Bancassurance Operations Officer
Principal Officer, Bancassurance
Head Office
The job holder will be responsible
for the preparation of timely and accurate reconciliations, financial reports
and credit control and administrative tasks, and safe keeping of records at the
intermediary.
Responsibilities
- Business
growth (commission income) as well as customer growth and retention.
- Credit
control resulting in a quality premium book.
- Quality
of service in customer engagement.
- Risk
management in the sales cycle and in all business transactions
Qualifications
Business Operations 
- Receipting of premiums received and allocating them
to the relevant clients.
- Generating payment schedules and preparing payment
memos to underwriters within agreed SLAs.
- Updating financial records and schedules daily and
resolving any identified discrepancies.
- Updating commission schedules on the Bancassurance
software and making up follow-ups with underwriters for timely payment of
the same.
- Preparing periodical business performance reports
for performance tracking and timely decision-making.
- Preparing monthly financial reports and/or incidental
business reports on or before the 5th day of every month and assisting
with year-end audits and other reviews (compliance assessments etc) by
providing relevant schedules and documents.
- Generating and sharing client statements and
resolving any disputes raised.
- Credit control resulting in a quality premium book.
- Provide recommendations for improving procedures and
systems for initiating corrective actions.
- Regulatory reporting- preparing statements of
business for filing with the Insurance Regulatory Authority within the set
statutory deadlines.
- Maintaining a comprehensive filing system for all
financial records and documents, including relevant backups of the same.
- Maintaining a postdated cheque register and ensure,
banking of cheques held is done on the due date.
- Following up on IPF premium refunds from
underwriters to ensure timely payments are made.
- Prepare purchase requisition forms for various
departmental needs and to ensure that the goods/services delivered meet
the specifications provided at the point of requisition.
- Track and monitor expenses incurred by the business
and recommend cost-efficient business practices that may positively impact
operational efficiency.
Superior Customer Service
- To communicate and liaise with clients, vendors, and
branches and assist in handling finance-related communications.
- Ensure high-end customer service and all queries are
attended to as per the stipulated TAT & SLA.
- Offering superior service in customer engagements.
Risk and Compliance
- Ensure compliance with both external and internal
regulatory requirements and the approved Policy and Procedures Manual,
Insurance Act (Cap 487), Insurance (Bancassurance) Regulations, 2020, and
all other governing laws and regulations.
- Assist in identifying risks facing the business and
recommend remedial actions that can be undertaken to mitigate the risks.
- Benchmarking with best practices and providing
recommendations for improving procedures and systems for initiating
corrective actions.
- Act as the risk champion in the department and
update risk registers, business impact assessments and continuity plans.
- Any other duty as assigned by the supervisor from
time to time.
Required Qualifications.
- University degree preferably in a
business/finance-related field.
- Certificate Of Proficiency in insurance or good
advancement in ACII or AIIK.
- A Master’s degree and/or accounting certification is
an added advantage.
- Minimum of 2 years experience in a Bancassurance
intermediary or busy insurance brokerage firm.
- Numerical Skills with Proficiency in use of
Microsoft Excel.
- Experience with customer management,
insurance/banking operations, and relationship management
How to Apply
