• Inform the prospective policy holder of the premium to be charged by the insurer for the insurance product or service on offer.
• Obtain the requisite documents at the time of filling the proposal form with the insurer and any other documents that may be requested for by the insurer to complete the proposal and promptly inform the prospective policy holder about the acceptance or rejection of the proposal by the insurer, as the case may be.
• Create awareness of the Bancassurance offering within the bank through roadshows and training across all teams to create confidence amongst the teams to use and sell the product
• Analyse and interpret the change in customers’ needs and uses the insights to improve and or create suitable products.
• Render the necessary assistance to the policyholders or claimants or beneficiaries in complying with the requirements for settlement of claims by the insurer.
• Render the necessary assistance to the policy holders or claimants or beneficiaries in complying with the requirements for settlement of claims by the insurers.
• Attend to customers referred by Bancassurance team or other NCBA Staff at NCBA branches countrywide.
• Provide an interface between the bank, existing and prospective Insurance and IPF customers, Insurance Companies and Brokers in order to maintain good customer relationships, so as to meet customer needs within the strategic objective of the bank.
• Make recommendation for existing and prospective Insurance and IPF customers.
• Run with a customer experience initiative to build customer loyalty for Insurance Companies and Broker.
Internal business processes (10%)
• Ensure all client documentation, queries and complaints (Bancassurance and IPF) are forwarded to the relevant offices within the stipulated time for processing.
• Monitor insurance approved limits for all insurance companies to ensure their operations are within the approved limits at all time.
• Take remedial action by pursuing customers and insurance companies on regularization of IPF facilities due.
• Prepare monthly IPF portfolio performance reports on a timely basis as required from time to time.
• Issuance of IPF disbursement instructions to Credit Operations within approved limits.
• Attend to audit queries, perform snap-checks monthly and ensure that any anomalies/exceptions are sorted out.
• Ensure compliance with security perfection on all IPF facilities.
• Ensure compliance to the Bank’s policies, procedures and regulatory requirements.
Learning and growth (10%)
• Execute learning strategies for Bancassurance products according to the Bancassurance annual work plan
• Attend all departmental, interdepartmental and insurance partner trainings
• Attend e-learning courses, continuous professional development trainings and workshops
• Study and understand the industry standard products, policy wordings to establish what options the various insurers can provide
Ideal Job Specifications
• A bachelor’s degree in any business related field
• A Certificate of Proficiency (COP), a Certificate In Insurance will be an added advantage
• At least 2yr Experience in Insurance business development and Claims handling
• Proficiency in Computer and MS Office applications.
• Banking Sales experience will be an added advantage
Job application procedure
Interested and qualified? Click here to apply
More Information
- Address Kampala, Uganda, East Africa
