Bancassurance Sales Officers

Job Purpose

The purpose for this role is to have dedicated insurance sales officers tasked to drive the penetration of insurance among core bank customers, foster cross-sell and revenue growth. Collaborate with key stakeholders internally and externally to optimize the bancassurance distribution channel. To implement sales plans/actions/ promotions and identify sales opportunities. To ensure compliance objectives are adhered to.

Key Responsibilities

Strategy (80%)

• Drive the sales of insurance products within bank branches/segments
• Arrange for bank staff insurance product training, staff hurdles and refresher sessions
• Provide customers with comprehensive insurance consultations and solutions.
• Monitor and analyze sales performance and adjust strategies accordingly.
• Collaborate with bank management to develop and implement marketing campaigns.
• Ensure compliance with regulatory standards and company policies.
• Support the Segment/ Regional teams to ensure that insurance business is done on time, and through SBM Bancassurance Intermediary Limited
• Drive insurance penetration into the customers database

Key Result Areas in strategy

• Sustained Revenue Growth
• Customer retention
• Insurance product penetration

Compliance (10%)

• Ensure all regulatory requirements are met by ensuring compliance to the insurance act and SLA’s
• Ensures review and escalation if required of Sales administrative issues.
• Responsible for compliance with business procedure manuals
• Ensuring all claims are reported, tracked and resolved as per SLA by COE
• Ensure compliance with Snap checks process and internal audit.

Business fulfillment (10%)

• Ensure all premiums are collected from all sales as per laid down procedures in accordance with the insurance Act and SLAs with partner insurers
• Zero tolerance to non-collection
• Ensure all regional/segment insurance sales are placed through the centralized Bancassurance team to avoid revenue leakage
• Manage all aspects of premium refunds raised by sales teams
• Support customers by proposing credit arrangements such as IPF, Credit card

Knowledge: Skills and Experience required for this Role

• Sales and Marketing Skills ▪ Strong interpersonal skills to build and maintain relationships with bank partners, agents, and customers.
• In-depth understanding of health insurance products, including coverage options, benefits, and exclusions.
• Capability to provide training and support to bank staff and agents on selling insurance products.
• Ability to adapt to changing market conditions, customer preferences, and organizational priorities.
• Customer focus.
• Ethical conduct, ensuring transparency and fairness in interactions with customers and partners.

Competencies required for this Role:

• University degree, preferably in Commerce, Economics or Business Administration.
• AIIK Diploma / CII Diploma or verifiable progress toward attainment of the same.
• At least 1 year experience in Bancassurance sales.
• Understanding of and experience with Insurance products and processes