Job Title: Manager Bancassurance
Organisation: Stanbic Bank
Duty Station: Kampala, Uganda
Job ID: 17325
Stanbic Bank Uganda Limited is a subsidiary of Stanbic Africa Holdings Limited which is in turn owned by Standard Bank Group Limited (“the Group”), Africa’s leading banking and financial services group. The Standard Bank Group is the leading banking group focused on emerging markets. It is the largest African banking group ranked by assets and earnings. Stanbic Bank Uganda Limited is the largest bank in Uganda by assets and market capitalization. It offers a full range of banking services through two business units; Personal and Business Banking (PBB), and Corporate and Investment Banking (CIB).
Job Summary: The Manager Bancassurance will establish and manage the Bancassurance capability within Stanbic Bank Uganda. He / she will grow the profitability of the Bancassurance portfolio, through analysis and enhancement of its products and services.
Key Duties and Responsibilities:
1. Product Management:
- Evaluates each product and its offering versus the demands of the market using insights obtained from working with the segments and partnering insurance companies and conducting customer surveys.
- Works closely with in-country Insurers including their head office and brokers to ensure that any changes and administrative requirements are implemented i.e. changes in pricing, products, regulatory etc.
- Regularly analyses any product-related queries in order to determine its root cause, and resolves accordingly.
- Creates awareness of the Bancassurance offering within the bank through roadshows and training across all teams to create confidence amongst the teams to use and sell the product.
- Participates in the annual product pricing review and influences Insurers’ pricing decisions.
- Reviews product pricing with the Insurers in order to sign off annual pricing in consultation with Head Products and the pricing committee.
- Analyses and interprets the change in customers’ needs and uses the insights to improve and or create suitable products. This can be done through engaging with segment heads to understand the core of their business, their CVPs and use this information to enhance the Bancassurance offering. The costing of the product must be affordable whilst ensuring a sustainable/profitable portfolio requirements.
- Develops and implement processes, procedures and systems to meet business requirements
2. Sales Strategy:
- Implements strategies (as provided by Head, Products) to increase sales and to ensure that sales are in line with / exceed budget.
- Regularly monitors product performance reports from the MI team and proposes actions to improve sales. These should be shared with the segment heads to cascade to their teams for execution.
- Drives sales by sending through a monthly Bancassurance sales report to the PBB teams and recognises top performers in collaboration with the line managers.
- Works closely with the Head, Sales to design and implement Bancassurance incentive campaigns to penetrate into the bank’s core bank products (i.e. selling a current account and insurance) and monitor effectiveness through the MI reports.
- Ensures that Bancassurance sales targets are incorporated into all score cards.
- Influences scorecards for sales staff by driving the inclusion of Bancassurance targets in the performance contracting sessions for all relevant teams within PBB.
- Drives volume growth for Bancassurance by identifying appropriate opportunities and sharing these with segment heads to distribute to sales staff.
- Works in liaison with the Head, Sales to influence the sales targets to drive the desired sales for Bancassurance on an annual basis.
3. Product Marketing and Distribution:
- Works in liaison with segment heads to ensure Bancassurance offerings are incorporated into marketing for the entire banking product proposition to our customers.
- Uses all channels and opportunities to market and promote Bancassurance aligned to the overall product strategy through working closely with the marketing and communications team e.g. social media, digital banking channels.
- Owns and initiates marketing programmes to ensure awareness of the products.
4. Financial Monitoring:
- Analyses MIS reports as received from Finance and tracks performance vs. budget per product.
- Devises and communicates corrective tactics to meet budget where applicable.
- Ensures that growth is maintained in the growth phase of the product through rewarding sales staff and constantly marketing the product.
- Reviews loss ratios, rates and cover on the products on a quarterly basis.
- Keenly monitors lapses, average premiums and penetrations to see if any trends emerge and addresses any underlying issues that need attention.
- Influences Insurers to change terms, conditions and rates on products to ensure consistency and comparative offerings.
- Ensures full compliance to the legislative requirements for the Bancassurance operation and each product through the provision of guidelines and process and reviewing audit results.
- Ensures that the correct documentation is being completed by the front line sales force through training for the sales staff on the required documentation.
- Provides training for all staff within the branch on the storage guidelines for the documentation.
- Addresses issues of non-compliance with the relevant authorities.
- Refers any areas of uncertainty to the country compliance manager or legal area.
6. People Management:
- Approves training material for in-country use.
- Accredits in-country trainers / Bancassurance Champions to train on Bancassurance products.
- Identifies training needs and develops training material to address specific issues.
- Ensures that persons who sell the products have been trained and accredited to do so.
- Responsible for the recruitment, development and retention of relevant skills in order to meet the business needs.
- Ensures skill assessments and competency-based training takes place as and when required.
- Takes personal responsibility for coaching and mentoring others.
- Ensures the implementation of the leadership promise and employee engagement programme.
- Develops and maintains an open communication channel with direct reports and supports staff to foster greater co-operation and teamwork.
- Monitors and manages the performance and development of staff within the area. This includes regular one-on-one feedback sessions, conducting mid-year and final performance appraisals, as well as the moderation and relative distribution of all appraisals for the team.
- Drives the Talent Review Sessions and succession planning, in conjunction with Human Capital.
- Ensures staff are appropriately and consistently rewarded and recognised for their achievements and outputs.
- Ensures that disciplinary action and grievances are addressed and aligned to the policies and procedures.
7. Systems setup:
- Plans and co-ordinates system requirements, system developments and changes to ensure that the business requirements are met and all developments are done in accordance with the overall product plan.
- Develops comprehensive specifications and all work requests for new product developments and enhancements.
- Forms part of project teams to ensure IT progress regarding the development and implementation of such specifications
Key Performance Indicators:
- Increased product uptake and profitability of the products
- Polices and processes that promote efficient delivery of service
- Increased profitability of the product
- Efficient stakeholder management- limited number of queries
- Pay out correct claims on time
- Positive business partner survey
- Sales volume to be in line with or exceed budget.
- Targeted penetration into core bank products.
- Product cancellations by customers reduced in line with target.
- Retention increased in line with target.
- Achievement of the sales penetration and set targets
- Relevant Bancassurance offerings are included in all marketing material.
- Product awareness
- Income and profit to be in line with or exceed budget.
- NIR growth in line with SBU annual targets.
- Customer retention and growth in line with annual targets.
- Processes and Procedures to be followed as per GRG.
- No incidents of non-compliance.
- Efficient end-to-end processing across all channels.
- Superior Customer service delivery.
- Satisfactory audits.
- Risk managed below the agreed threshold.
- Staff engagement score >80%
- Approved talent and succession plans
- Execution of talent plans for all staff
- Implementation of PDPs for staff
- Positive customer experience
- Positive turnaround time for processing
- Superior products on the market in comparison to completion (customer feedback)
- Reduced cost to serve
Qualifications, Skills and Experience:
- The ideal candidate for the Stanbic Bank Branch Manager job vacancy should hold a Bachelor’s degree in business related field; preferably in Finance and Accounting from a recognized university
- Certificate of Proficiency in insurance COP; ACII or equivalent insurance qualification (Associate Chartered Insurance Institute).
- FCII Fellowship of CII would be strong recommendation i.e. Chartered Insurance Broker
- A minimum of five to seven years’ experience in Bancassurance
- Thorough knowledge of financial services industry specifically insurance and retail banking.
- Broad working knowledge of both Life Insurance and Short term insurance.
- Working knowledge of insurance Legislation and Regulations including IRA and CBU reporting requirements.
- Understanding of Insurance and Banking operating systems
- Strong Excel, Word and Power point
- Good financial, budgeting and accounting skills
How to Apply:
All candidates who wish to join the one of Africa’s biggest Banking Groups, Standard Bank in the aforementioned capacity are encouraged to Apply Online by visiting Link below.
Deadline: 3rd June 2016
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