Job Title: Principal Officer, Bancassurance
Organisation: DFCU Bank
Duty Station: Kampala, Uganda
Reports to: Chief Business Solutions & Marketing Officer
About the Company:
DFCU Bank is a fast growing commercial bank offering a variety of innovative products and services. DFCU Limited was started by the Commonwealth Development Corporation (CDC) of the United Kingdom and the Government of Uganda through the Uganda Development Corporation (UDC) under the name of Development Finance Company of Uganda Limited. Later restructuring brought in DEG (of Germany) and International Finance Corporation (IFC) as equal partners with CDC and UDC, each having a 25% stake in the company. Its objective was to support long-term development projects whose financing needs and risk did not appeal to the then existing financial commercial lending institutions.
Job Summary: Reporting to the Chief Business Solutions & Marketing Officer, the role holder will be responsible for leading and managing all aspects of the dfcu Bancassurance business including but not limited to business growth and retention, revenue assurance, management of underwriter relationships, financial management, operations, service and training. The role holder is accountable for growing the income and profitability, of the Bancassurance business in line with the bank’s aspirations.
Key Duties and Responsibilities:
Financial
- Responsible for directing, coordinating & growing the Bancassurance Portfolio across embedded and stand-alone portfolios, identifying new business opportunities, retaining existing business as well product development.
- Formulate the overall strategy for the Bank’s Bancassurance proposition across all insurance products, pricing, customer propositions, channels and customer experience
- Increase in penetration of Insurance products across client segments
- Review sales, activity reports, and other performance data to measure productivity & goal achievement
- Accountable for the financial performance of the Bancassurance portfolio i.e. Income statement (Non-Funded Income) and P&L
- Oversee all operations, service, administrative, finance and business development functions of the Bancassurance business
- Build strong networks and foster positive, productive and mutually beneficial business partnerships and relationships both internally and externally, specifically with insurance partners
- Generate business opportunities for other bank products including deposits and assets
Product Development and Operational Workflow
- Identify insurance product needs for all customer segments in consultation with Sector and Segment Heads
- Develop appropriate product and service propositions/offerings with dfcu Insurance Partners
- Collaborate with the Marketing and Corporate Affairs, to drive acquisition and retention strategies in line with Bancassurance and broader dfcu business objectives
- Provide strategic direction to the quality of management of customers’ sales and service experience
- Provide strategic direction to the management of sales channels, service delivery systems and relationships with business partners for Bancassurance products and services
- Develop and maintain relationships with key business leaders to support business expansion
Internal Business Processes
- Drive and manage regulatory relationships, and specifically the Insurance Regulatory Authority
- Monitor operational activities to ensure that they are compliant with all requirements of the bank and the Bancassurance unit; Insurance Regulatory Authority (IRA) Guidelines, Bank of Uganda Prudential Guidelines, RCSA, Business Continuity Plan (BCP) and other reporting requirements
- Evaluate current business processes and systems, continuously refining them to support operational efficiency
- Responsible for qualitative and quantitative reporting of Bancassurance business performance
People
- Promote a culture of high performance and continuous improvement that values learning and commitment to service delivery
- Oversee talent development programs, retention and succession planning for the Bancassurance team
- Drive product awareness and selling confidence, across our front-line teams
Qualifications, Skills and Experience:
- Bachelor’s degree in a business-related field; Insurance or Actuarial degree is an added advantage
- Certificate of proficiency in insurance and/ or other insurance qualification
- Diploma in Insurance Management and/or other insurance qualifications
- Member of a professional insurance body i.e. Associate of the Chartered Insurance Institute or a similar institute
- Minimum of 10 years experience in sales management of both life and general insurance with at least 5 years experience in a senior management or supervisory role in the financial sector – Banking and/or Insurance.
- At least five years’ experience in the areas of insurance underwriting, claims, finance and regulation
- Proven track record of increasing the profitability of a product portfolio via the development of compelling customer value propositions and well-informed decision-making on marketing strategy
- High-level ability to see products through the customer’s eyes, intuitively grasping their wishes and frustrations and translating these into attractive, practical, solutions.
- Good understanding of digital solutions and emerging technology/trends in the banking sector.
- In-depth understanding of product portfolio development and product life-cycle management; able to translate this into actionable and innovative strategies.
- Excellent ability to interpret product performance data and market research information; ability to run business models and make well-informed recommendations
- Product knowledge – Proficient understanding of the general and life insurance products offered in the market, the region and across the globe
- Industry knowledge – Accepted and embedded in the industry within customer, regulatory, supplier, distributor, government, and space through multiple levels of engagement through industry bodies, and forums. In tune with the developments within the banking industry and Bancassurance and is positioned to influence the same for the benefit of dfcu
- Sales Capability – Position dfcu as the preeminent provider of Bancassurance solutions within the bank’s chosen segments and sectors. Support the closure of sales for complex propositions.
- Customer Engagement – Ability to anticipate customers’ needs and devise innovative ways to address them. Makes informed decisions, solves problems and/or generates new ideas/solutions
- Business Acumen – Demonstrates business foresight along with the ability to integrate diverse perspectives. Exercising judgment around opportunities represents the most potential for innovation and return for the institution and its stakeholders.
- Financial Acumen- Ability to analyze and interpret financial data to make appropriate business suggestions and decisions. Understand the connection between operations and financial performance.
- Leadership – Delivers results and has a significant impact on an organization through team management. Strong leadership skills, flexibility, assertiveness and result-driven.
- Negotiation Skills – The ability to gain agreement and attain a middle-ground solution when discussing with others
- Decisive and Initiator – Takes responsibility for actions, projects and people. Able to take initiative and work under own direction. Initiates and generates activity and introduces changes into work processes and can make quick, clear decisions, which may include tough choices or considered risks
- Quality Orientation – Shows awareness of goals and quality standards. Follows through to ensure that quality and productivity standards are met
- Personal Ethics- Must be honest, fair and just with self and others, and demonstrate integrity in work and business contacts
How to Apply:
If you believe you meet the requirements as noted above, please forward your application with a detailed CV including your present position and copies of relevant professional/academic certificates, to the email address indicated below:
Deadline: 14th February 2025. Only short-listed candidates will be contacted.