Summary
The Head of Bancassurance will be responsible for building, leading, and scaling the bancassurance vertical at Finance House. This role will drive the strategy, partnerships, product portfolio, and sales execution for insurance distribution through the organization's channels.
The incumbent will play a critical role in establishing bancassurance as a key revenue stream by leveraging customer base, digital platforms, and branch/relationship channels, while ensuring compliance with regulatory requirements and delivering superior customer experience.
Key Objectives
- Build and scale the bancassurance business as a core revenue vertical
- Drive insurance sales through multiple channels (branches, digital, RM network)
- Establish strong insurer partnerships and product offerings
- Enhance customer value proposition through integrated financial solutions
- Ensure regulatory compliance and sustainable business growth
Major Responsibilities
Strategy & Business Build-Out
- Define and execute the bancassurance strategy aligned with overall business goals
- Build the bancassurance function from the ground up, including operating model, structure, and processes
- Identify target segments, product mix, and go-to-market strategies
- Establish short-term and long-term growth plans with clear revenue targets
Insurance Partnerships & Product Management
- Identify, evaluate, and onboard insurance partners (life, general, health)
- Negotiate commercial agreements and partnership frameworks
- Design and manage a comprehensive insurance product portfolio tailored to customer needs
- Continuously review product performance and optimize offerings
Sales & Distribution Management
- Drive insurance sales across all distribution channels (Branch network, Relationship Managers, Contact Center and Digital platforms)
- Define sales strategies, targets, and incentive structures
- Monitor and improve conversion rates, cross-sell ratios, and productivity
- Build and lead high-performing sales teams
Digital & Customer Experience Enablement
- Collaborate with Product and Technology teams to embed insurance offerings into digital journeys
- Enable seamless customer onboarding, policy issuance, and servicing
- Enhance customer experience through simplified processes and digital solutions
- Drive adoption of digital channels for insurance sales
Stakeholder Management
- Work closely with internal stakeholders including Retail, Credit, Risk, Operations, and Technology
- Manage relationships with external partners including insurers, brokers, and regulators
- Present business performance and strategic plans to senior leadership
Regulatory Compliance & Governance
- Ensure compliance with all regulatory requirements related to insurance distribution
- Work closely with Compliance and Risk teams to implement robust governance frameworks
- Ensure proper disclosures, documentation, and adherence to sales practices
- Mitigate operational and reputational risks
Performance Management & Reporting
- Define and track KPIs including revenue, penetration rates, conversion, persistency, and customer satisfaction
- Develop dashboards and reporting mechanisms for leadership review
- Drive a performance-oriented culture across the bancassurance function
Financial Management & Profitability
- Own P&L for the bancassurance business
- Drive revenue growth while managing cost structures and commission models
- Develop business cases for new initiatives and partnerships
- Ensure sustainable and profitable growth
Training & Capability Building
- Design and implement training programs for sales teams and relationship managers
- Build insurance product knowledge and sales capabilities across the organization
- Ensure certification and licensing requirements are met
Knowledge & Skills
- Strong expertise in bancassurance, insurance distribution, or wealth management
- Deep understanding of life, general, and health insurance products
- Proven ability to build and scale new business verticals
- Strong commercial acumen and partnership management skills
- Excellent leadership and team-building capabilities
- Strong understanding of regulatory frameworks in insurance and financial services
- Experience in digital enablement and customer journey design
- Exceptional stakeholder management and influencing skills
Qualifications & Experience
- Bachelor's degree in Business, Finance, or related field (MBA preferred)
- 12 - 15+ years of experience in bancassurance, insurance, or financial services
- Proven track record in building and managing insurance distribution businesses
- Experience in UAE/GCC market preferred
- Relevant certifications in insurance or financial services are an advantage
