Role OverviewThe Head of Collections is responsible for managing and optimizing the end-to-end collections process to ensure timely recovery of premiums and outstanding payments while maintaining strong customer relationships.
This role plays a critical part in minimizing financial losses, strengthening cash flow, and ensuring regulatory compliance. The ideal candidate brings extensive experience in insurance collections, strong leadership capability, and a proven ability to build and lead high-performing teams.
Key Responsibilities1. Collections Strategy & Leadership- Develop and execute a comprehensive collections strategy aligned with financial objectives and regulatory standards.
- Lead, mentor, and motivate the collections team to achieve and exceed performance targets.
- Establish clear KPIs, performance metrics, and accountability frameworks.
- Promote a culture of professionalism, integrity, and continuous improvement.
2. Operational Management- Oversee the full collections lifecycle, including:
- Premium recovery
- Overdue account management
- Dispute resolution
- Monitor collections performance and identify trends, risks, and improvement opportunities.
- Implement best practices to enhance efficiency and effectiveness.
- Ensure strict compliance with insurance regulations, company policies, and legal standards.
3. Customer Relationship Management- Maintain a customer-centric approach while achieving recovery targets.
- Resolve escalated disputes promptly and professionally.
- Partner with Sales and Customer Service teams to improve payment behavior.
- Develop communication strategies that educate policyholders on payment obligations and options.
4. Technology & Process Improvement- Utilize collections systems, analytics tools, and automation to streamline workflows.
- Implement technology enhancements to improve reporting accuracy and operational efficiency.
- Continuously refine processes to reduce delinquency rates and improve recovery outcomes.
5. Reporting & Analytics- Prepare and present reports on:
- Delinquency rates
- Recovery performance
- Aging analysis
- Provide data-driven insights and strategic recommendations to senior management.
- Benchmark performance against industry standards and emerging best practices.
Qualifications- Bachelor's degree in Finance, Business Administration, or related field.
- Master's degree or professional certification (e.g., CPA, CFA) is an advantage.
- Minimum 10 years of experience in collections, credit management, or related functions.
- At least 3 years in a leadership role within the insurance industry.
- Strong knowledge of general insurance products, premium billing, and collections processes.
- Deep understanding of regulatory and compliance requirements.
- Strong analytical, decision-making, and problem-solving skills.
- Excellent communication, negotiation, and stakeholder management skills.
