Stanbic IBTC Holdings PLC is a full service financial services group with a clear focus on three main business pillars - Corporate and Investment Banking, Personal and Business Banking and Wealth Management.
Stanbic IBTC Bank legally became part of Standard Bank Group 24th August 2007. The Standard Bank Group merged its Nigerian operations, Stanbic Bank Nigeria with that of IBTC Chartered Bank PLC. Stanbic IBTC Bank is a major financial service provider engaged in personal banking, business banking, credit cards, corporate banking, non-interest banking and wealth and investment banking in Nigeria.
Main Purpose of the Job
• To ensure compliance with all laid down processes with a view to achieving uniformity across board while ensuring the bank’s (and group) exposure is secured at all times.
• Processing of new businesses ( Mortgage Insurance, SME Trader Loan, Keyman Insurance, All-risk Insurance, Term Loan Insurance, Home Owners’ Insurance,
• Management of renewal processes for Mortgage, Home Owners’, keyman, personal car, all-risk insurance covers etc.
• Liaising with the Bank’s approved insurers on the best rates for the customers
• Liaising with the Collateral Unit in ensuring that existing insurance policies are renewed as at when due
• Management of the Unit’s store to ensure the unit does not run out stationeries at any point in time.
• Appropriate and effective execution of customers’ requests
• Policy management (including New businesses and renewals i.e. renewal notifications etc.)
• Attending to queries from the RMs and ensuring such are appropriately sorted and resolved
Key performance measures
• Ensure compliance with all laid down processes
• Meeting and exceeding set performance targets
• Tracking and Interfacing with insurance companies on insurance policies
• Prompt resolution of all customers’ requests
• Ensure adequate and relevant covers are in place
• 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
• 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
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.
• Ensuring timely reporting, capturing correct figures and verifying accuracy of all financial data on a weekly, monthly and year to date basis in line with working together with relevant Units in order to in still control.
• Monitor workflow, review and evaluate procedures periodically and recommend improvement as well as modification.
• Ensure reports are regularly updated and reconciled (weekly, monthly and yearly).
• Receive relevant reports from relevant units within groups and reconcile figures due.
• Collaborating with other Units and Insurance Companies on timely flow of information.
• Provide support to units and team for all reconciliation issues.
• Reconcile accounts daily and move funds appropriately to relevant accounts.
• Ensure all items are cleared from General Ledger account as and when due.
Key performance measures
• Communicating on ways to simplify narrations into various accounts and enhance processes in order to facilitate reconciliation and avoid audit exceptions
• Ensuring that our report gives a true position of our new and renewed business.
• Working together with other Units and Insurance Companies to deal and resolve issues on reconciliations.
• Ensuring spool of PLPP report on Cognus reconciled alongside Trial Balance report received from IT Production Unit, transactions moved to Leadway Assurance Company Limited account which forms 20% of our monthly fees on PLPP.
• Provide strategic leadership for the SIIB in accessing client risk and placing it with reputable insurance companies. Provide risk management solution to our clients need.
• Develop, implement and manage strategies for the technical department
• Develop and implement SIIB service structure
• Research, assess and implement local and international best practices.
• Monitor industry, market statistics and competitor trends in order to ensure strategic plans on market share are achieved.
• Explore opportunities to develop new business in line with SIIB business development strategy.
• Ensure adequate training and development of all Technical support team
• Providing a secure, efficient, competitive and comprehensive range of services and products.
• Developing and continuously reviewing integrated financial and management information systems designed to assist all levels of management throughout SIIB in planning and controlling their operations in relation to objectives.
• Track insurance for the entire Group to ensure cover of all assets and risks is in place at all times
• Ensure that SIIB policies are implemented
Key performance measures
• Development of a strategy and vision
• Meeting and exceeding set performance budgets / targets
• Development and maintenance of a scorecard
• Best practice management
• Ensure adequate and relevant cover are in place for all loan-related insurance.
• Ensure adequate and relevant cover are in place for group’s assets and liabilities
• Ensure that clients policies are issued and delivered on time
Interested and suitably qualified candidates should click here to apply online.