Job Title: Bancassurance Officer Life Uganda
Organisation: UAP Old Mutual Insurance
Duty Station: Kampala, Uganda
About the Company:
The UAP Old Mutual Group is an integrated Financial Service business comprising Faulu Microfinance Bank, UAP and Old Mutual. The Group, which is operational in East Africa services to more than 1.2 million customers across Kenya, Uganda, Tanzania, Rwanda and South Sudan. The UAP Old Mutual Group now comprises of three key players as a result of the acquisition of a controlling stake in Faulu in 2014 and UAP in 2015 by Old Mutual. The acquisitions resulted in Old Mutual Kenya UAP Holdings and Faulu Microfinance Bank, forming one of the largest financial services groups with a growing footprint in East and Central Africa. UAP and Old Mutual have been major players in the financial services market in East Africa for decades. The two entities have vast experience in Insurance, Investment, Asset Management and Banking, and are passionate about helping our customers achieve their financial goals.
Job Summary: The Bancassurance Operations Officer is responsible for ensuring the smooth and efficient operational processes of the Bancassurance business, including policy issuance, documentation, premium collection, reporting, and stakeholder coordination. The role supports both internal teams and partner banks to achieve business objectives.
Key Duties and Responsibilities:
Policy Administration and Support
- Ensure accurate and timely processing of policy applications, renewals, and endorsements for Bancassurance business.
- Coordinate with the underwriting and claims departments to ensure effective service delivery.
- Verify submitted proposals, forms, and supporting documentation to ensure completeness and accuracy.
- Follow up with partner banks for pending requirements and policy issuance.
Premium Collection and Reconciliation
- Monitor premium payments from partner banks and ensure proper allocation of premiums in the system.
- Perform daily reconciliation of premium collections and bank statements to ensure accuracy.
- Follow up on outstanding premiums and provide necessary support to the bank teams for premium collection.
Reporting and Data Management
- Prepare and maintain accurate reports on policy issuance, premium collections, and outstanding business.
- Generate monthly performance reports and dashboards for management and bank partners.
Relationship Management and Support
- Serve as the key liaison between the Bancassurance team, internal operations, underwriting, and bank partners.
- Support relationship managers at partner banks by providing timely operational support.
- Address operational inquiries and resolve issues promptly to enhance customer experience.
Compliance and Risk Management
- Ensure all Bancassurance operations adhere to regulatory guidelines, company policies, and bank SLAs.
- Maintain proper documentation and records to ensure audit readiness.
- Monitor compliance in product sales, reporting any breaches or inconsistencies.
Process Improvement
- Continuously review and improve Bancassurance operational workflows for efficiency and effectiveness.
- Collaborate with IT and relevant teams to streamline digital processes for better service delivery.
- Provide insights on operational bottlenecks and suggest practical solutions.
Qualifications, Skills and Experience:
- Education: Bachelor’s degree in business administration, Finance, Insurance, or a related field.
- Professional Certification: A certification in Insurance (e.g., COP, ACII) is an added advantage.
- Experience: At least 2-3 years of experience in Bancassurance, operations, or insurance administration.
Skills:
- Strong analytical and reporting skills.
- Proficiency in MS Excel, Word, and other reporting tools.
- Knowledge of insurance operations and Bancassurance processes.
- Excellent communication and interpersonal skills.
- Strong organizational and time management abilities.
- Performs routine administrative duties such as drafting correspondences, scheduling appointments, organising and maintaining data, as well as assisting internal and external stakeholders
Competencies
- Directs Work
- Drives Results
- Ensures Accountability
- Manages Complexity
- Optimizes Work Processes
- Plans and Aligns
- Tech Savvy
How to Apply:
All suitably qualified candidates are encouraged to submit your application and complete Curriculum Vitae by applying online through visiting Old Mutual’s e-recruitment jobs portal at the web link below.
Deadline: 26th December 2024