Head of Product- Bancassurance

We are a leading international bank focused on helping people and companies prosper across Asia, Africa and the Middle East.

To us, good performance is about much more than turning a profit. It’s about showing how you embody our valued behaviours – do the right thing, better together and never settle – as well as our brand promise, Here for good.

We’re committed to promoting equality in the workplace and creating an inclusive and flexible culture – one where everyone can realise their full potential and make a positive contribution to our organisation. This in turn helps us to provide better support to our broad client base.

The Role Responsibilities

COUNTRY HEAD, BANCASSURANCE

Job Purpose

To plan, manage, lead and direct the business focus on the distribution of all insurance products across SCB in Zambia to achieve business, revenue and profit targets and to implement global standards within the country.

Key Roles and Responsibilities

Strategy and Planning

• ·Ensure appropriate Bancassurance Structure is in place to drive Bancassurance business in the country
• Develop and execute an overall Business Plan covering all insurance activities across all the business based on business targets in alignment with insurance Partners and global strategy.
• Have thorough understanding of business dynamics across the business to leverage on multiple product / service needs of Banks customers to better position insurance as a key part of a truly valuable customer proposition/offer

Financial and Performance Management

• ·Active management of overall Insurance P&L in the country through establishing close working relationships across business and Product/Marketing manager to deliver customer, business, revenue and profit targets for the country by driving insurance products activities across channels and segments
• Active management of relationships with all insurance partners to ensure smooth running of the distribution channels in delivering targets for the country.
• Monthly reporting of Bancassurance financials including, but not limited to, commission reconciliation, financial projections, P&L monitoring, marketing allowance activities, etc

Product Development/Operational Workflow

• ·Active involvement in identifying product needs for all customer bases across business with product managers and segment managers together with appropriate Insurance Partners to meet customer needs and product gaps in total product/service offering.
• Monitoring operational activities to ensure that they are complaint with

i.Local regulations, policies and procedures

ii. SCB Country level and Group policies and procedures
Sales and Service Delivery

• ·Act as the liaison manager with all insurance partners on insurance matters
• Determine, agree and monitor achievement of sales and service KPIs (including the appropriate number of staff for each ad allocation of sales and service targets) with Insurance Partner and Shared Distribution
• Active involvement in defining the appropriate skills, education, experience etc of the insurance sales staff and development of the training curriculum to optimize sales/ service achievement

Marketing and Brand Management

• ·Work with product managers to identify market growth/ cross-sell opportunities to increase product holdings and improved revenues
• Initiate, execute and manage marketing programmes and retention strategies in line with business objectives (premiums, commissions, product type, number of policies)
• Ensure brand compliance for all above and below-the-line communication according to local/ global standards for SCB and relevant Insurance Partner.

BIU and Market Intelligence

• ·Active analysis and review of all customer bases to understand customer profiles, behavioural and lifestyle traits (including product holding mix, revenue contribution, behavioural/ lifestyle analytics) to identify opportunities for increasing customers’ insurance wallet share (total value)
• Keeping abreast of market competition, industry practices and best practices to constantly improve on overall business performance

People Management

• Responsible for supervising appropriate team member in addition to managing internal key relationships
• Building/ managing necessary bench-strength to achieve business targets

Compliance

• Will be responsible for any necessary reporting as required by local country insurance authorities and regulators. Line managers, Retail Banking heads and Group Bancassurance must be informed of all external communications to regulators

Our Ideal Candidate

• Relevant experience working in the Insurance industry( 5years or more strongly preferred)
• Excellent knowledge of insurance products and processes, regulatory requirements as well as ability to manage P&L to drive business performance and revenues.
• Good interpersonal and management skills
• Good understanding of customer segmentation and needs as well as an in-depth knowledge of distribution channel strategies in a bank or similar organisation
• Preferable degree holder with relevant insurance certification

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