JOB PURPOSE

Banc Assurance Senior Manager is responsible for formulating sound and appropriate policies and procedures that will stimulate Insurance Agency Business in the bank to ensure service efficiency and cost effective insurance products are provided to customers and to the general public through the bank’s networks.

Also she/he is accountable for supporting Banc Assurance team, business management and the overall performance of the products and Unit. Revenue monitoring and end to end Banc Assurance product management.

UNDER THE SUPERVISION OF SENIOR MANAGERS, THE FOLLOWING DUTIES ARE UNDER THE MANAGER

Product Development and Management

• Provide leadership to the insurance team for both life and non-life products and ensure all claims are well managed as per agreed TAT.
• Play a key role to ensure that all claims are well received, screened and decision made with agreed TAT.
• Provide the main link between the bank, Insurance companies and Insurance agency to customers.
• To systematically plan to insurance agency business to all branches in line with the annual plans.
• To ensure that NMB insurance Agency operations is complying with the Tanzania Insurance regulatory authority (TIRA) policy.
• Supervise the team in developing new Insurance Business.
• To ensure that there is adequate insurance cover to our retail portfolio according to the needs of business and the bank.
• To ensure that there is adequate insurance cover for all customers ‘mortgaged properties /collaterals covering loans and overdrafts, on a daily basis.
• To ensure that Insurance Agency business of the bank is marketed / promoted aggressively in order to attract customers, in line with the annual plans.
• To manage insurance commission received from collections of premiums and remitted to the Broker/Insurance within reasonable time under the policy incepted or the date on which the policy is renewable or in which an endorsement was made, as stipulated in the Insurance Regulations.
• To manage Claim management to ensure that customer’s claim lodged in time and settled within the SLA agreement stipulated in the policy through our Broker.
• To ensure that at all times, correct proper records are kept in respect of the Insurance Agency business for each and every insurance customer and review any changes that may arise with respect to the customers in our books.
• To prepare monthly performance report of the Insurance Department and submit to the management on monthly basis.
• Ensure that targets in respect of employee productivity, cost management and corporate governance are achieved and the company’s philosophy of Continuous Improvement is always at the forefront.
• To supervise work of all staff within the Insurance Department jurisdiction and carry out any other duties as may be assigned by superiors.
• Organize in liaison with other business units, activities for promoting the Bank’s Insurance business through seminars, workshops, etc. 

Responsibilities 

• Product(s) life cycle management
• Pricing and revenue monitoring
• Income targets strategies and product profitability analysis
• Competence skills in teamwork and meetings management.
• Mentor, manage, control and coach resource with direct line reporting.
• Regular review of individual performance targets and give constructive feedback for development.
• Responsible in inspiring and motivating the subordinate to work hard and smarter
• Being pro-active to identify products issues and resolve them timely in proactive manner.
• Improve product portfolio within authority level according to set standards.
• Manage relationship with business partners and all other stakeholders.

KNOWLEDGE, SKILLS, QUALIFICATIONS AND EXPERIENCES REQUIRED FOR THE ROLE

Knowledge

• A comprehensive knowledge of Tanzanian Insurance business.
• Conversant with insurance product offerings in the wider financial services industry.
• A wide knowledge of NMB strategy and policies
• Detailed knowledge of consumer buying behavior, marketing techniques and evolving trends
• An understanding of customer segmentation theory and practice.
• A detailed understanding of banking industry, advisory, regulatory and professional bodies.
• A good understanding of legislation related to financial services and channel delivery
• A good knowledge of constructing reports, executive summaries and briefs
• Greater understanding of product life cycle
• Familiar with a variety of the field’s concepts, practices, and procedures.

Skills

• Excellent communication skills both written and oral
• Business planning and Project management
• Strong analytical and numerical skills for calculation of statistics, figures and targets
• Good interpersonal and networking and negotiation skills
• Report writing skills
• Ability to explain and handle complex information clearly and simply
• Presentation, Coaching and Training skills
• Ability to deal professionally, confidently and effectively with staff at all levels, internally and externally
• Ability to keep abreast of industry changes in both the business and marketing environments.

Qualifications and Experience

• An advanced diploma/degree in Business, Accountancy, and Economy, Finance or any other related field.
• A Master’s Degree will be an added advantage
• Any course or training in product development is an added advantage
• A minimum of 3 years of working experience in Product Development within the Banking Industry.

NMB Bank Plc is committed to creating a diverse environment and is proud to be an equal opportunity employer.