The Head and Principal Officer of Stanbic Insurance Agency is responsible for providing strategic leadership to Stanbic Insurance Agency (SIAL) as a subsidiary of Stanbic Bank Kenya as the Chief Executive. The role holder will ensure that the entity grows and is positioned as a major provider of insurance products and related services within the Kenyan Financial Services Industry.
To deliver valuable insurance solutions for the client via all key platforms including digital platforms as far as possible and in a seamless universal financial services proposition. To manage and grow the profitability of the insurance portfolio, through analysis and enhancement of its products and services and to increase the penetration of the insurance solutions into the bank customer base
In addition, the role holder is responsible for aligning to the overall Group Insurance business strategy and implementing and managing strategic partnerships to drive the growth of the opportunities in the market.
Key Responsibilities/Accountabilities
Development of Vision, Mission and Future Strategy of the subsidiary – SIAL
Implementing the overall objectives, philosophies, policies and budgets approved by the Stanbic Bank and Stanbic Holdings Board and ensuring immediate subordinates comply with them
Accountable for the budgeted profit and cost to income ratio’s within each of the departments and the division as a whole
Support Divisional Management Team in the constant evaluation and upgrading of all processes to achieve Stanbic Insurance Agency objectives
Develops, Implements and manage strategies to increase sales and to ensure that sales are in line with / exceed budget
Monitors product performance reports from the MI team and come up with actions to improve sales. These should be shared with the segment heads to cascade to their teams for execution
Responsible for all products, product pricing and benefits negotiations with underwriters to develop products to enhance the overall customer value proposition for each segment
Ensure seamless and consistent customer experience levels aligned to group objectives
Reviewing actual performance against strategic and financial plans and taking appropriate action to assist senior personnel in achieving their objectives
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
Ensure the insurance products are distributed through all the bank channels (Branch, CCC, Online etc.) and in line with the strategic of each business area (Personal, Enterprise Direct, Commercial & CIB)
Ensure the insurance products are distributed through all the bank channels (Branch, CCC, Online etc.) and in line with the strategic of each business area (Personal, Enterprise Direct, Commercial & CIB)
Owns and initiate marketing programmes to ensure awareness of and drive the volume of products
Submitting to the Head of Wealth on an annual basis a business plan that incorporates a sales plan
Tabling Audit and Risk Review Reports, reporting & resolving adverse findings and action taken
Ensuring statutory records are maintained and that returns, which comply with the requirements of the Proceeds of Crime and Anti Money
Laundering Act, The Banking Act (Cap 488), The Anti-Corruption & Economic Crimes Act, The Insurance Act (Cap 487) and other relevant legislation as amended from time to time, are prepared and submitted
Developing and continuously reviewing integrated financial and management information systems designed to assist all levels of management throughout Stanbic Insurance Agency in planning and controlling their operations in relation to objectives
Ensuring procedures, systems and reports are developed, defined and continuously reviewed to facilitate decision-making
Facilitate a quarterly board meeting and ensure that necessary governance and compliance.
Responsible for submission of statutory returns as required
Responsible for all insurance joint venture arrangements and be the designated person to drive the group’s overall insurance strategy in Kenya
Ensuring the agency operates in a clean/safe operational and regulatory environment
Ensures full compliance to the legislative requirements for the Bancassurance operation and each product through the provision of guidelines and process and reviewing audit results.
KEY PERFORMANCE MEASURES
Accountability for the attainment of SIAL results and agreed market share growth
Total Profitability of SIAL measured by contribution
Total Growth in new business
Increased cross-sell penetration ratios (growth in existing business base) for various product
Operational efficiency and ongoing operational improvements to facilitate growth (360 feedback)
Customer satisfaction rating and customer complaints /feedback
Customer retention (attrition ratios)
Increasing market penetration (% negotiated with SIAL Board & Head Insurance Africa) for the Segment
Competence/ skills ratings/audits of staff
Compliance/ Audit report ratings
Stakeholder engagement (Business Banking, Personal Banking, Credit, CIB, etc)
Ensure clearly defined SLA’s with third party providers are in place, and that service levels are maintained.
Behavioural elements – linked to bank values.
KEY DIMENSIONS OF THE JOB
Manages the insurance subsidiary i.e. Stanbic Insurance Agency in the country as the Chief Executive and Principal Officer. Operates across the Business Banking, Personal Banking and CIB propositions to deliver insurance solutions to customer in order to improve the overall Customer Value propositions per segment.
IMPORTANT RELATIONSHIPS
The Head of SIAL takes the lead to drive insurance and establish and promote synergies and integration across Business Units to ensure the efficiencies and economies of scale needed to achieve business objectives and competitive advantage
Leveraging a wide span of relationships, strategic partnerships and alliances across boundaries, functions and silos (Segment, Credit, IT, HR, Finance, Product, Risk and Compliance, Legal, Group Insurance Teams etc.) is fundamental to ensure the delivery of insurance objectives
Is able to forge strong relationships with important customers to support insurance in leveraging this network for growth, credibility, income and positive sentiment.
Is responsible for setting up and managing relationships with third party provider’s specifically insurance companies to ensure the delivery of appropriate products, pricing and efficient services to our customers.
Preferred Qualification and Experience
B.Com/B.Admin or other relevant qualification
Masters or Post-graduate qualification would be a recommendation
Professional insurance qualification would be a recommendation
Banking and Performance Management qualification would be an advantage
Experience
General leadership and management experience within a corporate environment
Control over and responsibility for significant resources that directly affect the future of the business.
An understanding of the interaction between the strategic and operational management of a business within the banking or financial industry.
A minimum of 10 years industry related managerial experience.
Past exposure to retail banking, finance and insurance would be an advantage.
Knowledge/Technical Skills/Expertise
Client Service and Relationship Building
Engenders and personally models a client orientated ethic, which is characterised by long term, solution driven relationships
Ensures portfolio and client account plans are implemented
Problem solving
Thinking is within general policies and objectives under general direction. The incumbent is also required to steer the operationalization of national and provincial business strategies into tactical plans that will optimise performance and profitability within the country.
There is a continuous requirement to critically examine strategic direction to weigh up the impact of strategy on the operational aspects of the business. Understands the interdependencies between people, systems, business and operational risks, as well as products, pricing, place to implement and leverage feasible operating strategies and tactics for increased contribution and profitability.
The role requires considerable investigation and research to analyse, evaluate and formulate best practice and integrated business support platforms.
Planning
The planning horizon is short to medium term in terms of establishing and implementing operational management targets, platforms and best practices for the country that will improve operating practices and performance in both the immediate and distant future. The incumbent has to manage competing and sometimes conflicting interests in order to achieve operational effectiveness, efficiency and profitability. The role is to support the country in harnessing intellectual capital and operational systems to achieve the successful delivery of strategic business objectives.
Decision making
The role holder supports the delivery of business decisions undertaken at Segment and Country Exco levels. The incumbent influences strategic decision making.
Under the general management direction of the Head Wealth Kenya and Head Insurance Africa, the role holder is able to make recommendations, in collaboration with Exco partners, regarding the “how” of tactical growth and retention strategies.
Provides guidance regarding pricing policies and may recommend alternatives to Product/ segment.
Networking/ Influencing skills
Excellent networking abilities – uses networks and relationships to achieve business goals
Ability to influence thinking of others – to introduce and drive new ideas and initiatives
Relationship building skills
Ability to build and sustain credibility within working relationships
Handling of conflict situations calmly, tactfully and patiently
Ability to understand and acknowledge other perspectives
Receptive to constructive criticism, feedback and ideas from business partners, colleagues and subordinates
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