Business Development Executive - SIIBL (North - Central) at Stanbic IBTC

Job ID: 28613
Location: Abuja
Job Sector: Financial Services

Job Purpose

• To grow and develop insurance income for SIIB and deliver profitable revenue streams from within and outside of the Stanbic IBTC Group.
• Ensure effective cross sell of insurance products and services across all major product lines.
• Execution of the regional sales strategy to achieve all revenue goals and targets through engagement with both external and internal stakeholders.
• Expansion of the Stanbic IBTC Group business through identification of revenue opportunities and harnessing of this revenue streams.

Key Responsibilities/Accountabilities
Achieve monthly sales target of Insurance brokerage commission:

• Achieve and surpass assigned monthly Insurance brokerage commission target
• Achieve and surpass assigned monthly/yearly insurance policy target
• Achieve and surpass assigned new customer acquisition for both personal and business lines
• Identify, initiate and convert leads for SIIBL
• Grow SIIBL wallet share of customer’s insurance portfolio by harnessing and upselling insurance products.
• Provide advice to corporate clients on managing and transferring risk using insurance solutions
• Ensure penetration into Customers own insurance arrangements by harvesting the Banks client base in CIB, PBB and Wealth thereby reducing leakage of potential revenue.
• Operate within the NAICOM guidelines and framework so as to avoid sanctions or infractions to the Company.
• Make physical / telephone calls / e-mails to clients for customer interactions
• Organize and facilitate Interactive sessions
• Effectively communicate and follow through, with client requests to Technical Operations /support units
• Maintain and update comprehensive customer database.
• Ensure Client Control files are maintained for all Corporate customers
• Consistently identify value to our customers by leveraging the various resources within the group
• Grow SIIBL’s share of mind among clients/ organizations in assigned institutions
• Proffer possible strategies/ways to improve sales and relating to customers.
• Identify key insurance opportunities outside of the Stanbic IBTC Bank network and across the country and appropriately position SIIBL to capture the business and revenue streams
• Grow the SIIB business within the region through regular engagement with prospective clients within and outside of the Group.

Customer Service Quality and Efficiency:

• Ensure sales, renewal, premium payment, policy issuing and claims processes for all insurance products and services are adhered to.
• Ensure accurate recording of both insurance direct sale and cross sell revenue and sales per product or service.
• Provide excellent service to existing policy holders and ensure clients are notified before insurance policies expires
• Ensure all policies and products are competitive and remain competitive by conducting ongoing market and competitive analysis

Ensure Legislative Compliance and SIBTC standards:

• Operate within the NAICOM guidelines and framework so as to avoid sanctions or infractions to the Company
• Educate and enlighten clients employers about the dynamics of the Insurance industry
• 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

Internal Relationships:

• Maintain close contact with all internal stakeholders within Wealth – Benefit Administration, Administration, Contribution & Collections, Investment Management, Information Technology, Client Services, Client Experience, SIIB, SIAML, SITL and across all segments and leverage off their deals that might have insurance content.

External Relationships:

• Liaise with Regulator on product development
• Maintain continuous discussion with external counterparties specifically insurance companies where required.

Preferred Qualification and Experience

• Minimum of a first degree in General Social Science/Marketing
• A relevant Masters degree or professional qualifications will be an added advantage
• Minimum of 3 - 5 years  experience with exposure in business development, sales and relationship management, sale of insurance products in an insurance company

Knowledge/Technical Skills/Expertise
Insurance Technical Competencies:

• Understanding of the basic principles of insurance including good faith, insurable interest, indemnity, contribution, subrogation and proximate cause.
• Knowledge and understanding of the range of insurance products and services available in the market and how that can be used to meet clients needs.
• 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.

Effective Business Communication:

• The ability to communicate information and ideas in a clear and concise manner appropriate for the audience in order to explain, persuade, convince and influence others to achieve the desired outcomes..

Presentation Skills:

• The ability to communicate and deliver information verbally in a clear, concise and comprehensive manner to other people, using appropriate props and tools.

Compliance (KYC etc):

• Knowledge and practical application of the requirements for KYC Compliance including the determination of beneficial ownership in complex client corporate structures.,
• The ability to interpret regulations and laws that apply to the business and to provide information to business on how to comply e.g. Insurance Act 2003.

Brand Management:

• The ability to use marketing techniques to increase the perceived value of the organisation over time and build customer loyalty through positive brand awareness.

Customer Understanding:

• The ability to analyse customer needs by engaging with them, analysing their business objectives and their financial position.