Head Bancassurance DBK Management Consulting Limited

Purpose of the job

To maintain a customer relationship portfolio of major customers in respect of their business requirements including maximising customer sales, service and profit performance in the Bancassurance businesses. This role predominantly focuses on the bancassurance channel and covers Individual Life / Retail within Personal & Private Banking segments. The role requires focus on the following underlying business drivers: –

• Number of Customers and Premiums
• Fee and Commission Income
• Costs

Manage and control

• Income statement of Bancassurance
• Review Pricing and Product Training
• Revenue optimisation (revenue leakage)
• Segmentation of Insurance Product offering
• Design implement and manage Budget / Actual monthly tracking system
  down to respective acquisition channel
• Market and competitor research

Monitor and control

• Operational Risk

Key Responsibilities

Financial Accountability

• Accountable for setting of Financial and Sales budgets for the various
  departments and branches within the Bank and providing weekly /monthly feedback on the performance of the departments/branches against targets set.
• Reviewing actual performance against strategic and financial plans and taking appropriate action to assist senior personnel in achieving their objectives.
• Monitor and report on financial performance against agreed budgets.
• Submission of the most recent month-end statements concerning profit performance and commenting on performance against financial plans and the performance of the bank branches, Tele sales and departments against targets set.

Internal Processes

• Review the sales on-boarding processes to have all Bancassurance products embedded at the point of sale.
• Ensuring sales reports are developed, defined and continuously reviewed to facilitate growth of the business.
• Setting up of an internal system that measure the cross-sell of insurance
  products to that of core banking products.
• Developing and continuously reviewing integrated financial and management
• information systems designed to assist all levels of management with key
  stakeholders in planning and controlling their operations in relation to
  Bancassurance objectives set.
• Ensuring procedures, systems and reports are developed, defined and
  continuously reviewed to facilitate decision-making.
• Ensure IT systems used for managing Bancassurance products are efficient and meet business requirements.

Effective Human Resource Management

• Ensure that all departments/Branches receive training, where applicable for all new Bancassurance products that are launched in terms of:
  – Product knowledge
  – Terms and conditions of cover for the various products
  – Processes and Procedures
  – IT systems
• Ensure the Bancassurance procedures are made available for all branch staff via key partners.
• Ensure that staff adheres to these procedures and provide feedback to line
  managers where errors/omissions have been identified.
• Effectively manage subordinates.

Customer Service

• Implementing the overall objectives, philosophies, policies and budgets as
  approved for Bancassurance.
• Provide secure, efficient, competitive and comprehensive range of services and products.
• Ensure agreed service level agreements with stakeholders.
• Ensure that all products, product pricing and benefits are in line with the groups Bancassurance strategy.
• Ensure that the look, feel and content of all customer communication regarding Bancassurance products (i.e. welcome, renewal rate increase letters, fulfilment pack, policy wordings, brochures etc.) is professional and complies with necessary legislative requirements.
• Ensuring there is adequate communication and exchange of ideas between the Bancassurance Division and other divisions of the bank, by making regular visits to respective units including the branches across the network.
• Closely monitoring competition and market trends to ensure strategic plans on market share are achieved.
• Promoting the development of Bancassurance within the community, the
  media, other financial institutions, economic and financial associations, the Central Bank and insurance associations.
• Effectively monitor and provide input where necessary for the different service level agreements in place for services provided.
• Attend and provide input into the different internal meetings that may impact the service level agreements – MD, Exco.

Risk and Governance

• Ensure that all Bank policies and procedures are adhered to.
• Maintain a good understanding of all relevant legislation related to
  Bancassurance.
• Identify potential risks and engage with the risk and ops departments to put in place control measures.

Key performance measures

• Achieve Bancassurance sales targets.
• Increased acquisition; growth in premiums, retention of annuity business.
• Delivery of various projects and initiatives as required to support long term sustainability.
• Define and implement product strategy in line with PPB Strategy and respective segment business plans.
• People Management.

Key requirements

Qualifications

• Degree B. Com / Business Management or other relevant qualification

Experience

• Three (3) years managerial or leadership role experience
• Five (5) years relevant working experience in insurance role in specialist or relationship
• Sales management experience
• An understanding of the interaction between the strategic, operational and sales management of a business coupled with the banking industry.
• Financial management and marketing experience an advantage

Knowledge

Business / Technical Knowledge:

• Knowledge of end-to-end Sales management
• Knowledge on both life and short-term insurance
• Understanding of risk and risk management

Skills (personal and interpersonal)

Personal competencies:

• Business acumen to understand impact of actions on product economics
• Ability to network
• Ability to work with ambiguity
• Ability to manage and grow people

Interpersonal Competencies:

• Ability to earn and build respect of peers and executives within the broader areas of the bank
• Ability to influence stakeholders to achieve desired outcomes

Intellect:

• Proven intellectual capability with advanced tertiary qualification
• Able to understand and simplify complexity
• Verbally expressive and influential with good written and verbal communication skills

Personality:

• Entrepreneurial thinking
• Strategic thinker
• Analytical personality with ability to be empathetic in given situation
• Driver when needed to have people who don’t report directly to them achieve results
• High level of self-discipline

Problem solving, planning and decision making:

• The ability to identify and innovatively solve problems in a manner which
  satisfies both the bank and customer needs.

Planning:

• The portfolio requires both a focus on immediacy as well as shaping the longterm positioning of the various elements.

Decision making:

• The incumbent must have an ability to independently provide solutions in
  relation to operational and customer issues as they arise. This must occur in the context of possible differing objectives of the bank and the customer.
• Independent decision-making within the context of the overall strategy for Bancassurance will also be required when dealing with product, services, channels, operations and customers

Important relationships

• Liaison with relevant customers and industries to ensure products offer
  solutions to their needs.
• Liaison with other external parties where opportunities may be realised.
• Build and maintain sound working relationships with the banks broker and general management of relevant insurance companies.
• Hold monthly liaison meetings with all stakeholders to discuss the following;

1. New business opportunities
2. Claims submissions and payments.
3. Processes and procedures
4. Sales MIS
5. Relationships with Key stakeholders
6. Pending obligations on underwriters

Remuneration

• Market Related