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Associate Director Insurance (FC9)
CIBC FirstCaribbean Bank is seeking tor recruit an Associate Director Insurance (FC9).
Interested? Get the details here how to apply.
Purpose of the Role:
The Associate Director, Insurance is responsible for developing, managing and leading FirstCaribbean’s insurance products and business across all customer segments and countries ensuring service excellence, customer satisfaction and achievement of the Bank’s total insurance revenue projections and profit objectives for this group. The incumbent manages the insurance team across the region and is responsible for the ongoing development of the insurance business, including new products and channel developments or enhancements into a market-leading offer.
The Associate Director is responsible for planning and supporting the development and application of superior skills in sales, customer service, business development and product knowledge within the Insurance team and wider Retail & Business Banking segment for insurance services. The incumbent ensures effective and efficient allocation of resources to meet customer needs and to realise business opportunities and is responsible for the achievement of sales growth, premium and commission revenue growth, customer service/satisfaction, retention, profitability and other targets primarily in insurance services products and also in other core retail banking products and services.
The Associate Director establishes performance targets in conjunction with relevant direct managers for all members of the Insurance teams and applies sales and service management discipline as well as ongoing coaching, development and performance management to ensure they are achieved. The Associate Director is responsible for the management and monitoring of governance, operational and insurance risk, as it relates to the activities of the insurance services team. The Associate Director actively works to enhance FirstCaribbean’s profile in the local and regional market through relationship building and community involvement, and plans, leads and coordinates the insurance business development activities for the team. The incumbent is responsible for ensuring that the insurance business meets all insurance regulatory requirements in the region.
- Responsible for the achievement, through the Insurance services team of significant sales growth, customer service, retention, profitability and other targets primarily in insurance products and, where opportunities arise, also in other core Retail & Business Banking products and services.
- Leads the continued development and execution of a superior business strategy with the aim of significantly increasing the sales and profitability of insurance products across Retail & Business Banking. Manages the Insurance team in the execution of this strategy. This will involve continuing to build a comprehensive insurance product offering in key FirstCaribbean operating countries; continuing to build the organisational capability (people and infrastructure) to support the regional offering of insurance services, further building recognition for insurance as a contributor to Retail & Business Banking performance.
- Maintains an effective communication strategy and plan for all sales and service communications within the Retail & Business Banking insurance business. Ensures that revenue and cost targets per full time equivalent are attained to deliver targeted contribution to the profitability of the Retail & Business Banking segment.
- Uses existing sales management tools and processes to optimise sales productivity and minimise revenue leakage through the proactive monitoring of premium, commission and revenue collection. Monitors and recommends remedial actions and reports on this. Collaborates with the Analytics team to further enhance outputs from sales management tools, etc., and identifies and implements initiatives to grow existing business through analysis of local and regional market data and development of plans to leverage opportunities.
- Accountable for building and Manages the insurance team through hiring, training, coaching, motivating and performance management. May be required to provide feedback regarding sales performance including management of client issues overall at the regional level and in conjunction with Retail directors. Provides leadership, direction, and guidance to insurance agency managers., Provides guidance on insurance matters to country heads and sales managers across segment where necessary.
- Identifies opportunities and implements systems and processes to reduce costs and increase productivity in providing insurance services to clients.
- Identifies and executes marketing activities for the insurance services business in conjunction and collaboration with Marketing & Communications, Cash Management and Retail & Business Banking teams.
- Responsible for expanding the insurance offering beyond Retail & Business Banking products into Corporate & Investment Banking and Wealth Management and building capability for competing for business outside the Bank’s existing insurance brokerage customer base. Continues to develop and implement strategies / initiatives to cross sell insurance products to existing mortgage and loan customers.
- Ensures that FirstCaribbean’s customer feedback management process is adhered to within the insurance function and that customer feedback is resolved quickly and effectively.
- Responsible for meeting governance, operations risk, compliance and audit requirements relative to the insurance function, anti-money laundering and fraud prevention. Ensures risk management and control processes and procedures are effectively implemented for insurance services. Ensures that FirstCaribbean’s risk management policies and procedures are followed according to established guidelines. Develops and maintains high standards of operational risk management, broker responsibilities, compliance with laws and standard practices that are critical to the operation of the insurance services business.
Critical Knowledge & Skills Required:
- Knowledge of the Bank’s policies and procedures would be an asset.
- Thorough knowledge of relevant legislation relative to insurance services, the maintenance of broker/client relationships, anti-money laundering, compliance and fraud prevention.
- Thorough knowledge of risk management principles, the factors that contribute to risk, and the ability to understand, measure, and monitor risk within guidelines as it relates to the activities of the insurance services function.
- Well-developed knowledge of sales management principles and processes and the ability to apply this knowledge to effectively manage the activities of the insurance services function to meet assigned targets.
- Strong knowledge of business development techniques, and the ability to identify opportunities, plan and develop business in support of Retail & Business Banking Banking and FirstCaribbean objectives.
- Thorough knowledge of the principles of insurable risks, insurance law and insurance operations. Thorough understanding of the regional Insurance industry including exposure to a variety of individual market places within the region or similar market places outside the region.
- Strong knowledge and ability to develop and maintain high levels of enthusiasm, motivation and commitment leading to high performance.
- Well-developed knowledge of people management and development policies and procedures, and the ability to manage and develop others to achieve high morale, quality, productivity and employee satisfaction.
- Knowledge of FirstCaribbean products and services and their suitability for meeting different customer needs desirable, not essential.
- Excellent relationship building skills to establish key relationships with key business partners.
- Well-developed understanding of marketing and what drives customer / sales behaviours and product management.
- Strong communicator with the ability to communicate up, down and across the organization, and the ability to translate strategic intent into action, both verbally and written.
- Strong skills sufficient to creatively develop unique approaches and solutions necessary to resolve high level, complex, often unprecedented issues.
- Results oriented.
- Good business acumen.
- Develops self and others.
- Inclusive and open.
- Forward thinker.
- Experience in sales and / or sales management.
- Experience in people management in a service environment with a proven record of achieving objectives.
- Experience in managing across different countries / cultures would be an advantage.
- Experience in the management of an insurance business with P&L responsibility.
- Chartered Insurance qualification: CIP, ACI.
- Banking experience would be an asset.
- Risk management experience would be an asset.
- Consistently met and achieved challenging targets.
- Build and / or developed successful teams.
- Built strong internal and external network of relationships.
Position reports to: Managing Director, Retail & Business Banking
Function: Retail & Business Banking
Salary range: In accordance with appropriate salary schedule
- Barbados, Saint Michael
- CIBC FirstCaribbean Bank
- Full Time
- Early Career
- CIP or ACI
- Directors, Chief Executives and Board Members
- Direct Employer