Purpose for the Job
The job holder will be responsible for the operations of the end-to-end Bancassurance and SME back office and retention, including preparation of timely and accurate reconciliations, financial reports and credit control and administrative tasks, and safe keeping of records between Minet and its bancassurance partners.
Duties and Responsiblities
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.
Preparing Weekly, Monthly, Quarterly and Annual business performance reports for performance tracking and timely decision-making.
Preparing monthly financial reports and/or incidental business reports 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.
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.
Following up on IPF premium refunds from underwriters to ensure timely payments are made.
Prepare purchase requisition forms for various Bank departmental needs and to ensure that the 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.
Ensure high-end customer service and all queries are attended to as per the stipulated TAT & SLA.
Offer superior service in customer engagements.
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 for this unit within the division and update bancassurance & SME risk registers, business impact assessments and continuity plans.
Any other duty as assigned by the supervisor from time to time.
Key Result Areas
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.
Key Competencies
Communication – Speaks clearly and persuasively.
Systematic Reasoning – Recognises and clarifies problems.
Product Knowledge – Fair knowledge and understanding of bancassurance processes.
Quality – Demonstrates accuracy and thoroughness.
Customer Service – Responds promptly to customer needs.
Teamwork – Able to work in a team set up to achieve team commitments with Integrity.
Knowledge And Skills Required
Healthy knowledge of IT solutions and systems.
Numerical skills with proficiency in the use of Microsoft Excel.
Experience with customer management, insurance/banking operations, and relationship management.
Minimum of 5 years' experience in a bancassurance intermediary/ insurance brokerage firm or a busy bank/insurance company.
Professional and Academic Qualifications
A business/finance-related field degree from a recognized university.
Certificate of Proficiency.
Diploma in Insurance (AIIK or ACII).