Business Development Officer at Stanbic IBTC Insurance Limited Full Time

Job Title: Business Development Officer

Job ID: 64021
Location: Ibadan, Oyo
Job Sector: Insurance
Work Arrangement: Fully Office Based

Job Purpose

• To grow and develop insurance premium in order to deliver profitable revenue streams to the Business and Group.
• The Job holder will prospect and manage Corporates, including Insurance Brokers as channels in business development. Providing tactical input into Unit strategy/ies that will enhance the Group’s vision to be the leading end to end financial solutions provider.
• This will include cross sell to customers of the Group, potential customers from outside the Group and developing new market frontiers.

Key Responsibilities / Accountabilities
Drives the revenue for the company:

• Delivers on sale of insurance policies and premium income target through focus channels (Insurance Brokerage, Direct Sales & Marketing, etc) for Stanbic IBTC Insurance Limited across all product lines
• Customer retention
• Research and source potential clients and build long-term relationships with them by creating rapport through networking, cold calling and using referrals
• Consultatively engage prospective clients to engage in a phone conversation and/or meeting to discuss insurance products
• Collect information from clients on their risk profiles in order to offer them the proper solution.

Analyse the insurance environment:

• Has a thorough understanding of the strategic business drivers, opportunities, challenges, needs, competition and threats inherent in the insurance environment
• Has a good knowledge and understanding of the peculiarities (renewal dates etc) of corporate institutions for the purpose of strategic engagements.
• Has a good understanding of both traditional and non-traditional competitors, their drivers, products, strengths, vulnerabilities, market share/client base and the impact that these factors have Customer Value Proposition
• Continuously monitor the market trends in the insurance industry, including regulatory and legal framework, with a view to assessing the possible impact on the insurance industry.
• Assess customers risks through profiling of customer segments and understanding of their business.

Customer Experience:

• Ensure to close the loop with customers at all times. E.g. taking enquiries, ensuring prompt delivery of policy documents, proper awareness communication plan to support their decision making etc.
• Conduct financial planning sessions with members of staff of corporate clients in conjunction with their respective brokers where applicable
• Ensure simplicity in dealing all clients issues and inquiries
• Build and enhance the trust of clients and brokers to foster referrals and repeat businesses.
• Review periodically the insurance portfolio and liaise with technical to make recommendations. This could result in the development of new products or enhancement of existing ones.

Excellent in Presentation:

• Ability to connect with your audience
• Engage with clients consultatively
• Communicate effectively with clients and prospects

Maintain relationship with relevant teams and members of the group:

• Maintain relationship with internal stakeholders within CIB, PBB and Wealth.

Improve relationship with external customers:

• Maintain and improve relationship with external customers which include insurance companies, brokers, direct Corporate clients/partners etc

Proactively ensure no breach of regulations:

• Ensure strict adherence to regulatory requirements and ensuring no regulatory breach is recorded against the team in conduct and in doing business.

Minimum Qualification and Experience

• First Degree in any discipline
• Professional Qualification in Insurance will be an advantage
• Associate member, Chartered Insurance Institute of Nigeria or UK
• 5-7 Years Insurance experience
• In-depth knowledge of insurance products and markets.

Application Closing Date
Not Specified.