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Principal Officer - Bancassurance job at DFCU Bank
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About the Organisation
DFCU Bank is a fast growing commercial bank offering a variety of innovative products and services. DFCU Limited was started by the Commonwealth Development Corporation (CDC) of the United Kingdom and the Government of Uganda through the Uganda Development Corporation (UDC) under the name of Development Finance Company of Uganda Limited. Later restructuring brought in DEG (of Germany) and International Finance Corporation (IFC) as equal partners with CDC and UDC, each having a 25% stake in the company. Its objective was to support long-term development projects whose financing needs and risk did not appeal to the then existing financial commercial lending institutions.
Principal Officer - Bancassurance job at DFCU Bank | Apply Now
Kampala, Uganda
DFCU Bank is a leading financial institution in Uganda dedicated to transforming lives and businesses through innovative financial solutions that drive economic growth and financial inclusion. Established in 1964 as the Development Finance Company of Uganda, the bank has grown from a development finance institution into a full-fledged commercial bank, with a significant milestone being its acquisition of Crane Bank in 2017. Recognized for its strong financial performance, customer service excellence, and digital banking innovations, dfcu Bank has received multiple industry awards and remains a trusted partner for individuals, SMEs, and corporate clients.
The bank fosters a dynamic and inclusive work culture that emphasizes integrity, customer focus, innovation, teamwork, and excellence, offering employees professional growth, career advancement opportunities, and competitive benefits. With a strong presence across Uganda through an extensive network of branches, ATMs, and digital banking services, dfcu Bank continuously invests in technology to enhance accessibility and efficiency.
Committed to corporate social responsibility, the bank actively supports financial literacy programs, women empowerment initiatives, environmental sustainability efforts, and youth entrepreneurship. Headquartered at 26 Kyadondo Road, Kampala, Uganda, dfcu Bank remains a key driver of financial empowerment and economic development in the country. For more information
Are you looking for administrative jobs in Uganda 2025 today? then you might be interested in Principal Officer - Bancassurance job at DFCU Bank
Full Time
DFCU Bank
Job Description
Job Title: Principal Officer - Bancassurance
Organisation: DFCU Bank
Duty Station: Kampala, Uganda
Reports to: Chief Business Solutions & Marketing Officer
Reporting to the Chief Business Solutions & Marketing Officer, the role holder will be responsible for leading and managing all aspects of the dfcu Bancassurance business including but not limited to business growth and retention, revenue assurance, management of underwriter relationships, financial management, operations, service and training. The role holder is accountable for growing the income and profitability, of the Bancassurance business in line with the bank’s aspirations.
Duties, Roles and Responsibilities
Financial
Responsible for directing, coordinating & growing the Bancassurance Portfolio across embedded and stand-alone portfolios, identifying new business opportunities, retaining existing business as well product development.
Formulate the overall strategy for the Bank’s Bancassurance proposition across all insurance products, pricing, customer propositions, channels and customer experience
Increase in penetration of Insurance products across client segments
Review sales, activity reports, and other performance data to measure productivity & goal achievement
Accountable for the financial performance of the Bancassurance portfolio i.e. Income statement (Non-Funded Income) and P&L
Oversee all operations, service, administrative, finance and business development functions of the Bancassurance business
Build strong networks and foster positive, productive and mutually beneficial business partnerships and relationships both internally and externally, specifically with insurance partners
Generate business opportunities for other bank products including deposits and assets
Product Development and Operational Workflow
Identify insurance product needs for all customer segments in consultation with Sector and Segment Heads
Develop appropriate product and service propositions/offerings with dfcu Insurance Partners
Collaborate with the Marketing and Corporate Affairs, to drive acquisition and retention strategies in line with Bancassurance and broader dfcu business objectives
Provide strategic direction to the quality of management of customers’ sales and service experience
Provide strategic direction to the management of sales channels, service delivery systems and relationships with business partners for Bancassurance products and services
Develop and maintain relationships with key business leaders to support business expansion
Internal Business Processes
Drive and manage regulatory relationships, and specifically the Insurance Regulatory Authority
Monitor operational activities to ensure that they are compliant with all requirements of the bank and the Bancassurance unit; Insurance Regulatory Authority (IRA) Guidelines, Bank of Uganda Prudential Guidelines, RCSA, Business Continuity Plan (BCP) and other reporting requirements
Evaluate current business processes and systems, continuously refining them to support operational efficiency
Responsible for qualitative and quantitative reporting of Bancassurance business performance
People
Promote a culture of high performance and continuous improvement that values learning and commitment to service delivery
Oversee talent development programs, retention and succession planning for the Bancassurance team
Drive product awareness and selling confidence, across our front-line teams
SERVICES
COMMERCIAL
SERVICES
INDUSTRIAL
SERVICES
RESIDENTIAL
Qualifications, Education and Competencies
Bachelor’s degree in a business-related field; Insurance or Actuarial degree is an added advantage
Certificate of proficiency in insurance and/ or other insurance qualification
Diploma in Insurance Management and/or other insurance qualifications
Member of a professional insurance body i.e. Associate of the Chartered Insurance Institute or a similar institute
Minimum of 10 years experience in sales management of both life and general insurance with at least 5 years experience in a senior management or supervisory role in the financial sector – Banking and/or Insurance.
At least five years’ experience in the areas of insurance underwriting, claims, finance and regulation
Proven track record of increasing the profitability of a product portfolio via the development of compelling customer value propositions and well-informed decision-making on marketing strategy
High-level ability to see products through the customer’s eyes, intuitively grasping their wishes and frustrations and translating these into attractive, practical, solutions.
Good understanding of digital solutions and emerging technology/trends in the banking sector.
In-depth understanding of product portfolio development and product life-cycle management; able to translate this into actionable and innovative strategies.
Excellent ability to interpret product performance data and market research information; ability to run business models and make well-informed recommendations
Product knowledge – Proficient understanding of the general and life insurance products offered in the market, the region and across the globe
Industry knowledge – Accepted and embedded in the industry within customer, regulatory, supplier, distributor, government, and space through multiple levels of engagement through industry bodies, and forums. In tune with the developments within the banking industry and Bancassurance and is positioned to influence the same for the benefit of dfcu
Sales Capability – Position dfcu as the preeminent provider of Bancassurance solutions within the bank’s chosen segments and sectors. Support the closure of sales for complex propositions.
Customer Engagement – Ability to anticipate customers’ needs and devise innovative ways to address them. Makes informed decisions, solves problems and/or generates new ideas/solutions
Business Acumen – Demonstrates business foresight along with the ability to integrate diverse perspectives. Exercising judgment around opportunities represents the most potential for innovation and return for the institution and its stakeholders.
Financial Acumen- Ability to analyze and interpret financial data to make appropriate business suggestions and decisions. Understand the connection between operations and financial performance.
Leadership – Delivers results and has a significant impact on an organization through team management. Strong leadership skills, flexibility, assertiveness and result-driven.
Negotiation Skills – The ability to gain agreement and attain a middle-ground solution when discussing with others
Decisive and Initiator – Takes responsibility for actions, projects and people. Able to take initiative and work under own direction. Initiates and generates activity and introduces changes into work processes and can make quick, clear decisions, which may include tough choices or considered risks
Quality Orientation – Shows awareness of goals and quality standards. Follows through to ensure that quality and productivity standards are met
Personal Ethics- Must be honest, fair and just with self and others, and demonstrate integrity in work and business contacts
How to Apply
If you believe you meet the requirements as noted above, please forward your application with a detailed CV including your present position and copies of relevant professional/academic certificates, to the email address indicated below:
Deadline: 14th February 2025.
Only short-listed candidates will be contacted.
