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The Business Development Manager –Insurance is responsible for assisting the Head of Insurance in insurance business development and overall business oversight. The role will be focused on New Business generation, portfolio growth, Relationship Management, Cross-selling, customer service duties, etc
Main accountabilities and approximate time split
Business Development/Management:
· Administration
o -Ensure all regulatory requirements are met dealing with the Registrar of Insurance
o -Co-ordinate all Bancassurance activities conducted within Barclays
o -Support all Bank departments on insurance matters
o -Prepare management information as required
o -Provides guidance and training to bank staff on insurance matters
o -The main link between the Bank and insurance service providers underwriters/brokers
o -Manage end to end insurances processes
o -Comply with the insurance industry requirements as per the act or legislation
o Active management of relationships with all insurance partners to ensure smooth running of the distribution channels in delivering targets for the country.
o Monthly reporting of bancassurance financials including, but not limited to, commission reconciliation, financial projections, P&L monitoring, marketing allowance activities, etc
o Active involvement in defining the appropriate skills, education, experience etc of the insurance sales staff & development of the training curriculum to optimize sales / service achievement.
o Active analysis and review of all customer bases to understand customer profiles, behavioral & lifestyle traits (including product holding mix, revenue contribution, behavioral / lifestyle analytics) to identify opportunities for increasing customers’ insurance wallet share (total value).
· Budget accountability:
o Accountable for achieving annual income targets as cascaded from the Country Head of Insurance
o Monitoring of progress towards achieving targets is done on a monthly basis.
o Active involvement and accountability for making purchase/ refund business decisions within set limits
o Establish relationships with key clients or business influencers in the local area
o Execute an overall Business Plan covering all insurance activities across the business based on business targets in alignment with Insurance Partners.
o Active management of overall Insurance P&L through establishing close working relationships across businesses and Product / Marketing Manager to deliver customer, business, revenue and profit targets for the country by driving insurance products activities across channels and segments.
o Active involvement in identifying insurance product needs for all customer bases across businesses with product managers and segment managers together with appropriate Insurance Partner to meet customer needs and product gaps in total product / service offering.
Rigor/compliance:
· Ensure all regulatory requirements are met e.g. renewals, informing and ensuring compliance to the insurance act
· Ensure that all security held by the Bank on lending facilities are adequately insured
· Ensuring staff dealing with insurance adequately trained
· Ensuring claims process is followed and adhered to by both staff and insurances partners or service providers
· Visits to outlets to ensure correct adherence to processes and procedures
· Timely communication of all changes relating to insurance activities or requirements
· Responsible for all audit matters on insurance
People management:
20%:
· Working with Head of Insurance to agree business direction and ways of conducting insurance business
· Working with compliance team to ensure all regulatory matters are adhered to
· Dealing with outlets ,operations centre to ensure full understanding of the insurance process & procedures
· Assist Head of Insurance in being main point of contact with all third parties relating to insurance
· Assist Head of Insurance in managing all stakeholders internal & external relating to insurance business
· Providing support and training on insurance matters
· Ensure that branch staff own and manage customer queries and complaints by taking ownership and resolving in a timely manner. Act as the escalation point for their unresolved queries and complaints.
· Motivate staff and ensure they are recognized through the Barclays Africa recognition schemes.
· Assist the Head of Insurance in creating an empowering environment for branch managers & staff, encouraging individual ownership and initiative.
Customer Service
· Provides support to outlets and other functions on insurance issues.
· Interact regularly with internal service providers (e.g. Operations, KYC Helpdesk) to ensure fast and efficient service to customers (both internal and external customers)
Technical skills / Competencies
Extreme Importance
· Deciding and Initiating Action
· Achieving Personal Work Goals and Objectives
· Delivering Results and Meeting Customer Expectations
· Planning and Organising
· Persuading and Influencing
· Relating and Networking
High Importance
· Leading and Supervising
· Coping with Pressure and Setbacks
· Following Instructions and Procedures
· Creating and Innovating
· Applying Expertise and Technology
· Adhering to Principles and Values
· Working with People
Moderate Importance
· Presenting and Communicating Information
· Analyzing
· Writing and Reporting
Baseline Importance
· Learning and Researching
· Entrepreneurial and Commercial Thinking
· Adapting and Responding to Change
· Formulating Strategies and Concepts
Knowledge, Expertise and Experience & Qualifications
· Have thorough understanding of business dynamics across the business to leverage on multiple product / service needs of Bank customers to better position Insurance as a key part of a truly valuable customer proposition / offer.
· A Business related Degree from a recognized university.
· Professional qualification in Insurance Studies.
· At least 3 years of work at management level in the insurance industry or related industry.
· Excellent knowledge of Insurance products and processes.
· Proven track record of Short-term insurance sales.
· Experience of a similar nature in the banking industry will be an added advantage.
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