Head, Technical Operations at Stanbic IBTC

Job ID: 29576
Location: Lagos Island
Job Sector: Banking

Job Purpose

• Responsible for the staff under technical operation department and ensure that all policies and claims are executed in line with service level agreement  and co-ordinate technical operations for efficient service delivery, retention of clients, and growth of the company’s client portfolio.
• To build distinctive capabilities in the core insurance functions of Claims and Underwriting and provide requisite expertise in these two areas in furtherance of the Company’s corporate aspirations and strategic objectives.

Key Responsibilities

• Manage team of Underwriting Analysts and Associates
• Responsible for overall management of technical operations team which includes setting strategic direction and objectives for the department.
• Lead and drive the formulation of group-wide underwriting policies and enforcement of their implementation for advancing group objectives
• Evaluate performance of direct reports for compliance with established underwriting policies and objectives of the company and contributions in attaining objectives.
• Ensure that all premium due to underwriter are remitted in line with regulatory guide line.
• Maintain company standards across the technical units for the  achievement of corporate objectives

Manage the Claim management Team:

• Oversee the claims function which includes providing strategic insight into regulatory issues which impact the Claims operation, review of claims process and output for adherence to any legal requirements and oversight of claims function.
• Management of the claims quality assurance and quality control functions, by providing leadership and direction to all aspects of the quality effort including, but not limited to, regulatory compliance, departmental procedures and customer service.
• Management of the Claims Training functions and team, including new employee training, compliance and best practices training.
• Management of the Claims Department operational compliance functions, which includes ensuring all operational compliance with regulatory, review and implementation of regulatory changes impacting the Claims Department.

Monitor industry, market statistics and competitor trends in order to ensure strategic plans on market share are achieved:

• To play a supportive role in the development of the business, working closely with the Branch Manager & the Business Development team and help the organisation to tap the ever-unfolding opportunities.
• Provide adequate technical support for business development and marketing team in order to achieve company objectives
• Provide strategic packaging of policies and technical support for the continuous generation of new business; make annual business growth projections for the technical unit in line with economic realities

Oversee Regulatory, Audit and Compliance:

• Adhere to all NAICOM reports, monthly and quarterly reports
• Establish business Claims and Underwriting framework in compliance with international standards and principles
• Ensure compliance with regulatory guidelines
• Ensure services are delivered to key clients based on Service Level Agreements: and that priority is given to transactions and/or related matters concerning all partners

External & Internal Relationships
Stanbic IBTC Bank Plc and subsidiaries Policy and claim management:

• Nature of relationship: Provide a service to them
• Sphere of influence: Impact the whole Group
• Description or examples: Built sound relationship with products owners, key personnel within the Stanbic IBTC Group

Insurance Companies:

• Nature of relationship: Influence industry norms
• Description or examples: Build and maintain sound working relationship with the approved insurance companies

Preferred Qualification and Experience

• First Degree in Business/Social Sciences/Insurance
• Masters Degree in Finance and Accounting
• Associate Chartered Insurance Institute of Nigeria (ACIIN)
• 7 to 10 years experience in risk management and insurance brokerage /insurance company

Knowledge/Technical Skills/Expertise:

• Insurance products and services
• Competency Description: Knowledge and understanding of the range of insurance products and services available in the market and how that can be used to meet client’s needs.

Insurance Risk Management:

• Competency Description: Knowledge and understanding of the factors that affect the performance of an underwriting portfolio and how risk exposure can be monitored and controlled.
• Understanding of the basic principles of insurance including good faith, insurable interest, indemnity, contribution, subrogation and proximate cause.

Insurance Operations and Processing:

• Competency Description: Knowledge and understanding of the process to determine risk premiums payable and Knowledge and understanding of how claims are managed.

Underwriting Process:

• Competency Description: Knowledge and understanding of the organisation's underwriting processes and procedures which is needed for new risks, alteration, renewals and cancellations to be processed in an accurate and timely manner.

Insurance Customer:

• Competency Description: The ability to assess if a customer qualifies to receive the services applied for, based on established parameters and criteria.

Risk Perception and Assessment:

• Competency Description: Knowledge and understanding of the information gathering process, the factors that affect the accepting and underwriting of risks and how these are applied on a day-to-day basis.