Servicing (Bancassurance) Officer – Life Business

Reports to: Principal Officer, Bancassurance

Location: Head Office

The Job holder will be responsible for underwriting, claims, credit control, preparation of timely and accurate reconciliations on the Life business portfolio, preparation of portfolio reports, preparation of quotations, other administrative tasks and safe keeping of records at the intermediary.

Responsibilities

Business Operations

• Reconciling premiums collected against disbursements, flagging any discrepancies, and taking appropriate corrective action for 100% premium collection.
• Receipting of premiums received and allocating them to the relevant clients.
• Updating loan schedules daily and declaring them to the respective insurers data of loans disbursed in the pre-agreed formats.
• Generating payment schedules to support premium remittance to underwriters within agreed SLAs.
• Performing prudent underwriting on proposals within the underwriting guidelines agreed with insurers, advising branches on any underwriting requirements, and following up on the same to closure.
• Preparing periodical portfolio reports e.g. production reports to support preparation of management accounts, renewal reports for retention monitoring.
• Adopting a hands-on approach on renewal management of mortgage policies and any other life policies underwritten annually and working closely with branches and Credit department to ensure timely collection of renewal premiums.
• Maintaining a comprehensive filing system for all relevant administrative records and documents, including relevant backups of the same.
• Liaising with branches for proper claim documentation, immediate notification of claims, proactively tracking claims progress with insurers and updating the claims register in real-time, for prompt claims settlement and support of the Banks’ NPL management.

Superior Customer Service

• Generating and sharing client statements, policy documents and resolving any disputes expeditiously.
• Ensure high end customer service and all internal and external customer queries are attended to as per the stipulated SLAs.
• Offering superior service in all customer engagements.

Risk and Compliance

• Ensure compliance with both external and internal regulatory requirements and the approved Policy and Procedures Manual, Insurance Act (Cap 487), Insurance (Bancassurance) Regulations, 2020 and all other governing laws and regulations.
• Assist in identifying risks facing the business and recommend remedial actions that can be undertaken to mitigate the risks.
• Benchmarking with best practice and provide recommendations for improving procedures and systems for initiating corrective actions.
• Any other duty as assigned by the supervisor from time to time.

Qualifications

• University degree preferably in Finance Engineering/Business with IT/Actuarial Science with IT.
• Certificate Of Proficiency in insurance or good advancement in ACII or AIIK.
• A Master’s degree and/or data analytics is an added advantage.
• Minimum of 1-2 years’ experience in a Bancassurance intermediary, busy insurance brokerage firm or financial institution.
• Numerical Skills with Advanced Proficiency in use of Microsoft Excel is highly desirable.
• Experience with customer management, insurance/banking operations, and data analysis.