Bancassurance Officer

Department: Commercial
Location: FINCA Head Office, Dar es Salaam
Validity period: 14/02/2025 - 28/02/2025

Job Description

The Bancassurance Officer will be responsible for all activities related to insurance service provision within the Bank for internal (Staff) and external clients. He/She should have direct contact with partners (Insurers who signed MOU) and stakeholders (BOT and TIRA). All responsibilities relating to the performance of the Bancassurance unit are within his/her scope, including the collection of premiums and client claims. The Bancassurance Officer also tracks the management and performance of Ambassadors who work for Insurance partners.

Essential Duties

• Grow gross revenues, ensuring capital and marketing expenses do not exceed the approved budget.
• Plan, monitor, and implement Customer Service Standards and Processes according to set deliverables to ensure friendly and timely customer service, claim resolutions, grievance resolution, and satisfaction.
• Grow and achieve targets in terms of quality and volume, as well as expand the internal distribution network, including supporting and overseeing branches.
• Prudently and in consultation with the team, Operations oversee all activities related to risk surveys and assessment, underwriting, quotations, placements, policy renewals, policy issuance, and documentation, including accurate Sticker usage and timely data processing.
• Set and manage the Bank's insurance structure, including carrying out all duties of the insurance principal officer as required by TIRA and BOT.
• Maintain a high-quality general and life insurance business portfolio and ensure that growth and sustainability are closely monitored and controlled to increase the bank's profitability.
• Ensure adequate insurance cover for all customers' mortgaged properties/collaterals covering loans and overdrafts.
• Ensure timely renewal of the FINCA Bancassurance certificate registration, in the prescribed time and form, with the prescribed fee as specified in the Insurance Regulations.
• Ensure premiums are collected and remitted to the Insurance principal companies within the timeframe stipulated in the Insurance Regulations (the day the policy commences, the policy renewal date, or the date an endorsement is made).
• Represent the Bank in conferences, workshops, and training related to insurance matters.
• Work with the IT department to ensure insurance business records are well-designed and monitored to support insurance business.
• Serve as a customer-facing liaison, advising clients on services throughout the customer lifecycle (sales, onboarding, and renewal phases).
• Drive sales and distribution to ensure alignment, raise awareness of industry developments, and seek opportunities for improved service.

Qualifications

• Bachelor's degree in Insurance and Risk Management or any business-related subject.
• Certificate of Insurance.
• Minimum 1 year of experience in insurance within a banking setting or as an insurance broker.