Principal Officer - Bancassurance
2025-11-29T09:59:57+00:00
Q-Sourcing
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https://www.qsourcing.com/
FULL_TIME
kampala
Kampala
00256
Uganda
Consulting
Admin & Office
2025-12-12T17:00:00+00:00
Uganda
8
Job Purpose:
Responsible for establishing and driving Bancassurance as a business line in Bank. Spearheading the growth of Bancassurance business across the Bank channels through supporting delivery channels, develop operating standards and grow revenues for this line of business and positioning as a major provider of insurance products and related services within the Ugandan Market.
Key Responsibilities:
1. Serve as the licensed Principal Officer as per Insurance Regulatory Authority (IRA) requirements.
2. Lead the development and execution of the Bancassurance strategy aligned with the bank’s income, customer, and growth objectives
3. Identify new insurance opportunities and develop tailored solutions for key segments including Retail, SME, Corporate, and Institutional clients.
4. 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.
5. 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.
6. 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.
7. 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).
8. 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.
9. 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.
10. Drive growth in Bancassurance business across and outside the bank channels.
11. 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.
12. 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.
13. Ensure all collaterals and assets that have the Bank interest are properly and comprehensively insured and the Bank’s interest properly noted.
14. Ensure that the Bank, customers and staff insurable assets insured under the branch are renewed on time and that the premium is paid up.
15. 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.
16. Ensure that all queries on technical insurance issues from customers and branch staff are addressed promptly while providing technical guidance.
17. 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
Requirements
Required Qualifications and Skills:
- Education: University Degree preferably in a business field with at least three years working experience in banking/bancassurance/insurance industry. Professional qualification in insurance or equivalent shall be an added advantage
- Experience: 2 Years insurance marketing and/or underwriting experience. Exposure to Insurance products in the bank set-up with knowledge of the Bank’s set standards, policies and the operating manual.
- Technical Skills: Excellent communicator with ability to work effectively in a diversified set up and in a highly collaborative team environment, Proven ability to respond quickly, independently and appropriately to competing priorities under tight deadlines, Personal organization and thoroughness coupled with the ability to work under minimum supervision with good Judgment and decision making skills, Knowledgeable in compiling data and preparing a variety of reports as well as ability to verify the accuracy of document.
Additional Requirements:
- High ethical standards and a commitment to the values of the Bank.
- Ability to pay attention to details.
- Good communication and inter personal skills.
- Logical thinker – has a clear, focused and methodical approach to tasks given under required frequency e.g. daily, Weekly, monthly and yearly.
- Results-orientated, driven to realise business service objectives and able to execute at speed.
- Self-motivated, energetic, innovative and open to new ideas.
- Team player – approachable, receptive to ideas/feedback from others.
- Assertive – able to handle and mediate in conflict, stand by principles and put forward ideas despite opposition.
- Tough-minded, rarely upset by criticism, able to retain optimism despite setbacks.
- Highly numerate/ Data rational: Is good with numerical data, operates on facts, and enjoys assessing and measuring.
- Analytical: Identifies analyzes patterns and trends, sees the relationship between cause and effect, has an inquiring mind
- Ability to build substantive relationships and connections in professional settings.
- Operating knowledge of Capital Markets instruments.
- Customer Centric.
- Computer literate and familiarity with standard office computer applications
- Has the initiative to investigate and obtain additional information to deal with ambiguity
- Understands custody Settlement rules / standards and effectively applies in daily settlement.
- Consider all the facts, options and possible outcomes prior to making recommendations
- Ability to handle conflict situations
Serve as the licensed Principal Officer as per Insurance Regulatory Authority (IRA) requirements. 2. Lead the development and execution of the Bancassurance strategy aligned with the bank’s income, customer, and growth objectives 3. Identify new insurance opportunities and develop tailored solutions for key segments including Retail, SME, Corporate, and Institutional clients. 4. 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. 5. 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. 6. 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. 7. 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). 8. 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. 9. 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. 10. Drive growth in Bancassurance business across and outside the bank channels. 11. 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. 12. 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. 13. Ensure all collaterals and assets that have the Bank interest are properly and comprehensively insured and the Bank’s interest properly noted. 14. Ensure that the Bank, customers and staff insurable assets insured under the branch are renewed on time and that the premium is paid up. 15. 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. 16. Ensure that all queries on technical insurance issues from customers and branch staff are addressed promptly while providing technical guidance. 17. 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.
Education: University Degree preferably in a business field with at least three years working experience in banking/bancassurance/insurance industry. Professional qualification in insurance or equivalent shall be an added advantage Experience: 2 Years insurance marketing and/or underwriting experience. Exposure to Insurance products in the bank set-up with knowledge of the Bank’s set standards, policies and the operating manual. Technical Skills: Excellent communicator with ability to work effectively in a diversified set up and in a highly collaborative team environment, Proven ability to respond quickly, independently and appropriately to competing priorities under tight deadlines, Personal organization and thoroughness coupled with the ability to work under minimum supervision with good Judgment and decision making skills, Knowledgeable in compiling data and preparing a variety of reports as well as ability to verify the accuracy of document.
JOB-692ac41d65a5f
Vacancy title:
Principal Officer - Bancassurance
[Type: FULL_TIME, Industry: Consulting, Category: Admin & Office]
Jobs at:
Q-Sourcing
Deadline of this Job:
Friday, December 12 2025
Duty Station:
kampala | Kampala | Uganda
Summary
Date Posted: Saturday, November 29 2025, Base Salary: Not Disclosed
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JOB DETAILS:
Job Purpose:
Responsible for establishing and driving Bancassurance as a business line in Bank. Spearheading the growth of Bancassurance business across the Bank channels through supporting delivery channels, develop operating standards and grow revenues for this line of business and positioning as a major provider of insurance products and related services within the Ugandan Market.
Key Responsibilities:
1. Serve as the licensed Principal Officer as per Insurance Regulatory Authority (IRA) requirements.
2. Lead the development and execution of the Bancassurance strategy aligned with the bank’s income, customer, and growth objectives
3. Identify new insurance opportunities and develop tailored solutions for key segments including Retail, SME, Corporate, and Institutional clients.
4. 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.
5. 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.
6. 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.
7. 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).
8. 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.
9. 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.
10. Drive growth in Bancassurance business across and outside the bank channels.
11. 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.
12. 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.
13. Ensure all collaterals and assets that have the Bank interest are properly and comprehensively insured and the Bank’s interest properly noted.
14. Ensure that the Bank, customers and staff insurable assets insured under the branch are renewed on time and that the premium is paid up.
15. 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.
16. Ensure that all queries on technical insurance issues from customers and branch staff are addressed promptly while providing technical guidance.
17. 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
Requirements
Required Qualifications and Skills:
- Education: University Degree preferably in a business field with at least three years working experience in banking/bancassurance/insurance industry. Professional qualification in insurance or equivalent shall be an added advantage
- Experience: 2 Years insurance marketing and/or underwriting experience. Exposure to Insurance products in the bank set-up with knowledge of the Bank’s set standards, policies and the operating manual.
- Technical Skills: Excellent communicator with ability to work effectively in a diversified set up and in a highly collaborative team environment, Proven ability to respond quickly, independently and appropriately to competing priorities under tight deadlines, Personal organization and thoroughness coupled with the ability to work under minimum supervision with good Judgment and decision making skills, Knowledgeable in compiling data and preparing a variety of reports as well as ability to verify the accuracy of document.
Additional Requirements:
- High ethical standards and a commitment to the values of the Bank.
- Ability to pay attention to details.
- Good communication and inter personal skills.
- Logical thinker – has a clear, focused and methodical approach to tasks given under required frequency e.g. daily, Weekly, monthly and yearly.
- Results-orientated, driven to realise business service objectives and able to execute at speed.
- Self-motivated, energetic, innovative and open to new ideas.
- Team player – approachable, receptive to ideas/feedback from others.
- Assertive – able to handle and mediate in conflict, stand by principles and put forward ideas despite opposition.
- Tough-minded, rarely upset by criticism, able to retain optimism despite setbacks.
- Highly numerate/ Data rational: Is good with numerical data, operates on facts, and enjoys assessing and measuring.
- Analytical: Identifies analyzes patterns and trends, sees the relationship between cause and effect, has an inquiring mind
- Ability to build substantive relationships and connections in professional settings.
- Operating knowledge of Capital Markets instruments.
- Customer Centric.
- Computer literate and familiarity with standard office computer applications
- Has the initiative to investigate and obtain additional information to deal with ambiguity
- Understands custody Settlement rules / standards and effectively applies in daily settlement.
- Consider all the facts, options and possible outcomes prior to making recommendations
- Ability to handle conflict situations
Work Hours: 8
Experience in Months: 24
Level of Education: bachelor degree
Job application procedure
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