Analyze your CV for Bancassurance Manager at Absa Bank Tanzania
Get a free, instant analysis of how well your CV matches this role. Identify ATS issues, keyword gaps, and actionable improvements to boost your chances.
About this job
Job Summary
Bancassurance Manager is responsible for assisting the Head of Bancassurance in insurance business development and overall business oversight. The role will be focused on New Business generation, portfolio growth, Relationship Management, Cross-selling, customer service duties, etc
Job Description
Business Development/Management: 40%:
Administration
-Ensure all regulatory requirements are met and complied on time.
-Co-ordinate all Bancassurance activities conducted within Absa (all products offered through Absa).
-Support all Bank departments on insurance matters
-Prepare timely management information as required
-Provides guidance and training to bank staff on insurance matters
-The main link between the Bank and insurance service providers underwriters/brokers
-Manage end to end insurances processes, controls, Standards and policies.
-Comply with the insurance industry requirements as per the act or legislation
Active management of relationships with all insurance partners to ensure smooth running of the distribution channels in delivering targets for the country.
Monthly reporting of bancassurance financials including, but not limited to, commission reconciliation, financial projections, P&L monitoring, marketing allowance activities, etc
Active involvement in defining the appropriate skills, education, experience etc of the insurance sales staff & development of the training curriculum to optimize sales / service achievement.
Ensure all branches across Tanzania have qualified insurance personnel in place as per strategy and conduct onboarding procedures and training as per regulatory and internal requirements.
Active analysis and review of all customer bases to understand customer profiles, behavioral & lifestyle traits (including product holding mix, revenue contribution, behavioral / lifestyle analytics) to identify opportunities for increasing customers’ insurance wallet share (total value).
Budget accountability:
Accountable for achieving annual income and volume targets as cascaded from the Head of Bancassurance
Travel up-country regions for various business needs
Monitoring of progress towards achieving targets is done on a monthly basis.
Active involvement and accountability for making purchase/ refund business decisions within set limits
Establish relationships with key clients or business influencers in the local area
Execute an overall Business Plan covering all insurance activities across the business based on business targets in alignment with Insurance Partners, covering Retail, Business Banking and Corporate & Investment Banking (CIB).
Active management of overall Insurance P&L through establishing close working relationships across businesses and Product / Marketing Manager to deliver customer, business, revenue and profit targets for the country by driving insurance products activities across channels and segments.
Active involvement in identifying insurance product needs for all customer bases across businesses with product managers and segment managers together with appropriate Insurance Partner to meet customer needs and product gaps in total product / service offering.
Create or actively participate in new product development and revamp of current products where required.
Any other duties as assigned by management from time to time
Rigor/compliance:20%:
Ensure all regulatory requirements are met e.g. renewals, informing and ensuring compliance to the insurance act, quarterly and annual returns preration.
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 changes relating to insurance activities or requirements
Responsible for all audit matters on insurance
People management:20%:
Working with Head of Bancassurance to agree business direction and ways of conducting insurance business
Manage all administrative affairs of the Bancassurance Operations Manager to ensure their KPIs are met and on time.
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
Assist Head of Bancassurance in managing all stakeholders internal & external relating to insurance business
Providing support and training on insurance matters
Ensure that branch staff 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.
Motivate staff and ensure they are recognized through various internal and external campaigns.
Assist the Head of Bancassurance in creating an empowering environment for branch managers & staff, encouraging individual ownership and initiative.
Customer Service 20%:
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)
Train Customer Service department on various products and campaigns from time to time and on ad-hoc basis where required.
Technical skills / Competencies
Extreme Importance
Deciding and Initiating and Owning Action
Achieving Personal Work Goals and Objectives
Delivering Results and Meeting Customer Expectations
Planning and Organising
Persuading and Influencing
Relating and Networking
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
Knowledge, Expertise and Experience & Qualifications
Have thorough understanding of business dynamics across the business to leverage on multiple product / service needs of Bank customers to better position Insurance as a key part of a truly valuable customer proposition / offer.
A Business-related Degree from a recognized university.
Professional qualification in Insurance.
At least 5 years of work at management level in the insurance industry or related industry.
Excellent knowledge of Insurance products and processes.
Proven track record of insurance sales.
Experience of a similar nature in the banking industry will be an added advantage.
Our Values
Absa’s Values and Behaviours represent the set of standards which governs the actions of all of us who work for the bank and against which the performance of every one of us in Absa are being assessed and rewarded:
I drive high performance to achieve sustainable results
I’m obsessed with customer
I have an African heartbeat
I believe our people are our strengths
Education
Bachelors Degree and Professional Qualifications: Business, Commerce and Management Studies (Required)
Bancassurance Manager is responsible for assisting the Head of Bancassurance in insurance business development and overall business oversight. The role will be focused on New Business generation, portfolio growth, Relationship Management, Cross-selling, customer service duties, etc
Job Description
Business Development/Management: 40%:
Administration
-Ensure all regulatory requirements are met and complied on time.
-Co-ordinate all Bancassurance activities conducted within Absa (all products offered through Absa).
-Support all Bank departments on insurance matters
-Prepare timely management information as required
-Provides guidance and training to bank staff on insurance matters
-The main link between the Bank and insurance service providers underwriters/brokers
-Manage end to end insurances processes, controls, Standards and policies.
-Comply with the insurance industry requirements as per the act or legislation
Active management of relationships with all insurance partners to ensure smooth running of the distribution channels in delivering targets for the country.
Monthly reporting of bancassurance financials including, but not limited to, commission reconciliation, financial projections, P&L monitoring, marketing allowance activities, etc
Active involvement in defining the appropriate skills, education, experience etc of the insurance sales staff & development of the training curriculum to optimize sales / service achievement.
Ensure all branches across Tanzania have qualified insurance personnel in place as per strategy and conduct onboarding procedures and training as per regulatory and internal requirements.
Active analysis and review of all customer bases to understand customer profiles, behavioral & lifestyle traits (including product holding mix, revenue contribution, behavioral / lifestyle analytics) to identify opportunities for increasing customers’ insurance wallet share (total value).
Budget accountability:
Accountable for achieving annual income and volume targets as cascaded from the Head of Bancassurance
Travel up-country regions for various business needs
Monitoring of progress towards achieving targets is done on a monthly basis.
Active involvement and accountability for making purchase/ refund business decisions within set limits
Establish relationships with key clients or business influencers in the local area
Execute an overall Business Plan covering all insurance activities across the business based on business targets in alignment with Insurance Partners, covering Retail, Business Banking and Corporate & Investment Banking (CIB).
Active management of overall Insurance P&L through establishing close working relationships across businesses and Product / Marketing Manager to deliver customer, business, revenue and profit targets for the country by driving insurance products activities across channels and segments.
Active involvement in identifying insurance product needs for all customer bases across businesses with product managers and segment managers together with appropriate Insurance Partner to meet customer needs and product gaps in total product / service offering.
Create or actively participate in new product development and revamp of current products where required.
Any other duties as assigned by management from time to time
Rigor/compliance:20%:
Ensure all regulatory requirements are met e.g. renewals, informing and ensuring compliance to the insurance act, quarterly and annual returns preration.
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 changes relating to insurance activities or requirements
Responsible for all audit matters on insurance
People management:20%:
Working with Head of Bancassurance to agree business direction and ways of conducting insurance business
Manage all administrative affairs of the Bancassurance Operations Manager to ensure their KPIs are met and on time.
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
Assist Head of Bancassurance in managing all stakeholders internal & external relating to insurance business
Providing support and training on insurance matters
Ensure that branch staff 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.
Motivate staff and ensure they are recognized through various internal and external campaigns.
Assist the Head of Bancassurance in creating an empowering environment for branch managers & staff, encouraging individual ownership and initiative.
Customer Service 20%:
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)
Train Customer Service department on various products and campaigns from time to time and on ad-hoc basis where required.
Technical skills / Competencies
Extreme Importance
Deciding and Initiating and Owning Action
Achieving Personal Work Goals and Objectives
Delivering Results and Meeting Customer Expectations
Planning and Organising
Persuading and Influencing
Relating and Networking
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
Knowledge, Expertise and Experience & Qualifications
Have thorough understanding of business dynamics across the business to leverage on multiple product / service needs of Bank customers to better position Insurance as a key part of a truly valuable customer proposition / offer.
A Business-related Degree from a recognized university.
Professional qualification in Insurance.
At least 5 years of work at management level in the insurance industry or related industry.
Excellent knowledge of Insurance products and processes.
Proven track record of insurance sales.
Experience of a similar nature in the banking industry will be an added advantage.
Our Values
Absa’s Values and Behaviours represent the set of standards which governs the actions of all of us who work for the bank and against which the performance of every one of us in Absa are being assessed and rewarded:
I drive high performance to achieve sustainable results
I’m obsessed with customer
I have an African heartbeat
I believe our people are our strengths
Education
Bachelors Degree and Professional Qualifications: Business, Commerce and Management Studies (Required)