PURPOSE:

• Reporting to the Group Managing Director & CEO, the Principal Officer will provide strategic, operational, and regulatory leadership to the Micro Insurance segment of the subsidiary, ensuring sustainable growth, regulatory compliance, and alignment with CIC Group’s vision. The role focuses on designing affordable, accessible, and customer-centric insurance solutions targeting underserved markets, in compliance with the Insurance Regulatory Authority (IRA) guidelines.

PRIMARY RESPONSIBILITIES:

Strategic Leadership (20% of time)

• Develop and implement the Micro Insurance business strategy in line with the subsidiary’s and CIC Group’s strategic objectives.
• Identify emerging market trends, opportunities, and risks, and recommend innovative micro insurance solutions.
• Lead transformation initiatives to enhance customer outreach through digital channels, mobile platforms, and community-based distribution models.

 Business Growth & Market Development (20% of time)

• Drive revenue growth, policy uptake, and market penetration for micro insurance products.
• Build strategic partnerships with SACCOs, MFIs, NGOs, telcos, and community-based organizations to expand distribution.
• Champion financial inclusion by ensuring product affordability and accessibility to low-income and rural populations.

Product Development & Innovation (15% of time)

• Oversee the design, pricing, and rollout of micro insurance products that meet regulatory requirements and customer needs.
• Ensure product features are simple, transparent, and relevant to the target market.
• Incorporate customer feedback into product improvement cycles.

 Regulatory & Compliance Oversight (15% of time)

• Serve as the designated Principal Officer for Micro Insurance as per IRA requirements.
• Ensure full compliance with micro insurance regulations, guidelines, and industry codes of practice.
• Maintain strong working relationships with the IRA and other relevant authorities, ensuring timely submission of all statutory reports.

 Operational Excellence (10% of time)

• Oversee efficient underwriting, claims, and policy administration processes.
• Implement governance, risk, and control frameworks for operational integrity.
• Monitor performance metrics to ensure service delivery meets customer and regulatory expectations.

Financial Management (10% of time)

• Prepare and manage the Micro Insurance budget and business plan.
• Monitor financial performance, taking corrective action where necessary to meet profitability targets.
• Ensure cost-effective resource allocation.

 Stakeholder & Community Engagement (5% of time)

• Build trust and long-term relationships with community leaders, regulators, and key partners.
• Represent the Micro Insurance segment at industry events, policy dialogues, and media engagements.

People Leadership (5% of time)

• Lead, mentor, and develop the Micro Insurance team to deliver on strategic objectives.
• Promote a high-performance, customer-focused culture.
• Ensure succession planning and continuous skills development.

Key Skills, Knowledge, Experience and Behavioural Competencies

 Academic and Professional Requirements:

• Education    Bachelor’s Degree    
• Bachelor’s degree in Insurance, Business Administration, Actuarial Science, Economics, or related field
• Master’s degree is an added advantage

Professional Qualification    

• ACII, AIIK, LOMA FLMI or equivalent professional insurance qualification.
• Member of IIK

Relevant experience    

• Minimum of 12 years’ experience in insurance, with at least 5 years in micro insurance or inclusive finance
• Relevant experience at senior leadership level.
• Proven track record in market development, product innovation, and regulatory compliance.
• Experience in product distribution through digital channels is highly preferred

Skills and Competencies:

• Strategic thinking and execution.
• Deep understanding of micro insurance products, distribution models and customer needs.
• Possess industry knowledge of micro insurance at a regional and global level.
• Strong commercial acumen, analytical skills and digital savvy.
• Proven track record of attaining targets of business growth and profitability for micro insurance or inclusive finance.
• Strong cross-cultural, people and relationship management skills.
• Excellent interpersonal and networking skills; with the ability to lead and work well in a team environment.
• Exceptional communication and stakeholder engagement.
• Sound understanding of statutory and regulatory requirements of corporate governance, business and micro insurance operations.
• Leadership and team development.