Location: Dar es Salaam
Organization: International Insurance Business
Job Type: Permanent
Shift: Day Job
Contract Type: Full-time
Job Posting: 12-06-2019
Unposting Date: 23-06-2019
Number of Openings: 1
A. Job purpose
The role holder will be responsible for providing effective leadership and direction to the business by ensuring that the desired profitability and market share are achieved in line with the company strategy while managing key stakeholder relationships and maintaining a high performance culture.
B. Key responsibilities
- Participate in the formulation and implementation of the business strategy to ensure overall achievement of the company’s objectives;
- Provide strategic direction and leadership on matters relating to business performance, new business opportunities, marketing, investments and other initiatives that enhance profitability and shareholder value for the insurance business;
- Prepare regular and periodic reports to the Board that provide a strategic perspective, quantitative and qualitative assessment of the achievement of the planned goals for insurance business;
- Provide effective leadership in the execution of the company’s strategy and annual business plans/budgets;
- Ensure the achievement of targeted operational results in line with annual business plans/budgets;
- Ensure appropriate management structures and policies are developed, implemented and maintained;
- Maintain a proactive public relations policy that upholds the image and reputation of the company in the marketplace and the country at large;
- Maintain robust Business Development and Customer Relationship strategies that ensure business acquisition, retention and growth targets of the strategic and business plans/budgets are attained;
- Ensure that accurate data is maintained on all IT, core and related systems;
- Establish and manage highly collaborative relationships with business partners, policy makers, customers and other key stakeholders, both locally and internationally;
- Effectively manage the day to day relationships with the Regulator (TIRA);
- Effectively superintend the entire Tanzania Insurance Business; and
- Deliver performance requirements as defined by the company from time to time.
STRATEGIC PERSPECTIVE KPI’S
• Profit Before Tax
• Gross Written Premium/Gross Earned Premium
• Underwriting Profit
• Operating Expense Ratio
• Loss Ratio
• Combined Ratio
• Channel Productivity
• Share of Medical, Motor and non-motor in the portfolio
• Client Retention Ratio
• Employee net promoter score
• % Key talent retention
INITIATIVES PERSPECTIVE KPI’S
• % of initiatives more than 20% behind schedule
• % of initiatives more than 10% above budget
OPERATIONAL PERSPECTIVE KPI’S
• % of employees achieving targets
• % staff training plans executed
• % processes re-engineered
• % audit recommendations implemented
D. Working relationships
Internal Relationships:
The Country CEO will be:
• Accountable to the Board of Directors and the Director, International Insurance Business
• Directly responsible for staff working under this position
• Required to liaise and work closely with the other business heads as may be necessary
External Relationships:
• Regulatory Authorities
• Policy makers
Knowledge, experience and qualifications required
E. Qualifications
- A Bachelor’s degree as well as a Master’s degree, in a business-related field;
- Professional qualifications: ACII, FCII or Equivalent;
- At least 10 years’ experience including senior management level, with at least 8 years post qualification experience in a highly competitive and fast growing insurance industry;
- In-depth knowledge and understanding of the Tanzanian Insurance industry and its dynamics;
- A thorough understanding of local customers, the Tanzania market and industry competitors;
- Excellent knowledge of insurance regulatory requirements;
- Effective negotiation skills;
- Excellent organizational and analytical skills;
- Excellent report writing skills;
- Effective business management skills; and
- Strong working knowledge of English (spoken and written).
• Ensure Business Objectives are met;
• Be vision carriers; facilitate, drive and extract the vision for the business with the functional team;
• Ensure the successful implementation of the strategy;
• Ensure a sustainable business over a long-term defined vision;
• Have a global understanding of business practices and local application;
• Have a long-term view on profit, functions and processes;
• Grow stakeholder value over the long-term;
• Grow profitably across products and all business units;
• Engage in continuous brand building to become the trusted partners to customers;
• Develop innovative partnerships and distribution channels to increase market penetration;
• Appropriately allocate funds and capital to maximise shareholder value;
• Work strategically to ensure market leading position; and
• Adequately manage operational risk.
Detailed Competency Descriptions.
• Leading and Supervising – Provides the business with a clear direction based on the overall strategic intent of the organisation; motivates and empowers others with a clear sense of purpose; creates a positive organisational climate that fosters learning and development; acknowledges high potential talent; sets and articulates the vision and values through own personal behaviour.
• Relating and Networking – Easily establishes, as well as assists others in building meaningful relationships with customers and staff across all areas of the business, inside and outside of the organisation; relates well to people at all levels; facilitates the resolutions of conflict and manages disagreements with tact and diplomacy.
• Persuading and Influencing – Gains clear agreement and commitment from others by persuading, convincing and negotiating to the benefit of the organisation; promotes the organisational strategy during conversations; makes effective use of political processes to influence and persuade others; promotes ideas on behalf of oneself, the department or the organisation; makes a strong personal impact on others; takes care to manage the organisation’s impression and brand on others.
• Formulating Strategies and Concepts – Works strategically to realise organisational goals; sets and develops organisational strategies; identifies and develops positive and compelling visions of the organisation’s future potential; takes account of a wide range of issues across, and related to the organisation; encourages others to take a strategic and long-term view in terms of the organisation’s future; communicates the organisational strategy, vision and objectives effectively across all levels of the organisation.
• Entrepreneurial and Commercial Thinking – Keeps up to date with competitor information and market trends; identifies business opportunities for the organisation; maintains awareness of developments, changes, trends and possible risks in the organisational structure and politics; demonstrates financial awareness; ensures costs are monitored and controlled and thinks in terms of profit, loss and added value.
• Adapting and Responding to change – Anticipates and effectively adapts to changing circumstances and ambiguous situations; accepts and actively drives new ideas and change initiatives; adapts interpersonal style to suit different individuals and situations; adapts organisational strategy to take industry changes into consideration.
• Presenting and Communicating Information – Speaks fluently; expresses the organisational strategy, mission, vision, objectives as well as opinions, information and key points of an argument clearly; makes presentations and undertakes public speaking with skill and confidence; represents the organisational brand effectively, responds quickly to the needs of an audience and to their reactions and feedback; projects credibility and authority.
• Creating and Innovating – Promotes organisational improvement; produces and encourages new ideas, approaches, or insights; creates the environment for innovative products or designs; produces a range of solutions to the strategic benefit of the organisation.
• Achieving Personal Work Goals and Objectives – Accepts and tackles demanding organisational and departmental goals with enthusiasm; lead by example by working hard and putting in longer hours in order to ensure successful implementation and completion of strategic projects; show self-insight in own development needs.
• Adhering to Principles and Values – Upholds and encourages ethical behaviour and organisational values; demonstrates integrity; promotes and defends equal opportunities, builds diverse teams; encourages organisational and individual responsibility towards the community and the environment; models the organisational values during every day interactions.
• Analysing – Strategically analyses sources of information, breaking them into component parts, patterns and relationships; makes rational judgements from the available, as well as missing information; demonstrates an understanding of how one issue may be part of a much larger system.
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