Business Development Officer - Stanbic IBTC Insurance Brokers Limited at Stanbic IBTC

Job Details

Test Division Summary

Job Purpose

• To grow and develop insurance income for SIIBL 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.
• Effective management and supervision of regional sales agents network.

Key Responsibilities/Accountabilities

Financial Outcome: Achieve monthly sales target of Insurance brokerage commission

• Achieve assigned monthly Insurance brokerage commission target
• Achieve assigned monthly/yearly insurance policy target
• Achieve 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 timely engagement and follow up of customer’s insurance renewal of all Insurance portfolios or arrangements.
• Maximize the insurance revenue opportunities in conjunction with the various business segments in Wealth and the Bank

•  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 Underwriting, claims and support units
• Ensure prompt provision of KYC documents to avoid delays in providing insurance cover to clients and refund of premiums received.
• 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 borrowing customers of Stanbic IBTC Bank and appropriately position SIIBL to capture the business and revenue streams
• Grow the SIIBL business within the region through regular engagement with prospective clients within and outside of the Group.
• Views day-to-day decisions, relationships and operations in terms of the bigger picture, keeping the overall/long term strategic objectives of SIIBL and the Group in general in mind
• Have 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
• 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 within the region where required
• On-board, train and supervise sales agents to deliver on monthly premium targets.

Client Focus: Customer Service Quality and Efficiency

• Ensure adherence to set turnaround times with respect to customer relationship management processes.
• Ensure accurate recording of both insurance direct sale and cross sell revenue and sales per product or service.
• 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.

• Provide excellent service to existing policy holders and ensure clients are notified before insurance policies expire

Risk and Conduct: Ensure Compliance in line with Stanbic IBTC Group standards

• All customers on boarded must meet minimum KYC in line with the AML CFT policy and company PEP guidelines.      
• All information shared with the customer and instruction received from customers must be captured via Call Memos or Call logs. Meeting notes must be shared with customers and filed accordingly
• Adherence to the SIIBL Business Development Department Manual and all employee group policies.                                                                                      
• Completion of all People fluent training and agreed personal development plan                                                                                                     
• Adherence to the scheduled Leave Plan                                                                                                                                          
• Maintain Zero tolerance for regulatory breaches                                                                                                                           
• Minimize reputational risk exposure.                                                                                                                                                     
• Maintain zero tolerance for repeat GIA or internal control findings.                                                                                        
• Prompt reconciliation of income/premium and avoidance of all internal breaches                                                            
• Minimize Ops losses and ensure it does not exceed the 0.5% benchmark.                                                                                     
• 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

• Ensure adherence to code of ethics and all other related guidelines
• Ensure smooth internal & external stakeholder management 

Minimum Qualification and Experience

• First Degree
• 5-7 Years Client Relationship Management
• 5-7 Years Insurance sales Manager