JOB DESCRIPTION
1Job Title
Insurance Specialist
Department
RBG- Business Banking
Direct Supervisor
Area Sales Manager
Grade - I
2Job Purpose
Manage end to end I&I sales for Business Banking and to provide Mashreq Bank customer’s financial services which exceed the customer’s expectations by delivering an unbiased, competent, timely and seamless service.
Dimensions
Operating Budget
Number of Staff
Capital Exp. Budget
Others
Revenues
Monthly/Quarterly FER
Roll up revenue of Mapped BDOs/RMs
4Key Result Areas- Looks for opportunities and harvests all referrals for Insurance sales for BB Team- RMs. Presenting opportunities and value of Investment and Insurance products to BB Clients. Profile each customer met to understand their needs.
- Promote the Investment / Insurance business and generate FER through the BB portfolio by cross selling wealth products.
- Educate and present I&I ideas, opportunities, need analysis to the BB Team to generate referrals.
- Supports primary point of fulfillment of customer cross sell for all Insurance Products in Business Banking. Responsible for end to end sale / service for Insurance sales to BB.
- Up selling, cross-selling, providing regular market information updates and trend analysis to clients. Ensure superior customer service thereby contributing to the overall customer experience.
Take ownership of customer complaint on Insurance. Co-ordinate with respective investment and insurance teams for resolution.
Be a team player and contribute to achievement of goals based on the Key Performance Indicators.
Provide constructive and constant feedback on improvement of I&I products, services, processes which may either reduce cycle time or costs or enhance customer satisfaction.
Minimizing Insurance attrition.
5Operating Environment, Framework and Boundaries, Working Relationships- Work with I&I Proposition Team to understand products, markets, opportunities.
Will directly interact with I&I department and their back office along with the following teams Investment Proposition Team: CCAM, DBC, RCO, TCM, TOC, Legal and Compliance
6Problem Solving
- Well versed with CPRA (Client Profiling and Risk Analysis) to better understand a client, their profile, their need and their risk.
- Specialized product knowledge of all investment & insurance products at Mashreq
- Ability to work with BB teams to get referrals for Investment/Insurance needs
- Will have to achieve set FER (revenue) targets and other cross sell products.
- Knowledge of global economic scenarios and situation of various investment vehicles and financial markets. Does regular competitive analysis to understand what is offered in the market and to constantly provide feedback on competition and customer response to processes, products and services
7Decision Making Authority & Responsibility
- Responsible for generating all Insurance FER from Business Banking channel
- Handle end to end sale/service for all Insurance products for Business Banking
- Work closely with both businesses and the Insurance teams to increase wealth product penetration.
8Knowledge, Skills and Experience
- Good communication, profiling, presentation and analytical skills. Strong interpersonal skills, team player with ability to coach / train others.
- Knowledge of global economic scenarios and situation of various investment vehicles and financial markets.
- A Graduate, with at least 6-8 years of experience in Insurance Sales, preferably in the UAE. Will need to pass CII, Shariah Certifications and Bancassurance product internal Certifications
9
Behavioral Competencies COMPETENCY
LEVEL (1-4)
(1- Basic 4-SR MANAGERIAL
Committed to Result
3
Communication Skills
3
Influencing & Negotiation Skills
3
Customer Focus
3
Analytical Thinking
3
Job Holder
Date
Line Manager
Date
Approved By
Date
Responsibilities
- Achieve monthly Insurance FER (personal banking) & individual target
- Proactively work towards satisfying the needs of the customer through REAC.
- Acquire, develop and strengthen Insurance acquisition through effective relationship
- management in accordance with business goals
- Contribute to Front-line of Branch staff through accomplishment of Insurance FER targets
- by training and skilling SSOs to confidently promote OTC Insurance products
- Manage and develop relationships with new and existing Personal Banking customers
- through professional consultative financial analysis
- Active sourcing and prospecting of Personal Banking customers for Wealth Insurance
- Up selling, cross-selling, providing regular market information updates and trend analysis
- Ensure superior customer service thereby contributing to the overall customer experience
- Profile each and every customer met to understand their needs.
- Customer retention is also the SSOs responsibility.
- Improve on service levels at the branches.
- Take ownership of customer complaint on Insurance. C0-ordinate with respective teams and Insurance providers for resolution
- Be a team player and contribute to achievement of goals based on the Key Performance Indicators, in the Branch. Also to support and coach new staff to make easier their assimilation in the MB family.
- Provide constructive and constant feedback on improvement of : Insurance products, services, processes which may either reduce cycle time or costs or enhance customer satisfaction.
- Minimizing Insurance attrition.
- Customer acquisition through sales to walk-ins and through tracking the activities viz. Contacts to Appointments kept and Appointment kept to Sales.
- Increasing share of wallets of high risk customers to prevent an easy exit.
- Meeting with the set service standards (indicators and surveys).
- Ownership of customer complaints.
- Contribute towards acceptable audit rating for the Branch.
Qualifications
- Thorough knowledge of products, services policies and processes of retail banking in MashreqBank.
- The job holder will have to possess the following skills:
- Ability to work under pressure.
- The job holder should be a University Graduate with 2-3 years banking experience or experience in any other service industry.
