The Bancassurance Sales and Management Lead will assist the Head of Partnership Distribution in the development and execution of strategies to drive PLUK new business sales and profits via a Bancassurance distribution channel. Further, this role includes building and managing relationships with bank partner stakeholders to ensure adherence to the bancassurance agreements.
Job Accountabilities:
Strategic Planning & Execution
- Recommend strategies for Bancassurance distribution
- Achieve Bancassurance targets for new business sales (Annual Premium Equivalent - APE) and profits (New Business Profit NBP)
- Monitor industry trends, market intelligence and competitor activities to identify new business opportunities and maintain competitiveness
- Analyze Market trends and competitor activities
Partnership Acquisition & Management
- Identify, evaluate and secure new strategic bank partnerships
- Lead in the negotiation and execution of new and renewed partnership agreements, ensuring favorable terms for both parties. Ensure that Terms of Agreements must be approved by PLUK and Bank Partner's internal stakeholders and properly documented
- Serve as the primary liaison with key bank partner stakeholders to build and maintain strong, mutually beneficial relationships and ensure smooth day-to-day operations
Sales and Business Development
- Supports in the formulation and implementation of product propositions, training, sales and marketing plans to support Bancassurance distribution growth
- Work with bank partner stakeholders to create and execute joint business plans, marketing campaigns and go-to-market strategies
- Spearhead initiatives such as cross-selling programs and sales incentives to boost product sales and maximize performance across distribution
Performance and Operations Management
- Monitor key performance indicators for bank partner such as APE, number of cases and NBP
- Work closely with internal stakeholders (Operations, Finance etc) to streamline processes for a seamless partner and customer experience including onboarding, service delivery and prompt resolution of partner concerns
- Ensure financial resources are prudently utilized to maximize profitability
- Ensure FSA's are trained on insurance products and sales processes.
Qualification:
- Bachelor's degree in Business Administration, Marketing, Finance or other sales related courses.
- Preferably an Associate or Fellow of the Life Office Management Association
- Proficient in MS Office application
- Effective communication and relationship management skills
- Presentation and Negotiation skills
- Analytical / Critical thinking skills
- At least 2-year experience in Sales and or Marketing and or Training
- Minimum of 5 years experience in the life insurance industry
