ABSA BANK
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)
