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Full-time
Bank Service Officers (BCOs) Job at NIC Life Assurance Company Limited
NIC Life Assurance Company Limited
Job Description
Responsible for driving the growth of bancassurance business by providing insurance solutions to bank clients within assigned partner branches. The role focuses on identifying sales opportunities, closing business, and maintaining strong relationships with bank staff and customers to ensure seamless service delivery and goal attainment. This position reports to the Chief Operations and Business Development Officer at the Head Office.
Duties, Roles and Responsibilities
- Identify and prospect potential clients within the bank branch to promote insurance products.
- Execute sales strategies to meet and exceed monthly premium targets.
- Conduct professional sales presentations and product demonstrations to bank customers.
- Lead negotiations and follow up on leads to ensure a high conversion rate of closed business.
- Build and maintain a strong working relationship with bank staff (Branch Managers, Tellers, and Loan Officers) to facilitate referrals.
- Act as the primary liaison between the insurance company and the partner bank branch (e.g., DFCU).
- Ensure that the MOU requirements between the insurance company and the bank are strictly adhered to.
- Provide accurate and timely information to clients regarding policy features, benefits, and pricing.
- Assist clients with the completion of proposal forms and ensure all required documentation is collected.
- Support the claims process by providing initial guidance and gathering necessary information from claimants.
- Maintain a high standard of professional demeanor and appearance consistent with the banking environment.
- Prepare and submit daily/weekly activity reports to the supervisor regarding leads generated and sales closed.
- Monitor personal sales performance against set KPIs and implement improvement plans where necessary.
- Keep up-to-date with market trends and competitor offerings within the bancassurance space.
- Ensure all sales activities comply with regulatory requirements and internal company policies.
- Maintain high levels of integrity and transparency in all customer dealings and financial transactions.
- Gross Written Premium (GWP): Achievement of monthly and quarterly sales targets.
- Conversion Rate: Percentage of bank referrals successfully converted into closed policies.
- Customer Retention: Rate of policy renewals and customer satisfaction scores.
- Documentation Accuracy: Error-free submission of proposal forms and KYC documents.
- Branch Relationship Score: Feedback from bank partners on collaboration and service quality.
Qualifications, Education and Competencies
See all details of the qualifications, competencies and education for this role under the "How to Apply" section below.
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