Faulu MFB – Bancassurance Business Development Officer
JOB SUMMARY
The Bancassurance Business Development Officer is responsible for driving growth of the Bancassurance portfolio through sales, customer acquisition, cross-selling, and relationship management across Faulu’s branch network. The role focuses on increasing insurance penetration, growing premium income, supporting branch teams, and delivering customer-focused insurance solutions in line with Faulu’s strategic objectives.
KEY TASKS AND RESPONSIBILITIES
KEY MEASURABLE GOALS
- Achievement of premium income targets
- Number of new and renewed policies sold
- Lead conversion rates
- Portfolio growth and customer retention
- Branch staff engagement and training sessions conducted
- Customer satisfaction levels
- Timely and accurate reporting
- Compliance adherence
KEY RESPONSIBILITIES
Business Development & Sales Growth
- Drive growth of both life and general insurance business across assigned branches and customer segments.
- Develop and execute business development strategies aimed at increasing insurance uptake, portfolio growth, and revenue generation.
- Identify, prospect, and convert new business opportunities from existing customers, referrals, walk-ins, and bank-generated leads.
- Actively cross-sell insurance products alongside banking products to deepen customer relationships and improve wallet share.
- Achieve agreed monthly, quarterly, and annual premium income, policy issuance, and renewal targets.
- Participate in sales campaigns, branch activations, customer engagement forums, and marketing initiatives to create awareness and generate leads.
- Build and maintain a healthy sales pipeline to ensure continuous business growth and portfolio sustainability.
Relationship Management & Customer Experience
- Serve as the primary liaison between customers, branch teams, and insurance underwriters to ensure seamless service delivery.
- Build strong working relationships with Branch Managers, Relationship Officers, and frontline staff to promote a high-performance sales and referral culture.
- Provide professional advisory services to customers on suitable insurance solutions based on their financial and risk management needs.
- Ensure timely resolution of customer inquiries, complaints, claims follow-ups, and policy servicing matters to enhance customer satisfaction and retention.
- Manage and nurture key client relationships to encourage repeat business, renewals, and long-term customer loyalty.
Operational Excellence & Compliance
- Ensure accurate and timely processing of insurance applications, renewals, endorsements, claims documentation, and policy issuance.
- Maintain accurate customer and policy records within the Bancassurance Management System and other reporting platforms.
- Prepare and submit periodic sales performance reports, pipeline reports, and portfolio analysis to management.
- Ensure strict adherence to Insurance Regulatory Authority (IRA) guidelines, Central Bank of Kenya (CBK) regulations, and internal policies and procedures.
- Support audit, risk, and compliance reviews by ensuring proper documentation and process adherence.
Training, Coaching & Branch Capacity Building
- Conduct regular training and sensitization sessions for branch staff on insurance products, sales techniques, compliance requirements, and customer engagement approaches.
- Support branch teams through joint sales calls, customer visits, and practical coaching to strengthen insurance sales capabilities.
- Promote product knowledge and awareness to improve staff confidence and referral conversion rates.
- Collaborate with branch leadership to embed a strong Bancassurance sales culture within the branch network.
Product Development & Market Intelligence
- Gather and analyze market intelligence on customer needs, competitor activities, emerging trends, and industry developments.
- Provide feedback and recommendations on product enhancement, pricing, customer experience, and market opportunities.
- Collaborate with insurance partners and internal stakeholders in the design, rollout, and promotion of new insurance products and solutions.
- Monitor product performance and customer uptake to inform strategic decision-making and portfolio optimization.
SKILLS, KNOWLEDGE & COMPETENCIES
- Strong interpersonal and communication skills
- Proven ability to meet and exceed sales targets
- Customer-centric with high integrity and attention to detail
- Analytical with good understanding of risk and insurance underwriting
- Self-driven, organized, and a team player
- Proficiency in MS Office and insurance CRM systems
QUALIFICATIONS & EXPERIENCE
- Bachelor’s degree in business, Insurance, Marketing, or related field.
- Diploma in Insurance (AIIK/ACII) or progress toward certification.
- Minimum 2–3 years of experience in a sales role within insurance or financial services, preferably in Bancassurance.
- Sound knowledge of general and life insurance products.
- Experience in managing relationships with underwriters and brokers is an added advantage.