Insurance Product Officer

Job Summary

The role holder will develop and execute strategies to increase company sales and profits, identify profitable business opportunities, secure sound business deals, and lead business development associates. He/ She will be planning and implementing sales, marketing, and product development programs, both short and long range, targeted toward existing and new markets by performing the following duties personally or through subordinates. Identify, plan and acquire business while overseeing planning and ensuring the smooth running of the day to day operations and activities. Provide technical expertise to underwriting staff and marketing team.

• Minimum Qualification: Diploma

• Experience Length:3 years

Key Responsibilities

• Identifying company products and services that are underperforming, developing an in-depth knowledge of company offerings, pricing, and policies, and improving existing sales proposals

• Identify, plan and acquire business while overseeing planning and ensuring the smooth running of the day to day operations and activities.

• Recruit, train and manage a team of insurance sales executives and guide them to career excellence.

• Prospect, identify and create relationships with potential clients and provide support required.

• Ensure company policies and procedures are observed and performance standards regarding profitability and efficiency are attained within the set deadlines.

• Identify markets and introducing the company’s products to existing and new clients and nurture them to achieve the set production targets on monthly basis.

• Identify new opportunities for growth in order to drive ongoing sales while establishing and building new relationships with potential clients with prospective business.

• Managing the renewal process to archive the set performance level and turnaround times 

• Regularly conduct market survey aimed at collecting market intelligence on products and competitor activity.

• Provide technical expertise to underwriting staff and marketing team 

• Reviewing the risks accepted in the organization to ensure they are within the set underwriting guidelines and are covered under the reinsurance programme 

• Issuing and approving quotations 

• Liaising with insurance companies on claims settlement

• Reviewing existing risks, recommending and implementing risk mitigation measures 

• Ensure department compliance with underwriting guidelines, reinsurance treaty, credit management policy and customer service benchmarks as per company service charter 

• Coordinating the underwriting activities including branches to ensure quality excellent customer service

• Reviewing of departmental business processes and IT systems to meet the changing business needs

• Reviewing and submitting compliance, monthly and periodic reports.

Qualifications, Experience, and Competences

• Bachelor’s degree in Actuarial, B Commerce Insurance option, Diploma in Insurance or other & Certificate of Proficiency (COP). A Marketing of business related courses will be an added advantage

• 3 years’ Experience in Insurance underwriting, Sales and marketing

• Excellent planning and communication skills.

• Self-driven disciplined, ambitious and hard-working traits.

• Excellent leadership and interpersonal skills.

• Practical knowledge and understanding of the insurance industry, its stakeholders and products