Head Sales/Marketing - Stanbic IBTC Insurance Brokers at Stanbic IBTC

Position Description

Job purpose
• To grow and develop insurance income in the Bank and deliver profitable revenue streams via the various sectors of the Bank being Corporate, Commercial, SME, Personal and Wealth segments of the Bank by ensuring effective cross sell on insurance products and services across all major product lines.
• Creation of a sales strategy that will deliver the insurance cross sell objectives of the Banking Group and execution of this strategy through engagement with both external and internal stakeholders.
• Expansion of the Bank business, identification of revenue opportunities and harnessing of this revenue streams through the Stanbic IBTC Insurance Brokers sales and support in addition to the generic risk mitigation function

Key responsibilities
• Develops and drives the sales strategy around growing and servicing the insurance broker subsidiary business while ensuring that it is in line with and supports the bank ’s broader strategy
• Has a thorough understanding of the strategic business drivers, opportunities, challenges, needs, competition and threats inherent in the insurance environment
• Views day-to-day decisions, relationships and operations in terms of the bigger picture, keeping the overall/long term strategic objectives of Insurance Brokerage in particular and the Bank in general in mind
• Has insight into market trends, developments and benchmarks within the financial sector, and its implications on the insurance brokerage
• Has a good understanding of both traditional and non-traditional competitors, their drivers, products, strengths, vulnerabilities, market share/client base and the impact that these factors have on the Bank’s value proposition to the client base
• Continuously monitor market trends in the insurance industry, including the regulatory and legal framework, with a view to assessing the possible impact on the insurance brokerage.
• Perform analysis of insurance companies and make recommendations regarding those that can partner with Stanbic IBTC Insurance Brokers
• Establish and maintain key external relationships including establishment of MOU’s and functional agreements and periodic business discussions with insurance underwriting counterparties
• Identify key insurance opportunities outside of the Stanbic IBTC Bank network and across the country and appropriately position Stanbic IBTC Insurance Brokers to capture the business and revenue streams.
• Support insurance sales in the network through awareness, training and a “helpdesk” function for relationship officers and sales consultants in the various business segments
• Embark on key joint calls with other business units across the country where required
• Deliver on sales, insurance cover and revenue targets for Stanbic IBTC Insurance Brokers as agreed with line manager.

Key performance measures

1. Profitability

Achieve Profitability by;
• Ensuring that the right insurance products are offered to cover risk associated with lending to the Bank customers in the CIB, PBB and Wealth sectors.
• Determine annual insurance brokerage income budgets for Stanbic IBTC Insurance Brokers
• Agree targets CE Stanbic IBTC Insurance Brokers
• Achieving budget annual insurance brokerage revenue on cross sell within the network and direct sales outside of the network.
• Reviewing and ensuring renewal of all customer Insurance portfolios or arrangements currently in place through the Bank
• Maximizing the insurance revenue opportunities in conjunction with the various segments eg Collateral, VAF, Trade, Agriculture, Distributor Finance teams as it relates to customer lending.
• Maximize the penetration into Customers own insurance arrangements by harvesting the Banks client base in CIB, PBB and Wealth thereby reducing leakage of potential revenue.

2.  Staff Up skilling and Training
Ensure all staff of the group that are in a position to cross sell insurance products to customers are trained and empowered to do so by;
• Ensuring these group staff have in depth awareness and knowledge of the relevant insurance products and services required for their customers.
• Ensure group staffs have the necessary selling skills to convince customers to take relevant insurance cover.
• Proactively manage and mentor key stakeholders to ensure completion of the insurance sale.

3.  Improve Efficiency and Effectiveness
• Ensure sales, renewal, premium payment, policy issuing and claims processes for all insurance products and services are developed, recorded and adhered to.
• Ensure accurate recording of both insurance direct sale and cross sell revenue and sales per product or service.
• Ensure compliance with local insurance regulations.
• Ensure all policies and products are competitive and remain competitive by conducting ongoing market and competitive analysis.
• Ensure all insurance policies provide cover that is relevant and in line with good local market standard.

4.  Customer Service Quality and Efficiency.    
• Provide a proactive liaison role between Customer, RM and Credit  to get new insurance business onto the books and renew existing policies
• Ensure customer receives all the relevant fulfilment documentation timely.
• Ensure all documentation issued to customers is accurate and professionally managed.
• Ensure customer queries and complaints receive a fast and effective turnaround time.