Bancassurance Officer

Job Summary

The Bancassurance Officer is responsible for driving insurance sales, deepening customer engagement, and supporting overall revenue growth through the bank’s strategic partnership with insurance providers. The role involves working closely with branch and insurance partner to promote approved insurance products, ensure seamless service delivery, and achieve assigned performance targets. The officer acts as the key liaison between the bank and its insurance partners, ensuring that customer needs are met, compliance is maintained, and the bancassurance channel contributes effectively to the bank’s business objectives.

Job Details

KEY RESPONSIBILITIES/ACCOUNTABILITIES

1. Sales and Business Development

• Drive adoption of insurance products (life, health, general, etc.) through Bancassurance staff in bank branches.
• Identify new business opportunities within the bank network and proactively engage to convert them.
• Support bank staff in generating leads, closing sales, and cross-selling insurance products to existing bank customers.
• Achieve monthly, quarterly, and annual sales and premium income targets.
• Conduct periodic sales reviews and develop action plans for improvement in performance.

2. Relationship Management

• Maintain a strong working relationship with branch managers, relationship officers, and other key bank personnel.
• Serve as the liaison between the bank and the insurance company to ensure smooth collaboration and issue resolution.

3. Training and Capacity Building

• Conduct periodic product knowledge and refresher sessions for branch staff on insurance products and processes.
• Provide guidance to bank staff on identifying customer needs and offering appropriate insurance solutions.
• Collaborate with insurance partners to conduct staff capacity-building sessions and ensure continuous product awareness.

4. Customer Service and Policy Administration

• Ensure accurate documentation, underwriting, and policy issuance within agreed timelines.
• Follow up on premium collections, renewals, and customer complaints to ensure timely resolution.
• Liaise with the insurance underwriting and claims departments to ensure smooth processing and feedback to customers.

5. Reporting and Performance Analysis

• Prepare weekly, monthly, and quarterly reports on bancassurance performance against set targets
• Provide regular updates on sales activities, challenges, and achievements to the Bancassurance Manager.
• Analyze customer feedback and market trends to identify opportunities for business growth.

6. Compliance and Risk Management

• Ensure full compliance with regulatory, company, and partner bank policies.
• Maintain ethical selling practices and protect the reputation of the insurance company and the partner bank.
• Monitor branch-level activities to ensure adherence to agreed service standards and governance requirements.

Key Performance Indicators (KPIs):

• Achieved assigned insurance premium and revenue targets.
• Customer satisfaction and policy retention rate.
• Timeliness of policy processing and claims resolution.
• Accuracy and quality of sales and performance reports. 

Requirements

Qualifications and Experience:

• Bachelor’s degree in insurance, Business Administration, Marketing, Finance, or a related field.
• Minimum of 3–7 years of experience in insurance sales, preferably within a bancassurance or partnership distribution setting.
• Certification in insurance (e.g., CIIN, ACII) is an added advantage.
• Strong understanding of insurance products, banking operations, and financial services distribution.

Skills and Competencies:

• Excellent communication, negotiation, and interpersonal skills.
• Strong sales and relationship management abilities.
• Analytical and reporting skills with proficiency in Microsoft Excel and PowerPoint.
• Good organizational skills and attention to detail.
• Ability to work independently and collaboratively with cross-functional teams.
• Customer-centric mindset with a high level of professionalism and integrity.

Benefits

At Wema Bank, we recognize and reward the contributions of our employees by offering a range of benefits designed to enhance their well-being and work-life balance. Here are some key perks you can enjoy as a Knight. 

• Healthcare – We have a comprehensive medical coverage to ensure you, and your loved ones stay healthy.
• Elderly Care - At Wema Bank, our robust HMO plans include a provision for elderly care, allowing you to enroll one of your parents under your health coverage.
• Parental Leave (Paternity & Maternity) – Paid leave to support new parents, allowing them time to bond with their newborns.
• Year-End Bonus (13th Month) – As a Knight there is an opportunity for you to enjoy an additional allowance as a reward for your dedication and hard work.
• Company Events – At Wema Bank we engage in team-building activities, networking opportunities, and celebrations that foster a strong workplace culture.
• Competitive Pay – Attractive salary packages that reflect your skills, experience, and contributions.
• Leave Allowance – Financial support when you take your well-deserved time off.
• Profit Sharing – A share in the bank’s success, ensuring you as an employe benefit from the company’s growth.

About Company

Wema Bank

https://www.wemabank.com

Wema Bank is the pioneer of Africa’s first fully digital bank, ALAT, and one of Nigeria’s most resilient banks. With decades of experience in the business of banking, the Bank has remained innovative in delivering value to its stakeholders. The publicly quoted Nigerian company has successfully built a legacy of trust and resilience that has won it the loyalty of its customers. The Bank is constantly introducing products and services tailored to the needs of its customers at every stage of their lives. It is a proud partner to more than one million individuals, families and businesses across Nigeria, helping them to achieve their personal and financial goals.