Principal Officer - Bancassurance job at Q-Sourcing | Apply Now

• Serve as the licensed Principal Officer as per Insurance Regulatory Authority (IRA) requirements.

• Lead the development and execution of the Bancassurance strategy aligned with the bank’s income, customer, and growth objectives

• Identify new insurance opportunities and develop tailored solutions for key segments including Retail, SME, Corporate, and Institutional clients.

• Integrate insurance solutions into core banking products—including loans, savings, current accounts, and digital platforms—and lead cross-selling initiatives that align insurance offerings with deposit mobilization and lending campaigns.

• Drive the growth of bancassurance income and deposit mobilization by working closely with branches, relationship managers, and digital teams; set and monitor performance targets; and implement staff training and incentive programs to enhance sales productivity.

• Manage strategic relationships with insurance partners and brokers, including negotiating service-level agreements, commissions, and rollout timelines, while coordinating joint campaigns, performance reporting, and periodic reviews to ensure mutual value delivery.

• Ensure seamless customer onboarding, timely policy issuance, and efficient claims processing while handling escalated queries and maintaining high service standards in line with agreed service level agreements (SLAs).

• Identify and mitigate operational and reputational risks in Bancassurance by implementing strong internal controls, ensuring regulatory compliance, and upholding both bank and insurance industry standards.

• Provide leadership and guidance to the Bancassurance team to achieve business objectives, enhance staff capabilities through targeted training in insurance and cross-selling, and promote a culture of high performance and integrity.

• Drive growth in Bancassurance business across and outside the bank channels.

• Prospect and market various insurance products to prospective clients and advice customers on the adequacy of cover requested for in relation to the policies available.

• Oversee the operational aspects of Bancassurance business at the branch i.e. underwriting, claims, finance and customer service as well as preparation quotations, negotiating terms for customers and closing sales.

• Ensure all collaterals and assets that have the Bank interest are properly and comprehensively insured and the Bank’s interest properly noted.

• Ensure that the Bank, customers and staff insurable assets insured under the branch are renewed on time and that the premium is paid up.

• Carry out market research and provide customer feedback to the Bancassurance team for the development of new products and enhancement of existing ones to suite the various market segments.

• Ensure that all queries on technical insurance issues from customers and branch staff are addressed promptly while providing technical guidance.

• Carry out any other duties assigned by management in support of the bank’s strategic objectives.

Additional Responsibilities:

The Bank reserves the right to amend, modify, or adjust the responsibilities of this position as business needs evolve, in alignment with applicable labour laws. The Employee may also be required to undertake additional duties or projects from time to time, within their capabilities and consistent with the responsibilities of the role, as directed by the Employer.

Key Performance Indicators:

• Growth of Gross premiums collected of UGX 14bn

• Net Income of 40 % New Business (Expansion to Non-Borrowed Clients & Cross-Selling) of UGX 689.6

• Net Income of 60 % from Existing Business (Embedded Products – Credit & Deposit-linked Insurance)

• Develop and launch four new Bancassurance insurance products (two Life and two General) in collaboration with insurance partners by Q4 2025

• Net growth in deposits from the Insurance Bancassurance partnerships by UGX 5bn. (Focus on Britam, Sanlam, UAP, and Prudential Insurance Companies)

• Customer Retention Rate – Ensure that at least 85% of existing policies are renewed annually to sustain bancassurance income and minimize policy lapses.

• Claims Processing Efficiency – Achieve a 100% claims settlement rate within 5 days to enhance customer trust, improve service efficiency, and minimize delays in claims resolution.

• Customer service index (90%)

• Audit/Risk/Compliance/Permanent Control issue resolution rate of your department.

• % of Audit/Risk/Compliance/Permanent Control issues outstanding for > 3 months

• Compliance with Policies, Regulations and Guidelines (IRA)

• Completeness, and TAT on reports

• Training on Bancassurance for all staff