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Job Title:  Bancassurance Underwriting Officer    

Organisation: DFCU Bank

Duty Station:  Kampala, Uganda

Reports to: Head of Bancassurance

About US:

DFCU Bank is a fast growing commercial bank offering a variety of innovative products and services. DFCU Limited was started by the Commonwealth Development Corporation (CDC) of the United Kingdom and the Government of Uganda through the Uganda Development Corporation (UDC) under the name of Development Finance Company of Uganda Limited. Later restructuring brought in DEG (of Germany) and International Finance Corporation (IFC) as equal partners with CDC and UDC, each having a 25% stake in the company. Its objective was to support long-term development projects whose financing needs and risk did not appeal to the then existing financial commercial lending institutions.

Job Summary: Reporting to the Head of Bancassurance, the Bancassurance Underwriting Officer will oversee the underwriting function around the Bancassurance department, ensuring competitive insurance quotations are negotiated, insurance policies placed accurately, and customers issued with policy documentation amongst other accountabilities.

Key Duties and Responsibilities:

• Support on Bancassurance sales growth by ensuring customer acquisition and retention, through cross-selling, negotiating competitive insurance quotations, while complying with the Insurance Act, the Bancassurance Regulations, and other applicable guidelines.
• Place both Life and Non-life insurance instructions with partner insurance companies, coordinate recovery of premium, and policy documents.
• Review all issued invoices, policy documents, premium invoices, and statements for accuracy to ensure they meet the standards established by the Bank.
• Reconcile premium suspense accounts, unallocated premium reports, proforma invoices and insurance policies to promote revenue assurance to the Bank.
• Timely remit insurance premiums to ensure no breaches to the Cash and Carry Regulatory Guidelines.
• File Insurance documentation per laid out Bancassurance department processes and Regulatory Guidelines.
• Monitor insurance policy anniversaries, manage business retention, and ensure no lapse to insurance covers.
• Provide support on Bancassurance commission recovery and reconciliation to carb income leakage.
• Process un-utilized premium refunds to ensure value for money for the customer.
• Timely settle customer complaints and promote quality interactions with the Bank’s sales teams and customers.
• Maintain good relationships with the insurers, measure their performance to ensure quality service to the customers.
• Equip Bank staff with insurance knowledge through product training and joint customer visits to grow the Bancassurance portfolio.
• Provide technical guidance to customers, sales and loan recovery staff on risk management, identification of insurable risks, determining amount of insurance cover required and extent of coverage, to ensure a seamless and consistent customer experience.
• Ensure acceptable audit ratings and timely implement all post-audit recommendations.
• Prepare month-end reports to management and Regulators in a timely manner.

Qualifications, Skills and Experience:

• The applicant must hold a university Degree in a Business-related field.
• A Certificate in Insurance (CIU). A diploma in insurance will be an added advantage.
• At least five years of insurance underwriting experience. Insurance sales experience will be an added advantage.
• Thorough knowledge and practical application insurance covers.
• High level of integrity and ethical
• Attention to detail, excellent analytical skills, and ability to demonstrate a high degree of accuracy.
• Excellent interpersonal, verbal, written, communications and independent judgement skills.
• Good organizational
• Excellent negotiation
• Conflict resolution skills.

How to Apply:

If you believe you meet the requirements as noted above, please forward your application with a detailed CV including present position and copies of relevant professional/academic certificates (University Transcript, O & A level), to the email address indicated below.

Vacanciesbank@dfcugroup.com

Deadline: 20^th December 2023

Disclaimer: dfcu Bank does not solicit/accept payment in cash/kind from prospective candidates in exchange for shortlisting or job placement. Any candidate who engages in this kind of transaction is aiding and abetting fraud and will be automatically disqualified.

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