Principal Officer for Bancassurance at Ecobank, Kampala, Uganda
Job Description
KEY RESPONSIBILITIES
Business Area Management
• Development of Vision, Mission and Future Strategy of the business area
• Implementing the overall objectives, philosophies, policies and budgets approved by EXCO and ensuring immediate subordinates comply with them.
• Support the Consumer Banking Management in the constant evaluation and upgrading of all processes to achieve business objectives.
• Reviewing actual performance against strategic and financial plans and taking appropriate action to assist senior personnel in achieving their objectives.
• Submitting to the Consumer Banking leadership, on an annual basis, a business plan that incorporates a sales plan.
• Tabling Inspection Reports, reporting adverse outcomes by inspectors and action taken.
• Ensuring statutory records are maintained and that returns, which comply with the requirements of the Anti Money Laundering Act, The Banking Act, The Insurance Act and other relevant legislation as amended from time to time, are prepared and submitted.
• Facilitate quarterly steering committee meetings with key strategic partners to ensure that necessary governance and compliance are in place
• Responsible for all Bancassurance partnerships or revenue sharing arrangements and be the designated person to drive the group’s overall bancassurance strategy in Uganda
• Ensuring the brokerage operates in a clean/safe operational and regulatory environment
• Effective Human Resource Management
• To achieve agreed TCF deliverables in terms of specific business areas and role levels: Be fair; Meet the need; Communicate; The right fit; Your word, your honour; Make it easy
Product Management and customer experience
• Creates awareness of the Bancassurance solutions within the bank through roadshows and training across all teams to create confidence amongst the teams to use and sell the product.
• Lead the evaluation of products, solutions and its offerings versus the demands of the market using insights obtained from working with the segments and partnering insurance companies and conducting customer surveys.
• Ensure the insurance products are distributed through all the bank channels (Branch, Online etc.) and in line with the strategy of each business area.
• Liaises with in-country Insurers including their head office and brokers to ensure that any changes and administrative requirements are implemented i.e. changes in pricing, products, regulatory etc.
• Analyses any product related queries in order to determine its root cause and resolves accordingly.
• Responsible for all products, product pricing and benefits negotiations with underwriters to develop products to enhance the overall customer value proposition for each segment.
• Lead and influence the annual product pricing reviews by insurers
• Reviews product pricing with the Insurers in order to sign off annual pricing in consultation with Head Products and the pricing committee.
• Lead and manage the analyses and interpretation of the change in customers’ needs and ensure the insights are used to improve and or create suitable products. This can be done through engaging with segment heads to understand the core of their business, their CVPs and use this information to enhance the Bancassurance offering. The costing of the product must be affordable whilst ensuring a sustainable/profitable portfolio.
• Ensures that bank assets covered by the appointed Broker are adequately insured and polices are being renewed timeously.
• Coordinates with the marketing team to ensure that all branches are provided with product brochures and tariff guides.
• Develops, implement and manage processes, procedures and systems to meet business requirements.
• Ensure seamless and consistent customer experience levels aligned to group objectives.
Sales strategy
• Accountable for ensuring all staff engaged in selling insurance have been accredited and undergoes the necessary sales and product accreditation in line with internal and external regulatory requirements.
• Develops, Implements and manage strategies to increase sales and to ensure that sales are in line with / exceed budget.
• Monitors product performance reports and come up with actions to improve sales. These should be shared with the business heads to cascade to their teams for execution.
• Drives sales by sending through a monthly Bancassurance sales report to the business heads and recognises top performers in collaboration with the line managers.
• Develop the annual training calendar for the entire bank network to create overall awareness and increase the base for lead generation
• Design and implement Bancassurance incentive campaigns to penetrate the bank’s core bank products and monitor effectiveness through the monthly reports.
• Ensures that Bancassurance sales targets are incorporated into all score cards.
• Influences scorecards for sales staff by driving the inclusion of Bancassurance targets in the performance contracting sessions for all relevant branch & DSA teams.
• Works with the business heads to influence the sales targets to drive the desired sales for Bancassurance on an annual basis.
Product marketing and distribution
• Ensure Bancassurance offerings are incorporated into marketing for the entire banking product proposition to customers.
• Use all channels and opportunities to market and promote Bancassurance aligned to the overall product strategy through working closely with the marketing and communications team e.g. social media, digital banking channels.
• Owns and initiates marketing programmes to ensure awareness of and drive the volume of products.
Product communication
• Signs-off all Bancassurance training material, ensuring accuracy of product and process information.
• Monitors all bancassurance product communication to ensure that no miscommunication takes place.
• Ensures end-to-end processes are mapped and that all product information is available to the sales teams. This would apply to the value chain ranging from new business to query management, customer fulfilment and reporting.
Financial management
• Regular monitoring of the financial numbers in comparison to budget
• Collaborate with the Data team to generate the required monthly and annual reports, and embed within the organisational rhythms e.g., Sales Council
• Ensure the monthly reconciliations are done and all issues are resolved
• Ensure that MIS reports are accurate and completed on time for circulation to all governance structures
• Influence the team to effectively use MIS within the business
• Analyse MIS reports and tracks performance vs. budget per product.
• Devises and communicates corrective tactics to meet budget where applicable.
• Ensures that growth is maintained in the growth phase of the product through rewarding sales staff and constantly marketing the product.
• Reviews loss ratios, rates and cover on the products on a quarterly basis.
• Monitors lapses, average premiums and penetrations to see if any trends emerge and addresses any underlying issues that need attention.
• Influences Insurers to change terms, conditions and rates on products to ensure consistency and comparative offerings.
Compliance
• Ensures full compliance to the legislative requirements for the Bancassurance operation and each product through the provision of guidelines and process and reviewing audit results.
• Ensures that the correct documentation is being completed by the front-line sales force through training for the sales staff on the required documentation.
• Ensure that all advise given to customers complies with set risk and professional standards
• Provides training for all staff within the branch on the regulatory storage guidelines for the documentation.
• Addresses issues of non-compliance with the relevant authorities.
• Refers any areas of uncertainty to the country compliance manager or legal area.
• Collaborate with compliance to ensure the business complies with all regulation and policies
Systems and Operating environment
• Plans and co-ordinates system requirements, system developments and changes to ensure that the business requirements are met and all developments are done in accordance with the overall product plan.
• Manage and review comprehensive specifications and all work requests for new product developments and enhancements.
• Forms part of project teams to ensure IT progress regarding the development and implementation of such specifications and assist with all stages of deployment where applicable i.e. UAT, go-live, post go-live testing etc.
• Ensuring procedures, systems and reports are developed, defined and continuously reviewed to facilitate decision-making.
JOB PROFILE
Experience & Qualifications
• Educated to first or second degree in a related field (Finance / Actuarial Science / Mathematics / Generic Management )
• Minimum of 10 years work experience in Insurance.
• Thorough knowledge of financial services industry specifically insurance and retail banking.
• Knowledge of both Life Insurance and Short-term insurance.
• Working knowledge of insurance Legislation and Regulations including IRA reporting requirements.
• Understanding of Insurance and Banking operating systems
• Strong Excel, Word and Power point
• Financial, budgeting and accounting skills
• Interpersonal Skills, People Skills, Management Skills
Skills, Capabilities & Personal attributes
• Analytical and Investigation Skills
• Auditing Skills
• Accounting Skills
• Comprehensive Operations Skills
• Comprehensive Treasury skills
• Comprehensive Capital Market Operations Skills.
• General multi–Corporate Finance and Financial Strategy Skills
• Fraud and Operational risk knowledge
• Comprehensive Credit Skills.
• Oral and written Communication Skills
• Banking, Insurance, Capital Markets and financial services product knowledge.
• Policy and Regulatory Interpretation skill and Implementation capability
• Extensive Working Knowledge of Microsoft Word, Excel and Power Point and Intranet Mailing facility
• Conceptual Skills.
• Performance Measurement and Management skills.
• Exception tracking and follow up skills
Work ethics
• Respect
• Accountability
• Customer centricity
• Excellence
• Integrity
• Teamwork
