Summary
Date Posted: Monday, November 04 2024, Base Salary: Not Disclosed

JOB DETAILS:
Job Purpose
· The job holder will be responsible for formulating the strategy for I&M Tanzania Bancassurance proposition and proactively managing the business plans as well as lead and manage planning of annual business targets and achievement of Bancassurance profitability through driving the financial performance of I&M Tanzania.
· Candidate will be responsible for overseeing the Banc assurance business of the bank, business growth as well as the profitability of the bancassurance portfolio through sales and enhancement of its product and services. He/she will be also responsible for identification of Risks associated with bancassurance portfolio of bank and mitigation of the same.
· Candidate will also be also responsible for compliance of all guidelines of the Bank/Bank of Tanzania/Tanzania Insurance Regulatory Authority. Responsible for the operations of the Bancassurance business and be a representative of the bank in all matters of bancassurance business with regulatory authorities

Key area
Responsibilities/Duties/Tasks
Percentage of time
Grow BancAssurance Business
· Visiting corporate customers, branches, and teams nationwide to nurture existing relationships and cultivating new business prospects.
· Regularly engaging with external stakeholders like Insurance Companies, Regulatory Authority, and more for business and customer support matters.
· Developing and communicating the strategic framework for resource allocation and policies across the group's insurance agencies.
· Creating an annual strategic plan for Board consideration, outlining growth directions and policies for the Corporation's profitability.
· Promoting a corporate culture emphasizing ethics, integrity, and social responsibility. Representing the organization at events and conferences as a spokesperson.
· Responsible for the operations of the bancassurance business and be a representative of the bank in all matters of bancassurance business with regulatory authorities.
· Support and monitor the specified persons at branches in coordination with the branch managers.
Coordinate for quotations on various products from insurance companies for leads generated by branch's and various channels

Business Operations Management
· Support the Consumer Banking Management in the constant evaluation and upgrading of all processes to achieve business objectives.
· Reviewing actual performance against strategic and financial plans and taking appropriate action to assist Specified personnel in achieving their objectives.
· Submitting to the Consumer Banking leadership, on an annual basis, a business plan that incorporates a sales plan.
· Tabling Inspection Reports, reporting adverse outcomes by inspectors and action taken.
· Ensuring statutory records are maintained and that returns, which comply with the requirements of the Anti Money Laundering Act, The Banking Act, The Insurance Act and other relevant legislation as amended from time to time, are prepared and submitted.
· Facilitate monthly committee meetings with key strategic partners to ensure that necessary governance and compliance are in place
· Responsible for all Bancassurance partnerships or revenue sharing arrangements and be the designated person to drive the group’s overall bancassurance strategy in Uganda
· Ensuring the brokerage operates in a clean/safe operational and regulatory environment
· Accountability for the attainment of business results and agreed market share growth
· Increased cross-sell and penetration ratios (growth in existing business base) for transactional products

Sales Management and customer experience
· Creates awareness of the Bancassurance solutions within the bank through roadshows and training across all teams to create confidence amongst the teams to use and sell the product.
· Ensure the insurance products are distributed through all the bank channels (Branch, Online etc.) and in line with the strategy of each business area.
· Liaises 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.
· Analyses any product related queries in order to determine its root cause and resolves accordingly.
· Lead and manage the analyses and interpretation of the change in customers’ needs and ensure the insights are used 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.
· Ensures that bank assets covered by the appointed Broker are adequately insured and polices are being renewed timeously.
· Coordinates with the marketing team to ensure that all branches are provided with product brochures and tariff guides.
· Ensure seamless and consistent customer experience levels aligned to group objectives
· Customer satisfaction rating and customer complaints /feedback
· Customer retention (attrition ratios)
· Ensure clearly defined SLAs with third party providers are in place, and that service levels are maintained.

Product Development and Utilization
· Increased product uptake and profitability of the products
· Lead the evaluation of products, solutions and its offerings versus the demands of the market using insights obtained from working with the segments and partnering insurance companies and conducting customer surveys.
· Responsible for all products, product pricing and benefits negotiations with underwriters to develop products to enhance the overall customer value proposition for each segment.
· Lead and influence the annual product pricing reviews by insurers
· Reviews product pricing with the Insurers in order to sign off annual pricing in consultation with Head of Consumer Banking and the products Committee
· Develops, implement and manage processes, procedures and systems to meet business requirements.
· Polices and processes that promote efficient delivery of service
· Efficient stakeholder management- limited number of queries

People Management
· Leading and motivating team members, empowering them for growth through periodic training and development sessions.
· Recruiting and retaining high-performing team members, focusing on talent management and career development.
· Ensuring a positive work environment, overseeing compensation, performance assessment, and leadership development.
· Ensuring self and direct reports complete required learning hours through E-learning, internal, and external training.

Reporting
· Regularly engage with key management members, ensuring timely and comprehensive dissemination of relevant information to maintain their awareness and understanding of ongoing developments.
· Foster open and transparent communication with the management team and relevant committees, consistently sharing risks, issues, and successes pertaining to insurance activities.
· Provide the I&M Group with regular updates on entity performance, market opportunities, and developments impacting the business, as required in various forums.
· Prepare and present board papers when necessary, ensuring clarity and alignment with strategic objectives.
· Take ownership of the Bancassurance policy, ensuring it is consistently updated and fully adheres to established guidelines.
· Able to meet timelines in submission of reports and any other reports as required to be submitted.

Skills, Knowledge and Abilities
· Working knowledge of insurance legislation and regulations.
· Excellent communication and interpersonal skills
· Strong strategic and analytical thinking skills.
· Strong leadership skills
· Executive disposition
· Demonstrate high levels of integrity

Academic / Professional Qualifications
Academic Qualifications
· Bachelor’s degree in Business Management, Insurance, marketing, economics, accounting, finance or any other related field from a recognized institution.
· A Master’s degree or additional qualifications in Insurance, Risk Management, or an MBA can be an added advantage.

Professional Qualifications
· Member of a relevant professional body
· Professional certifications such as ACII (Associate of the Chartered Insurance Institute), CIP (Certified Insurance Professional), or LOMA (Life Office Management Association) are preferred.
· Certificate of proficiency in Insurance from recognized college or Institution
Working Experience Required
· 5–10 years of experience in the financial services industry, particularly in insurance or bancassurance.
· Proven track record in insurance product development, sales, or distribution, preferably within the banking sector.
· Experience in managing partnerships between banks and insurance companies, including vendor management and strategic alliances.

Work Hours: 8

Experience in Months: 60

Level of Education: Bachelor Degree

Job application procedure
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