The primary purpose of this role is to grow the medical insurance book through the expansion of the bancassurance channel. This involves the recruitment of Bancassurance Sales Officers (BSOs) and establishing partnerships with new banks through strategic relationship management, negotiating binders, and managing financing models.
Principal Accountabilities
Revenue Growth and Profitability
- Drive revenue growth by optimizing existing partnerships and establishing new strategic alliances with banking institutions.
- Develop and execute the bancassurance channel strategy aligned with overall business objectives.
- Recruit dedicated Bancassurance Sales Officers (BSOs) to drive product penetration, customer acquisition, and revenue growth with banking institutions.
- Track performance for BSOs to ensure consistent meeting and exceeding of sales targets.
- Design and implement initiatives to expand bancassurance, including new products, distribution models, and digital capabilities.
- Take full responsibility for managing tender requests from the channel and the quotation process, ensuring turnaround times (TATs) are consistently met to establish and maintain a healthy pipeline.
- Leverage data analytics to generate insights and drive uptake of relevant insurance solutions.
- Oversee effective lead generation, conversion, and customer onboarding processes.
- Provide ease of doing business tools for retail and SME products to empower bancassurance officers to quote and bind business in the field with minimal reference to Pacis in line with underwriting guidelines.
- Liaise with the credit control team to provide statements on a monthly basis and ensure adherence to the credit policy.
- Manage agreements with intermediaries and ensure consistent compliance by all parties.
- Develop and execute marketing campaigns to promote insurance products through bancassurance.
- Use strong negotiation skills to ensure that appropriate targets, pricing, and margins are secured for all business development opportunities.
- Collaborating with Management on topline goals, planning, forecasting, and maintaining short and long-term business development plans in line with the medical business strategy.
- Prepare monthly and weekly business development reports detailing initiatives, performance, and other related projects/activities.
- Ensure compliance with regulatory requirements, industry standards, and TCF principles while providing leadership and fostering a high-performance, innovative team culture.
Relationship Management
- Continuously monitor the outpatient fund and maintain professional relationships through networking with banking institutions.
- Host regular and relevant functions to seek opportunities to develop strong relationships and business bonds.
- Share submissions and hit ratios on a quarterly basis to make stakeholders aware of positive or negative trends.
- Implement a structured intermediary visit plan and maintain regular visit reports to track engagement, opportunities, and outcomes.
- Develop and execute a structured training plan for banking institutions to enhance product knowledge, sales capability, and overall performance.
Market Intelligence
- Collect market intelligence through research by reading articles, publications, internet, and networking to keep abreast of market developments.
- Assess market opportunities with respect to competitor sales sources by remaining in touch with market forces and influences.
Qualifications and Experience
- Minimum Academic Qualification: Bachelor’s degree in a Business-related course (Insurance Option, Marketing, Business administration and Finance) or equivalent from a recognized university.
- Professional Qualifications: Professional qualification - AIIK, ACII.
- Experience: Five (5) years of Insurance experience with at least two (2) years in medical sales within the bancassurance sector.
- Knowledge: Deep understanding of the insurance industry.
How to Apply
Interested and qualified? Go to PACIS Insurance on www.pacisinsurance.com to apply.
