Bancassurance Commercial Manager

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Job Summary

• Drive insurance income targets by product with the Sales network and other stakeholders.
• Manages and provides oversight of all end to end insurances processes relating in the bank
• Comply with the insurance industry requirements as per the act or legislation
• Prepare Weekly, Monthly, and Annual Mis for the Head of Bancassurance &Wealth
• Achieve annual sales targets as cascaded from the Head of Bancassurance & Wealth
• Day to day monitoring of sales progress towards achieving targets daily, weekly, and monthly

·       Budget accountability:

• -Achieving annual product volume sales targets as cascaded from the Head of Bancassurance & Wealth
• -Day to day monitoring of progress towards achieving targets is done monthly.
• -Regularly communicate the sales growth vision & direction to all team (Tele Sales Agents) and other stakeholders
• -Run virtual sales operations through the (tele-sales banking agents).
• -Deliver sales for priority propositions across insurance products
• -Implement lead management (CRM integration, lead scoring, SLAs, contact strategies).
• -Set sales playbooks by segment (salary earners, youth) with scripts, rebuttals, and compliance guardrails.

• Complete product research, development, and implementation process, including:
• Engaging all relevant stakeholders
• Building up business cases
• Coordinating local product testing
• Building a detailed local implementation project plan
• Project managing local implementation
• Reporting results
• Monitor local competitor product activity and pricing by conducting bank branch visits. Report findings to the Head of Bancassurance & Wealth at least monthly.
• On a monthly basis, prepare product income analyses by product for presentation to leadership and prepare sales initiatives to ensure adequate
• Provides support to outlets and other functions on insurance issues to deliver excellent customer service
• Interact regularly with internal service providers (e.g. Bancassurance Operations, Lending, KYC Helpdesk) to ensure fast and efficient service to customers (both internal and external customers)
• Receive customer complaints from the customer experience teams and branches and create the responses for all complaints directly related to product issue
• Interface with Bancassurance Operations daily to ensure that there is a broad understanding of the product processing requirements).
• For the retail insurance products, work with the Head of Bancassurance (as custodian of Retail process maps) branch and sales teams (Personal Bankers and Relationship Managers) to ensure that appropriate sales processes are in place
• Support branch and Operations communications to identified customers via Direct Mail and SMS Broadcasts
• Deal with outlets, operations centers to ensure full understanding of the insurance processes & procedures
• Be the main point of contact with all third parties relating to all retail customers’ insurance insurance products
• Take inputs, feedback, and proposals from different team to upsell and right-sell products via digital customer lifecycle management, tele-sales agents and/or directly as & when required
• Build and maintain strong relationships with the business & support teams for driving the sales driven customer obsession agenda within the Bank
• Proactively develop relationships with key external stakeholders and vendors and key clients and external regulatory bodies
• Build and maintain strong stakeholder relationships by working closely with key internal support and control stakeholders (Branches, Product Teams, Sales Team, Business Intelligence, Marketing, Risk, Compliance and Legal
• Act as the escalation point to the Head of Bancassurance for unresolved queries and complaints from the branches.
• Co-ordinate retail insurance product activities
• Support all Bank departments on insurance matters
• Ensure all necessary sales marketing materials are in place, compliant and distributed accordingly
• Interact regularly with internal service providers (e.g., Insurance Operations, KYC Helpdesk, branch network) to ensure fast and efficient service to customers
• Ensure that claims from customers are processed within the agreed standards and time frame
• Report all repudiations, errors, and omissions to the Head of Bancassurance immediately and ensure the raising of discovered risk events timeously
• Support in dispatching all policy documents for insurance products to all customers who have taken out insurance through the bank

• Prepare an accurate insurance summary (register) within a month of portfolio renewal/anniversary for all clients in liaison with other stakeholders e.g. Insurance Operations
• Identify and mitigate potential risks associated with product offerings and partnerships.
• Ensure that all security held by the Bank on lending facilities are adequately insured
• Ensure that the Banks Operational risk are fully insured wherever possible
• Ensure timely identification of potential risks, losses, risk events and timely closure of identifies issues and closure of audit findings
• Monitor adherence to agreed sales processes by conducting regular walk-through audits and checking documentation requirements. Report findings to the Head of Bancassurance & Wealth
• Review and action the UN07 Report as per business requirement ensuring deadlines are adhered to
• Ensure correct adherence to processes and procedures are adhered to by bank functions (e.g Insurance Operations, branch network)
• Ensure all regulatory requirements are met in product development and customer servicing e.g. accounting returns, renewals, informing customers, correct customer onboarding and ensuring compliance to the insurance act, banking act and the FIA act
• Adherence to processes and compliance to Absa policies.

• Together with the Head of Bancassurance & Wealth and Network Heads, identify product training needs or skills gaps and ensure that the local Learning and Development team are made aware of the training needs.
• Source training material for products from areas within Absa Group and from insurance partners. Work with Learning and Development to customize the material for local use.
• Conduct formal training on products as required, directly to salespeople, operations and to Volunteer Trainers for Retail Products training.

• Report writing skills
• Presentation skills
• Attention to detail
• Training skills

• Communication skills (verbal and written)
• Strong analytical and numerical skills for calculation of statistics needed in performance tracking
• Well-developed project management skills
• Good PC skills
• Good interpersonal and networking skills
• Change management skills

• Minimum 5 years work experience.
• Experience in an Insurance industry is an added advantage

• A comprehensive knowledge of Absa Retail products and systems that support them.
• A detailed understanding of product offerings in the wide financial services industry.
• Knowledge of Absa Retail strategy and policies.
• Detailed knowledge of consumer behaviour, marketing techniques and evolving trends.
• A detailed understanding of local industry advisory, regulatory and professional bodies
• Knowledge of market trends and competitive landscapes
• Lead generation, prospecting and closing deals
• Excellent interpersonal and relationship building skills
• Proficiency in conducting market research analyzing industry trends
• Effective communication and presentation skills
• Ability to articulate value propositions and services to potential clients
• Identifying opportunities for growth and expansion
• Ability to influence key decision makers to secure business opportunities and partnerships
• Understanding of insurance underwriting to assess risk and determine appropriate solutions
• Experience in leading and collaborating with cross-functional teams
• Willingness to adapt to evolving and emerging insurance landscape
• Identify innovative approaches to meet market demands and stay ahead of competitors

Education