Business Development Officer (Abuja) at Stanbic IBTC Insurance Limited

Stanbic IBTC Holdings PLC, a member of Standard Bank Group, is a full-service financial services group with major business focus on three pillars – Corporate and Investment Banking, Personal and Business Banking, and Wealth Management.

Stanbic IBTC Insurance Limited (“SIIL”) is a wholly-owned Life Insurance subsidiary of Stanbic IBTC Holdings PLC. Stanbic IBTC Insurance Limited aims to provide insurance for financially included individuals and become the preferred insurer in the Life Insurance Business.

We are recruiting to fill the position below:

Job Title: Business Development Officer

Job ID: 55289
Location: Abuja
Job Sector: Banking

Job Details

Test Division Summary

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

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
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
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.
Maintain relationship with internal stakeholders within CIB, PBB and Wealth.
Maintain and improve relationship with external customers which include insurance companies, brokers, direct Corporate clients/partners etc
Ensure strict adherence to regulatory requirements and ensuring no regulatory breach is recorded against the team in conduct and in doing business.