Head of Bancassuarance

Job Purpose

• Strategy Development: responsible for developing the overall bancassurance strategy aligned with the company's goals and objectives. This includes identifying target markets, setting sales targets, and defining product offerings.
  
•  Business Development: focusing on expanding the bancassurance business by establishing and nurturing relationships with partner banks or financial institutions. This involves negotiating agreements, conducting joint marketing campaigns, and exploring new distribution channels.
  
• Team Management: As the head of the department, you will lead and manage a team of bancassurance professionals. This includes setting performance targets, providing guidance and coaching, and monitoring the team's progress towards achieving sales and business objectives.
  
• Product Development: working closely with the product development team to create and enhance insurance products that cater to the needs of the bank's customers. This may involve market research, analyzing customer feedback, and collaborating with underwriters to design competitive insurance solutions.
  
• Training and Education: You will be responsible for ensuring that the bank's staff members are adequately trained and educated about the insurance products being offered. This includes organizing training sessions, providing sales support, and keeping the bank's employees up to date with industry trends and regulatory changes.
  
• Performance Monitoring and Analysis: You will monitor the performance of the bancassurance department and track key performance indicators (KPIs). This involves analyzing sales data, evaluating the effectiveness of marketing campaigns, and identifying areas for improvement.
  
• Ensuring compliance with applicable regulations and industry standards. This includes working closely with the compliance and risk management teams to mitigate any potential risks associated with the sale of insurance products through banks.
  
• Relationship Management: maintaining strong relationships with key stakeholders, including senior executives within the insurance company and executives at partner banks. Effective communication and collaboration are essential to foster these relationships and drive the success of the bancassurance business.
  
  

Requirements

• Bachelor’s degree in insurance/business administration/ economics/ marketing or related field.
  
• Master's degree/professional certifications in insurance or risk management will be an added advantage.
  
• Bachelor’s degree in insurance/business administration/ economics/ marketing or related field.
  
• Master's degree/professional certifications in insurance or risk management will be an added advantage.
  
• Strong leadership and management abilities are essential.
  
• Strategic thinking, relationship-building skills, Communication and Interpersonal Skills, and a deep understanding of both the insurance and banking industries.
  
• Market intelligence and Business development skills.
  
• Sales and Marketing Skills, Analytical and Financial Skills.
  
• Market Awareness & Customer Focus, Knowledge of insurance regulations, compliance requirements, and risk management practices is necessary.
  
•  Continuous Innovation, Adaptability and Problem-Solving skills.