Bancassurance Finance Specialist at Exim Bank

Job Overview

Position:
Type: Full Time
Category: Banking Jobs

Job Description

Bancassurance Finance Specialist at Exim Bank

Organization: Exim Bank
Department: Retail
Reporting to: Head of Bancassurance
Responsible for: Bancassurance Financial Operations
Region: Dar es Salaam
Hours of Work: 8 am – 5 pm, Monday to Friday.

Purpose of Job

The Bancassurance Finance Specialist at Exim Bank will play a crucial role in the development and implementation of sales and underwriting of insurance covers, aligning with bancassurance objectives. The role involves ensuring efficient and effective insurance services, timely client-related matters, providing specialist advice, and supporting the team for business retention. The goal is to achieve the delivery of the business budget and ensure sustainable, profitable business operations.

Key Role and Responsibilities

• Audit matters related to Bancassurance affairs and finance-related audits.
• Preparation of commission invoices after confirmation of premium paid and commission rate with insurance companies.
• Income Posting (CBS) in respective GLs.
• Weekly review of GL report for posted commission Income to ensure accuracy and completeness.
• Reconciliation of all commission income related GLs as per set SOPs.
• Ensure timely collection of commissions from insurers and proper posting in the system (CBS).
• Reconciliation of withholding tax paid.
• Monthly report of Bancassurance premium and commission income for both Retail Banking and CIB.
• Suppliers’ payment processing and managing supplier payable.
• Perform GL reconciliations by ensuring accuracy and timely submission as per set standards and agreed timelines.
• Perform cost analysis to ensure accurate posting and adequate monthly accruals.
• Posting of all daily, month-end, and audit adjustments ensuring correct entries as well as properly supported.
• Perform month-end activities including accrual and provisions of all monthly costs.
• GL monitoring by reviewing GL parameters and ensuring the existence of controls as per set SOPs.
• Assist in performing Tax activities as per allocated activities.
• Achieve annual income collection targets as cascaded from the Head of Bancassurance.
• Manage customer queries and complaints by taking ownership and resolving them in a timely manner.
• Act as the escalation point for unresolved queries and complaints.
• Monitor progress towards achieving targets on a weekly to monthly basis.
• Internal: Regular contact with all Branches & Departments
• External: Regular contact with existing, new customers, and insurance companies.

Competencies

• A good understanding of market dynamics and customer attributes.
• Analyzing, planning, organizing, Learning & Researching.
• Achieving Personal Work Goals and Objectives.
• Entrepreneurial and business acumen.
• Knowledge of the regulatory framework within the banking & insurance environment.
• Ability to professionally interact with external and internal stakeholders.
• Ability to work independently or as part of a team.
• Ability to accommodate operational and functional ambiguity and charge.
• Proven ability to influence others and achieve tangible business results while incorporating compliance processes, systems, and resources into all aspects of corporate operations.
• Demonstrated integrity and ethical standards.

Qualification and Skills

• Bachelor’s degree or its equivalent in insurance, bank, risk management, law, actuarial science, finance, Business Administration, or related field from a recognized institution.
• Minimum of 3 years’ work experience in the Insurance Industry with a key focus on Operations, Underwriting, and Claims.
• Minimum requirement certificate in insurance/CoP.
• Excellent knowledge of insurance products and processes, regulatory requirements, as well as the ability to drive business performance and revenues.
• A good understanding of customer segmentation and needs as well as an in-depth knowledge of distribution channel strategies.
• Sworn Declaration of good character and solvency.
• Strong passion and understanding of the insurance industry and its regulatory environment.
• Demonstrated capacity to lead, coach, and supervise team members effectively.
• Excellent communication and interpersonal skills, with experience dealing with executives and clients at all levels, including the capacity to articulate risk management, insurance products & policies, underwriting & audit in the language of business.
• ACII would be an added advantage.

Other

• Carry out work in accordance with the bank’s procedures.
• Perform the assigned tasks with due diligence.
• Eliminate waste of whatever form, suggest the use of new practices and contribute to the continuous improvement of the bank.

How to Apply

To apply, please send your CV along with all academic certificates to: hrrecruit@eximbank.co.tz with the subject line: JOB APPLICATION: BANCASSURANCE FINANCE SPECIALIST.

(Note: Only shortlisted candidates will be contacted)

The deadline for submitting the application is 11 January 2024.