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)