Bancassurance Officer

Job Description

Old Mutual is a firm believer in the African opportunity and our diverse talent reflects this.

Job Description

• The Bancassurance Operations Officer is responsible for ensuring the smooth and efficient operational processes of the Bancassurance business, including policy issuance, documentation, premium collection, reporting, and stakeholder coordination. The role supports both internal teams and partner banks to achieve business objectives.
• Policy Administration and Support
• Ensure accurate and timely processing of policy applications, renewals, and endorsements for Bancassurance business.
• Coordinate with the underwriting and claims departments to ensure effective service delivery.
• Verify submitted proposals, forms, and supporting documentation to ensure completeness and accuracy.
• Follow up with partner banks for pending requirements and policy issuance.
• Premium Collection and Reconciliation
• Monitor premium payments from partner banks and ensure proper allocation of premiums in the system.
• Perform daily reconciliation of premium collections and bank statements to ensure accuracy.
• Follow up on outstanding premiums and provide necessary support to the bank teams for premium collection.
• Reporting and Data Management
• Prepare and maintain accurate reports on policy issuance, premium collections, and outstanding business.
• Generate monthly performance reports and dashboards for management and bank partners.
• Maintain and update databases to ensure data accuracy and integrity.
• Relationship Management and Support
• Serve as the key liaison between the Bancassurance team, internal operations, underwriting, and bank partners.
• Support relationship managers at partner banks by providing timely operational support.
• Address operational inquiries and resolve issues promptly to enhance customer experience.
• Compliance and Risk Management
• Ensure all Bancassurance operations adhere to regulatory guidelines, company policies, and bank SLAs.
• Maintain proper documentation and records to ensure audit readiness.
• Monitor compliance in product sales, reporting any breaches or inconsistencies.
• Process Improvement
• Continuously review and improve Bancassurance operational workflows for efficiency and effectiveness.
• Collaborate with IT and relevant teams to streamline digital processes for better service delivery.
• Provide insights on operational bottlenecks and suggest practical solutions.

Required Qualifications and Skills:

Education: Bachelor’s degree in business administration, Finance, Insurance, or a related field.

Professional Certification: A certification in Insurance (e.g., COP, ACII) is an added advantage.

Experience: At least 2-3 years of experience in Bancassurance, operations, or insurance administration.

Skills:

• Strong analytical and reporting skills.
• Proficiency in MS Excel, Word, and other reporting tools.
• Knowledge of insurance operations and Bancassurance processes.
• Excellent communication and interpersonal skills.
• Strong organizational and time management abilities.

Performs routine administrative duties such as drafting correspondences, scheduling appointments, organising and maintaining data, as well as assisting internal and external stakeholders

Responsibilities

Administration

Produce, update, and provide best practice support on a wide range of Microsoft documents, databases, and other departmental systems.

Business Meetings/Events Arrangement

Schedule appointments, make arrangements for meetings and conferences, and organize travel plans, following instructions to ensure more senior colleagues or a senior executive make the best use of their time.

Correspondence

Prepare routine letters, email, minutes of meetings, and reports for approval by more senior colleagues or a senior executive.

Document Preparation

Prepare moderately complex documents using a variety of applications for technology devices, such as standard office software. Also responsible for gathering and summarizing data for reports.

Work Scheduling and Allocation

Design own monthly schedule and, if necessary, assign work to others in order to speed up office workflow and ensure high-priority tasks get done.

Data Collection and Analysis

Produce accurate reports for others by collecting data from a variety of standard sources and inputting it into standard formats.

Insights and Reporting

Extract and combine data to generate standard reports.

Budgeting

Monitor and analyze data using budgeting systems and protocols.

Personal Capability Building

Develop and maintain excellent process or technical skills by participating in assessment and development planning activities as well as formal and informal training and coaching.

Operational Compliance

Develop working knowledge of the organization’s policies and procedures and of regulatory codes and codes of conduct relevant to own work, adhering to mandatory procedures to ensure own work is undertaken to the required standards.

Procurement

Support others by carrying out simple procurement tasks. Involves following established procedures.

Skills

Analytical Thinking, Analytical Thinking, Bancassurance, Bank Statements, Business, Codes of Conduct, Company Policies, Dashboard Reporting, Data Compilation, Data Management, Documentations, External Stakeholders, General Management, Insurance, Insurance Administration, Insurance Operations, Internal Operations, Interpersonal Communication, Management Reporting, Operations Processes, Operations Support, Payment Handling, Performance Reports, Policy Administration, Problem Resolution {+ 12 more}

Competencies

• Directs Work
• Drives Results
• Ensures Accountability
• Manages Complexity
• Optimizes Work Processes
• Plans and Aligns
• Tech Savvy

Education

Bachelors Degree (B): Business Administration (Required), Bachelors Degree (B): Finance And Banking (Required)

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