Bancassurance Manager

Designation: Bancassurance Manager

Reporting Line: Head of Products & Segments

Business Unit: Retail & Digital Banking

Location: Lusaka

Job Purpose:

To oversee the Bancassurance business focusing on business growth, product development, frontline sales support and stakeholder engagement in order to deliver the business’ financial objectives through enhancing the Retail Customer Value Proposition (CVP), increasing market share and competitively positioning the Bank’s insurance solutions.

KEY OUTPUT & RESPONSIBILITIES

Business Direction

• Mine existing customers and identify new customers, segments and market opportunities, as well as customer needs and desired behaviors in order to understand how the bank’s products align with these needs.
• Understand the value drivers of all insurance products and service and identify profitable commercial opportunities to grow revenue and market share.
• Analyze country Insurance sales and product opportunities across segments and channels to identify where products are not achieving desired results to be able to address underlying causes.
• Ensure that all Insurance products developed are fit for purpose so that they enable customer acquisition, retention and revenue diversification.

Product Development and Testing

• Understand customer segments and products’ value propositions to attract each of those segments.
• Work with relevant departments across the in-country bank to develop innovative products to support the value proposition aligned to market segments.
• Engage with country Risk, Credit, Legal and Compliance to ensure all risk elements have been considered.

• Determine appropriate product pricing with nominated insurance service provider for all insurance products in order to deliver profitable solutions with positive margins.

Sales Campaigns and Product Promotions

• Develop and execute country sales campaigns and promotions in order to increase the uptake of insurance policies, acquire new customers and retain existing customers.
• Ensure internal teams have the necessary product knowledge, resources and Marketing material to be able to sell Insurance products to customers

Budget Management

• Develop, review, forecast, deploy, manage and track sales and product budgets in-country to enhance financial efficiencies.
• Identify and implement cost savings and other financial efficiencies where appropriate to contribute to the overall cost management and profitability of the business.

Governance, Risk and Compliance Management

• Ensure the function complies with all relevant internal rules, manuals, policies & procedures, including KYC for satisfactory audits.
• Stay abreast of current and upcoming regulations, analyse their impact on the function and develop appropriate responses in order to ensure there is full adherence to regulatory guidelines and directives.
• Ensure prompt remediation of risk, internal and external audit findings to ensure attainment of a well-managed risk environment under Bancassurance.

Stakeholder Engagement

• Rally teams across the bank to develop, implement and own sales and product initiatives and monitor sales and product performance.
• Engage with clients to understands their product requirements.
• Engage with in-country regulators to understand what can and cannot be done in different markets, to identify potential areas of innovation and to ensure adherence to in-country regulatory parameters.
• Effective teamwork, self-management and alignment with the Banks’ values
• Plan and manage own workflow, anticipating obstacles, juggling priorities and following through on objectives within agreed time-frames and according to quality standards.

• Grade 12 School Certificate with 5 credits including English and Mathematics.
• Professional Qualification in Actuarial Science Degree, Insurance & Pensions Management or in a related field.
• 5+ years’ experience preferably in the Banking sector.

Interested Applicants who meet the job requirements should e-mail their CV’s to jobs-zm@bancabc.co.zm. Only shortlisted candidates will be contacted. Be sure to include the job applied for in the subject field. Closing date: Thursday, 11th January 2024.