QSSU BOA- Principal Officer Bancassurance

Position Title: Principal Officer - Bancassurance

Department: Transaction Banking

Reports To: Senior Manager Transaction Banking

Positions Supervised: 2

Location: Head Office

Job Purpose:

Responsible for establishing and driving Bancassurance as a business line in Bank. Spearheading the growth of Bancassurance business across the Bank channels through supporting delivery channels develop operating standards and grow revenues for this line of business and positioning as a major provider of insurance products and related services within the Ugandan Market.

Key Responsibilities:

1. Serve as the licensed Principal Officer as per Insurance Regulatory Authority (IRA) requirements.

2. Lead the development and execution of the Bancassurance strategy aligned with the banks income customer and growth objectives

3. Identify new insurance opportunities and develop tailored solutions for key segments including Retail SME Corporate and Institutional clients.

4. Integrate insurance solutions into core banking productsincluding loans savings current accounts and digital platformsand lead cross-selling initiatives that align insurance offerings with deposit mobilization and lending campaigns.

5. Drive the growth of bancassurance income and deposit mobilization by working closely with branches relationship managers and digital teams; set and monitor performance targets; and implement staff training and incentive programs to enhance sales productivity.

6. Manage strategic relationships with insurance partners and brokers including negotiating service-level agreements commissions and rollout timelines while coordinating joint campaigns performance reporting and periodic reviews to ensure mutual value delivery.

7. Ensure seamless customer onboarding timely policy issuance and efficient claims processing while handling escalated queries and maintaining high service standards in line with agreed service level agreements (SLAs).

8. Identify and mitigate operational and reputational risks in Bancassurance by implementing strong internal controls ensuring regulatory compliance and upholding both bank and insurance industry standards.

9. Provide leadership and guidance to the Bancassurance team to achieve business objectives enhance staff capabilities through targeted training in insurance and cross-selling and promote a culture of high performance and integrity.

10. Drive growth in Bancassurance business across and outside the bank channels.

11. Prospect and market various insurance products to prospective clients and advice customers on the adequacy of cover requested for in relation to the policies available.

12. Oversee the operational aspects of Bancassurance business at the branch i.e. underwriting claims finance and customer service as well as preparation quotations negotiating terms for customers and closing sales.

13. Ensure all collaterals and assets that have the Bank interest are properly and comprehensively insured and the Banks interest properly noted.

14. Ensure that the Bank customers and staff insurable assets insured under the branch are renewed on time and that the premium is paid up.

15. Carry out market research and provide customer feedback to the Bancassurance team for the development of new products and enhancement of existing ones to suite the various market segments.

16. Ensure that all queries on technical insurance issues from customers and branch staff are addressed promptly while providing technical guidance.

17. Carry out any other duties assigned by management in support of the banks strategic objectives.

Additional Responsibilities:

The Bank reserves the right to amend modify or adjust the responsibilities of this position as business needs evolve in alignment with applicable labour laws. The Employee may also be required to undertake additional duties or projects from time to time within their capabilities and consistent with the responsibilities of the role as directed by the Employer.

Key Performance Indicators:

Growth of Gross premiums collected of UGX 14bn

Net Income of 40 % New Business (Expansion to Non-Borrowed Clients & Cross-Selling) of UGX 689.6

Net Income of 60 % from Existing Business (Embedded Products Credit & Deposit-linked Insurance)

Develop and launch four new Bancassurance insurance products (two Life and two General) in collaboration with insurance partners by Q4 2025

Net growth in deposits from the Insurance Bancassurance partnerships by UGX 5bn. (Focus on Britam Sanlam UAP and Prudential Insurance Companies)

Customer Retention Rate Ensure that at least 85% of existing policies are renewed annually to sustain bancassurance income and minimize policy lapses.

Claims Processing Efficiency Achieve a 100% claims settlement rate within 5 days to enhance customer trust improve service efficiency and minimize delays in claims resolution.

Customer service index (90%)

Audit/Risk/Compliance/Permanent Control issue resolution rate of your department.

% of Audit/Risk/Compliance/Permanent Control issues outstanding for > 3 months

Compliance with Policies Regulations and Guidelines (IRA)

Completeness and TAT on reports

Training on Bancassurance for all staff

Requirements

Required Qualifications and Skills:

Education: University Degree preferably in a business field with at least three years working experience in banking/bancassurance/insurance industry. Professional qualification in insurance or equivalent shall be an added advantage

Experience: 2 Years insurance marketing and/or underwriting experience. Exposure to Insurance products in the bank set-up with knowledge of the Banks set standards policies and the operating manual.

Technical Skills: Excellent communicator with ability to work effectively in a diversified set up and in a highly collaborative team environment Proven ability to respond quickly independently and appropriately to competing priorities under tight deadlines Personal organization and thoroughness coupled with the ability to work under minimum supervision with good Judgment and decision making skills Knowledgeable in compiling data and preparing a variety of reports as well as ability to verify the accuracy of document.

Additional Requirements:

• High ethical standards and a commitment to the values of the Bank.
  
• Ability to pay attention to details.
  
• Good communication and inter personal skills.
  
• Logical thinker has a clear focused and methodical approach to tasks given under required frequency e.g. daily Weekly monthly and yearly.
  
• Results-orientated driven to realise business service objectives and able to execute at speed.
  
• Self-motivated energetic innovative and open to new ideas.
  
• Team player approachable receptive to ideas/feedback from others.
  
• Assertive able to handle and mediate in conflict stand by principles and put forward ideas despite opposition.
  
• Tough-minded rarely upset by criticism able to retain optimism despite setbacks.
  
• Highly numerate/ Data rational: Is good with numerical data operates on facts and enjoys assessing and measuring.
  
• Analytical: Identifies &analyses patterns and trends sees the relationship between cause and effect has an inquiring mind
  
• Ability to build substantive relationships and connections in professional settings.
  
• Operating knowledge of Capital Markets instruments.
  
• Customer Centric.
  
• Computer literate and familiarity with standard office computer applications
  
• Has the initiative to investigate and obtain additional information to deal with ambiguity
  
• Understands custody Settlement rules / standards and effectively applies in daily settlement.
  
• Consider all the facts options and possible outcomes prior to making recommendations
  
• Ability to handle conflict situations