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Job Description
• Day to day business owner of the P&L for the banc assurance business. Expected to understand all revenue lines of the insurance P&L, maximizing the opportunities and minimizing the risks
• Collaborating with all support areas to ensure all business processes impacting insurance products P&L are understood
• Responsibility of developing the strategy for growth of banc assurance business and designing / launching new banc assurance products in line with the business strategy
• Responsible for working with external insurance companies, regulator, marketing, finance and other key stakeholders to identify opportunities to grow banc assurance business
• Responsible for running the ATL/BTL campaigns activity relating to banc assurance business.
• Oversee all operational activities relating to banc assurance, such as customer on boarding processes, customer service functions, claims fulfillment & so on.
• Responsible for the new acquisition of banc assurance customers across all channels, seeking to maximize acquisition volumes through the most effective channels
• Implement an appropriate distribution strategy which is in line with the current regulation.
• Manage the right mix of acquisition channels between Branches, Direct Sales, Telesales, e-Channels & Direct mail etc.
• Put in place the right incentive structure to optimise booking volumes and minimize cost per acquisition.
• Identify cross sell and up-sell opportunities through market research and portfolio analysis
• Identify pockets of incremental revenue opportunity through analytics.
• Ensure Governance, Compliance, Risk & Controls are implemented and adhered to meet BSF standards
• Banc assurance products and distribution methodology is fully compliant with all relevant regulations and internal/external audit requirements
• Oversee compliance with all relevant BSF mandates, internal policies & Standard Operating Procedures
• Work with Compliance and cross functional teams to implement a comprehensive complaint resolution process
Skills
• Minimum 5 years + experience in managing and development of banc-assurance products in one of the leading insurance companies.
• Experience in the Middle Eastern countries is essential.
• P&L ownership of banc assurance business, with proven experience of developing and attaining profitable growth across banking segments.
• Strong analytical skills, and the ability to spot trends in data to devise commercial solutions
• Experience in large portfolios, partnerships, 3rd party & vendor management handling
• Experience in negotiating and delivering strategic alliances & joint ventures
• Excellent people / stakeholder management / networking and negotiation skills
• Excellent financial analytical skills, reporting, ability to understand and grasp new opportunities, problem solving and process engineering skills
• Should be flexible in traveling to different cities within the Kingdom on ad hoc notice
• Bachelor’s degree in Business Administration or Commerce, MBA would be preferred
• PC Skills: MS Office, Excel, Power Point is a must