JOB DETAILS:

Job Summary

The Bancassurance Specialist –Insurance is responsible for assisting the Head of Bancassurance in insurance business development and overall business oversight. The role concentrates on developing the insurance business in the Retails and Business Banking segments of the bank. This includes sales, renewals, training, complaints and queries and customer service duties. This role is also responsible for placing appropriate insurance cover on Bank Securities book, including VAF, etc. in close engagement with the Relationship Managers in these areas.
The person in this role is expected to lead teams and drive insurance sales through several channels assigned to them, channels may include, branch channel, relationship managers, Digital channel, telesales channels, lead generation to mention but a few

Job Description

Accountabilities are:

Business Development/Management 40%

• Leading and managing the planning of annual business targets/ objective with each team member and ensuring that they are achieved through a regular process of monitoring and evaluation of results.
• Overall responsibility for daily sales tracking with management reports on daily pipelines of banc assurance officers and Sales Managers
• Conducting regular and annual performance reviews on each team member in accordance with agreed business objectives/ targets.
• Manage renewals with sales teams to ensure 90% renewals target is met.
• Responsible for the appropriate allocation of resources to approved field activations and ensuring that the agreed deliverables from the activations are achieved
• Obtain Approval of all sales related expenses
• Field activity by accompanying sales teams to presentations
• Dashboard management with relevant MI teams to confirm accuracy of management reports on sales activities
• Own budgets distribution with insurer partners and ensure they are met as agreed / ensure proper coordination with the designated insurance partner RM to jointly drive the LG team performance to achieve the budgets agreed with the partner
• Set up Bi-weekly business review meetings with Insurance partners to discuss budget achievement and product uptake
• Identify product needs and develop solutions in liaison with various insurer partners/Underwriters by sales teams.
• Opening of new markets within the bank network in conjunction with bank sales channels
• Work closely with the Branch and RMs to generate warm sales leads for the LGs, and follow up to ensure good sales traction is achieved
• Identifying cross and up sale opportunities and track performance
• Develop training budgets, programmes as per needs identified
• Identify product knowledge gaps through training needs analysis within sales teams and arrange and train / arrange with the partners to train
• Develop, implement and track sales incentive programmes
• Work with the Head Bancassurance to ensure strategy deliverables are properly documented and monitored.
• Report to the Head of Bancassurance on daily financials.
• Take and distribute minutes from Team meetings as and when meetings take place and ensure action items are closed.
• Ensure all documentation is correctly completed, collected and submitted as per procedure manuals and SLA’s.

People Management  20%

• Working with Head of Bancassurance to agree business direction and ways of conducting insurance business
• Working with compliance team to ensure all regulatory matters are adhered to
• Dealing with  outlets ,operations centre  to ensure  full understanding of the insurance process & procedures
• Assist Head of Bancassurance in being main point of contact with all third parties relating to insurance in the allocated business areas.
• Assist Head of Bancassurance in managing all stakeholders internal & external relating to insurance business
• Providing support and training on insurance matters in the Retail, Business and corporate segments.
• Ensure that Relationship Managers own and manage customer queries and complaints by taking ownership and resolving in a timely manner. Act as the escalation point for their unresolved queries and complaints.
• Assist the Head of Bancassurance in creating an empowering environment for branch and Relationship Managers & staff, encouraging individual ownership and initiative.

Business Management  20%

Administration

• Ensure all regulatory requirements are met dealing with the Registrar of Insurance
• Co-ordinate all Banc assurance activities conducted within the business area.
• Support all Bank departments on insurance matters
• Prepare management information as required
• Provides guidance and training to relationship Managers on insurance matters
• The main link between the Bank and insurance service providers underwriters/brokers
• Manage end to end insurances processes within the allocated function.
• Comply with the insurance industry requirements as per the act or legislation

Budget accountability:

• Accountable for achieving annual income targets as cascaded from Head of Insurance
• Monitoring of progress towards achieving targets is done on a monthly basis.
• Establish relationships with key clients or business influencers in the local area
• Accountable for maintaining a renewal register for all financed assets and making sure that cover is valid at all time.

Rigour/Compliance 10%

• Ensure  all regulatory requirements are met e.g. renewals, informing and ensuring compliance to the insurance act

• Ensure that all security held by the Bank on lending facilities are adequately insured
• Ensuring staff dealing with insurance adequately trained
• Ensuring claims process is followed and adhered to by both staff and insurances partners or service providers
• Visits to outlets to ensure correct adherence to processes and procedures
• Timely  communication of all charges relating to insurance activities or requirements
• Responsible for all audit matters on insurance.

Customer Service 5%

• Provides support to outlets and other functions on insurance issues.
• Interact regularly with internal service providers (e.g. Operations, KYC Helpdesk) to ensure fast and efficient service to customers (both internal and external customers)

Governance, Control and Risk  5% Mandatory Risk and Control objective

• Understand technical/regulatory matters affecting the business. Ultimate responsibility for the continuing compliance.
• Ensure Governance, Compliance, Risk and Control are implemented and adhered to meet Group Standards by Centre. Staff at all levels to be clear on what is expected of them. Any new regulatory or Group requirements are implemented and reviewed throughout Absa in a timely fashion.

Technical skills/competencies Time split:

Extreme Importance

• Deciding and Initiating Action
• Achieving Personal Work Goals and Objectives
• Delivering Results and Meeting Customer Expectations
• Planning and Organising
• Persuading and Influencing
• Relating and Networking
• Selling and Relationship management

High Importance

• Leading and Supervising
• Coping with Pressure and Setbacks
• Following Instructions and Procedures
• Creating and Innovating
• Applying Expertise and Technology
• Adhering to Principles and Values
• Working with People

Moderate Importance

• Presenting and Communicating Information
•  Analyzing
•  Writing and Reporting

Baseline Importance

• Learning and Researching
• Entrepreneurial and Commercial Thinking
• Adapting and Responding to Change
• Formulating Strategies and Concepts

Education

National Diplomas and Advanced Certificates: Business, Commerce and Management Studies (Required)