Absa Bank Limited (Absa) is a wholly owned subsidiary of Barclays Africa Group Limited. Absa offers personal and business banking, credit cards, corporate and investment banking, wealth and investment management as well as bancassurance. Barclays Africa Group Limited is 62.3% owned by Barclays Bank PLC and is listed on the JSE Limited. The Group is one of Africa’s major financial services providers offering personal and business banking, credit cards, corporate and investment banking, wealth and investment management as well as bancassurance. The Group was formed through combining Absa Group Limited and Barclays’ African operations on 31 July 2013. Reflecting the enlarged group’s pan-African focus, the Group’s name changed from Absa Group Limited, to Barclays Africa Group Limited on 2 August 2013.
Job Summary
The Head of Bancassurance Business will plan, manage, lead and direct the business focus on the distribution of all Insurance products across all banking channel partners to achieve business, revenue and profit targets. The post holder will report to the Managing Director and will be based at the Head Office in Nairobi.
Job Description
Accountability: Strategy and Planning
- Accountable for managing, leading and directing the Bancassurance business strategy on the distribution of all insurance products across all banking channel partners to achieve business, revenue and profit targets.
- 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 partners.
- Have thorough understanding of business dynamics across the business to leverage on multiple product and services needs of Banks customers to better position insurance as a key part of a truly valuable customer proposition.
- Align with Africa Head of Bancassurance to develop and implement a country wide insurance product strategy for profitable growth.
Accountability: Financial and Performance Management
- Accountable for revenue generation targets through designing appropriate new business acquisition and retentions strategies
- Accountable for Channel performance
- Active management of overall Bancassurance P&L by driving acceptable Loss Ratios and Business Mix
- Accountable for debt management by maintaining acceptable debtors’ ratio
- Active management of relationships with all Bank partners to ensure smooth running of the distribution channels in delivering targets.
- Monthly reporting of Bancassurance financials to Exco
Accountability: Product Development/Operational Efficiency
- Active involvement in identifying customer value propositions/products needs for all customer bases across the various segments.
- Ability to follow through the Group product development/improvement policies and by liaising with the country product development committee.
- Monitoring operational activities to ensure that they are complaint with Local regulations, Absa Group policies and procedures
- Oversee the operational aspects of Bancassurance business at the branch i.e. underwriting, claims, finance and customer service as well as preparation of quotations, negotiating terms for customers and closing sales.
Accountability: Sales and Developing a Winning Team
- Act as the liaison manager with all Banks on all insurance matters
- Determine, agree and monitor achievement of sales and service KPIs (including the appropriate number of staffs for each location of sales and service targets) within the Bancassurance Channel
- Recruit new banks, micro-finance institutions and Saccos having potential of being productive Bancassurance partners.
- 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
- Actively identify market growth strategies including up-sell, embedded products, cross-sell opportunities to increase revenues
- Initiate, execute and manage marketing programmes and retention strategies in line with business objectives (premiums, commissions, product type, and number of policies)
Accountability: Market Intelligence
- Active analysis and review of all customer bases to understand customer profiles, behavioural and lifestyle traits 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.
- Accountability: People Management & Compliance
- Responsible for supervising appropriate team member in addition to managing internal key relationships
- Motivate staff and ensure they are recognized through the Company’s recognition standards.
- Ensure appropriate operational procedures in place to uphold and monitor activities to ensure compliance with Absa policies and standards.
Education
Bachelors Degree and Professional Qualifications: Insurance and Risk Management (Required)
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