Job Description
Business, Function and Product Leadership
- Development of Vision, Mission and Future Strategy of the business area
- Implementing the overall objectives, philosophies, policies and budgets approved by EXCO and ensuring immediate subordinates comply with them.
- 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 senior 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 quarterly steering 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
- Effective Human Resource Management.
- To achieve agreed TCF deliverables in terms of specific business areas and role levels: Be fair; Meet the need; Communicate; The right fit; Your word, your honour; Make it easy
Measures:
- Accountability for the attainment of business results and agreed market share growth
- Total Profitability of the bancassurance area/brokerage measured by contribution
- Total Growth in new business
- Increased cross-sell and penetration ratios (growth in existing business base) for transactional products
- Low or no customer complaints
- Stakeholder engagement (Consumer Banking, Credit, Operations, Finance, Branches etc)
Product 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.
- 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, 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.
- 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 Products and the pricing committee.
- 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.
- Develops, implement and manage processes, procedures and systems to meet business requirements.
- Ensure seamless and consistent customer experience levels aligned to group objectives
Measures:
- Increased product uptake and profitability of the products
- Polices and processesthat promote efficient delivery of service
- Efficient stakeholder management- limited number of queries
- Pay out correct claims on time
- 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.
