Bancassurance Manager
Lets Write Africa’s Story Together!
Old Mutual is a firm believer in the African opportunity and our diverse talent reflects this.
Job Description
JOB PURPOSE
The Bancassurance Manager is responsible for managing and developing the bancassurance channel in partnership with banks, Saccos & Micro Finance Institutions to drive life insurance sales. The role involves building strong relationships with bank partners, training bank staff, driving sales performance, and ensuring compliance with regulatory requirements
PRINCIPAL ACCOUNTABILITIES.
Business Development & Sales Growth:
- Develop and implement sales strategies to increase life insurance penetration through the bancassurance channel.
- Achieve sales targets by working closely with bank branches and relationship managers.
- Identify new business opportunities and drive cross-selling and upselling initiatives.
- Spearhead product co creation with bank partners.
- Proposing and implementing value propositions to retain and grow revenues and Bank channel relationships
2. Relationship Management:
- Build and maintain strong partnerships with bank leadership, branch managers, and frontline staff.
- Conduct regular meetings and engagement activities to strengthen collaboration.
3. Training & Development:
- Train and equip bank staff with product knowledge, sales techniques, and regulatory guidelines.
- Organize workshops and refresher courses to enhance the productivity of bank employees.
4. Operational & Compliance Management:
- Ensure smooth operational processes for policy issuance, premium collection, and customer service.
- Ensure adherence to regulatory requirements and company policies in bancassurance operations.
5. Performance Monitoring & Reporting:
- Track sales performance, analyze trends, and prepare reports for management.
- Provide feedback and recommendations to improve product offerings and sales strategies.
SKILLS, KNOWLEDGE & COMPETENCIES
- Deep understanding of life insurance products & distribution models.
- Strong negotiation, relationship-building, and communication skills.
- Strategic thinker with a results-driven approach.
- Ability to work collaboratively across teams and manage multiple projects simultaneously.
QUALIFICATIONS & EXPERIENCE
- Bachelor’s degree in insurance, Marketing Finance, Business, or a related field.
- Diploma in Insurance / LOMA/CII.
- 5-7 years of experience in bancassurance, insurance sales, or financial services, with at least 2 years in a leadership role.
- Proven track record of driving revenue growth through strategic partnerships
- Experience in insurance digital sales and partnerships is an added advantage.
KEY PERFORMANCE INDICATORS
- Achievement of sales targets.
- Activation and productivity of bank branches.
- Number of supporting banks, MFI’s and Sacco’s.
- Customer satisfaction and retention.
- Compliance with regulatory and operational standards.
KEY ATTRIBUTES
- Strong relationship management and negotiation skills.
- Excellent sales and business development acumen.
- Good understanding of life insurance products and regulatory guidelines.
- Strong communication and training abilities.
- Ability to analyse sales data and drive performance improvements.
Supports business development strategy implementation by investigating key strategic priorities, developing a suitable response and ensuring that an appropriate solution is effectively implemented.
Responsibilities
Business Development
Monitor and assess sales and market data for a specific geographic region and produce reports that will assist management in formulating strategy and identifying areas in the market where business can be developed.
Customer Relationship Development / Prospecting
Develop and implement a relationship management plan for potential customer accounts to identify and build relationships with relevant decision-makers and influencers within the customer organization and to enable effective two-way flow of information and resolution of issues.
Customer Needs Clarification
Set clear objectives for each sales call or meeting; tailor standard materials to make presentations to decision-makers and influencers within the customer organization; and ask relevant questions to gather information, to evaluate the customer’s level of interest, and to identify and respond to areas requiring further information or explanation.
Sales Opportunities Creation
Develop a personal network within the sales territory and represent the organization at trade shows and other events to identify sales opportunities, promote the organization, and enhance its reputation.
Sell Customer Propositions
Use personal expertise to identify the complex standard products and/or services offered by the organization that meet the customer’s needs, together with quantities and product configurations. Present these to the customer with a clear rationale and at standard commercial terms, referring to senior colleagues where necessary to ask for concessions (e.g., price reduction) that gain the customer’s agreement.
Promoting Customer Focus
Assist with the development of internal communications and work collaboratively with colleagues to build strong external customer relationships and meet customer needs.
Customer Relationship Management / Account Management
Develop and implement a relationship management plan for existing customer accounts to identify and build relationships with relevant decision-makers and influencers within the customer organization and to enable effective two-way flow of information and resolution of issues. Collect feedback from identified customers or customer segments to ensure their needs are met, providing themes, summary analyses, and recommendations for changes based on customer input.
Customer Relationship Management (CRM) Data
Monitor team members’ use of the CRM system, identifying and resolving standard issues and escalating them to a senior manager as appropriate.
Operational Compliance
Identify, within the team, instances of noncompliance with the organization’s policies and procedures and/or relevant regulatory codes and codes of conduct, reporting these instances and escalating issues as appropriate.
Personal Capability Building
Develop own capabilities by participating in assessment and development planning activities as well as formal and informal training and coaching; gain or maintain external professional accreditation, where relevant, to improve performance and fulfill personal potential. Maintain an understanding of relevant technology, external regulation, and industry best practices through ongoing education, attending conferences, and reading specialist media.
Skills
Building Trust, Client Needs Assessments, Consultative Selling, Customer Complaint Management, Customer-Focused, Customer Service, Customer Understanding, Customer Value Proposition Development, Direct Selling, Identifying Customer Needs, Identifying Sales Opportunities, Sales Data Management, Sales Software, Strengthening Customer Relationships
