Job Purpose
To lead and manage the Bancassurance portfolio within Nedbank Lesotho, ensuring strategic alignment with the bank’s financial services offerings. The role focuses on integrating insurance products into banking products, driving revenue growth, ensuring regulatory compliance, and enhancing client experience through innovative insurance solutions. The manager will drive insurance product sales through Nedbank’s branch network, oversee strategic planning, relationship management, compliance, and team leadership to ensure sustainable growth and profitability.
Job Responsibilities
- Develop and execute the Bancassurance strategy aligned with Nedbank lesotho’s growth objectives and targets , leveraging the bank’s existing product suite, including but not limited to overdrafts, personal loans, vehicle and asset finance, home loans, commercial property and credit cards.
- Manage; monitor and track sales and service complaints to improve client satisfaction by ensuring that all complaints are addressed.
- Identify and drive new opportunities in funeral plans and credit life insurance, integrating these products into banking product for enhanced client value.
- Drive revenue growth through cross-selling and upselling of both core banking and insurance products.
- Monitor product performance and propose actions to improve sales and retention across all product lines.
- Participate in the development and implementation of action plans to address issues raised in the culture surveys to improve results.
- Manage budgets and ensure alignment with strategic business requirements.
- Collaborate with product teams to integrate insurance offerings into banking products and ensure seamless distribution through branch network.
- Manage day-to-day operations of Bancassurance, including licensing, compliance and reporting.
- Ensure compliance with internal policies and external regulatory framework (Financial Institution Act 2012, Insurance Act 2014, Insurance Regulation 2021, Capital Markets Regulation 2021, RCSA, BCP)
- Implement efficient processes and systems to support Bancassurance operations.
- Execute and operationalise the implementation of the sales strategy against objectives and outcomes through managing targets and activities.
- Identify sales opportunities by sourcing and analysing and making recommendations to implement sales plans and objectives.
- Prepare and present performance reports for Executive Management.
- Coordinate in collaboration with Marketing, campaigns and client education initiatives.
- Train and motivate bank staff on insurance products and sales techniques.
- Motivate staff to perform and contribute to the success of the business by creating environment of teamwork through engaging with staff (sharing information) and encouraging participation in decision making processes.
- Champion learning and succession planning within the Bancassurance unit.
- Manage; implement and revaluate process execution to ensure that the business achieves its objectives through strict compliance and risk controls.
Preferred Qualification
- Bachelor’s degree in business administration, Finance, Insurance, or related field.
- Postgraduate qualification (MBA, Insurance certifications) will be an added advantage.
Minimum Experience Level
- Minimum 5 years of experience in Bancassurance, Retail banking, or Insurance sales, with at least 3 years in a managerial or sales leadership role.
Technical / Professional Knowledge
- Business administration and management
- Change management
- Communication Strategies
- Financial Accounting Principles
- Governance, Risk and Controls
- Nedbank culture and values
- Nedbank systems
- Principles of project management
- Strategic planning
- Management information and reporting principles, tools and mechanisms
Behavioural Competencies
- Building Influential Partnerships
- Building the Sales Team
- Coaching the Sales Team
- Driving for results
- Motivating the Sales Team
- Aligning and Executing Sales Strategy