Business Development Officer at Stanbic IBTC Insurance Brokers Limited (SIIBL)

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Business Development Officer at Stanbic IBTC Insurance Brokers Limited (SIIBL)


Stanbic IBTC Insurance Brokers (SIIBL) is a subsidiary of Stanbic IBTC Holding and a duly registered and licensed Insurance broker operating as risk management consultants, life and general insurance brokers and claims service experts. SIIBL is a member of a larger diversified group with strong corporate governance practices. We have world class risk management policies and solid business relationships with reputable insurance companies that ensures competitive and efficient insurance structures for our clients.  We are well positioned to ensure our clients claims are settled equitability and promptly.

We are recruiting to fill the position below:



Job Title: Business Development Officer

Job ID: 60076

Location: Rivers

Work Arrangement: Fully Office Based

Job Sector: Insurance

Job Purpose

  • To grow and develop insurance income for SIIBL and deliver profitable revenue streams from within and outside of the Stanbic IBTC Group.
  • Ensure effective cross sell of insurance products and services across all major lines.
  • Execution of the to achieve all revenue goals and targets through engagement with both external and internal stakeholders.
  • Expansion of the Stanbic IBTC Group business through identification of revenue opportunities and harnessing of this revenue streams.
  • Effective management and supervision of regional sales agents network.

Key Responsibilities / Accountabilities

Financial Outcome: Achieve monthly sales target of Insurance brokerage commission:

  • Achieve assigned monthly Insurance brokerage target
  • Achieve assigned monthly/yearly insurance policy target
  • Achieve assigned new customer acquisition for both personal and business lines
  • Identify, initiate and convert leads for SIIBL
  • Grow SIIBL wallet share of customer’s insurance portfolio by harnessing and upselling insurance products.
  • Provide advice to corporate clients on managing and transferring risk using insurance solutions
  • Ensure timely engagement and follow up of customer’s insurance renewal of all Insurance portfolios or arrangements.
  • Maximize the insurance revenue opportunities in conjunction with the various business segments in Wealth and the Bank
  •  Ensure penetration into Customers own insurance arrangements by harvesting the Banks client base in CIB, PBB and Wealth thereby reducing leakage of potential revenue.
  • Operate within the NAICOM guidelines and framework so as to avoid sanctions or infractions to the Company.
  • Make physical / telephone calls / e-mails to clients for customer interactions
  • Organize and facilitate Interactive sessions
  • Grow the SIIBL business within the region through regular engagement with prospective clients within and outside of the Group.
  • Views day-to-day decisions, relationships and operations in terms of the bigger picture, keeping the overall/long term  objectives of SIIBL and the Group in general in mind
  • Have a good understanding of both traditional and non-traditional competitors, their drivers, products, strengths, vulnerabilities, market share/client base and the impact that these factors have on the Bank’s value proposition to the client base
  • Support insurance sales in the network through awareness, training and a “helpdesk” function for relationship officers and sales consultants in the various business segments
  • Embark on key joint calls with other business units within the region where required
  • Effectively communicate and follow through, with client requests to Underwriting, claims and support units
  • Ensure prompt provision of KYC to avoid delays in providing insurance cover to clients and refund of premiums received.
  • Consistently identify value to our customers by leveraging the various resources within the group
  • Grow SIIBL’s share of mind among clients/ organizations in assigned institutions
  • Proffer possible strategies/ways to improve sales and relating to customers.
  • Identify key insurance opportunities outside of the borrowing customers of Stanbic IBTC Bank and appropriately position SIIBL to capture the business and revenue streams
  • On-board, train and supervise sales agents to deliver on monthly premium targets.
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Client Focus: Customer Service and Efficiency:

  • Ensure adherence to set turnaround times with respect to customer relationship management .
  • Ensure accurate recording of both insurance direct sale and cross sell revenue and sales per or service.
  • Ensure all policies and products are competitive and remain competitive by conducting ongoing market and competitive analysis.
  • Ensure all insurance policies provide cover that is relevant and in line with good local market standard.
  • Provide excellent service to existing policy holders and ensure clients are notified before insurance policies expire

Risk and Conduct: Ensure Compliance in line with Stanbic IBTC Group standards:

  • All customers on boarded must meet minimum KYC in line with the AML CFT policy and company PEP guidelines.      
  • All information shared with the customer and instruction received from customers must be captured via Memos or Call logs. Meeting notes must be shared with customers and filed accordingly
  • Adherence to the SIIBL Business Development Department Manual and all employee group policies.
  • Completion of all People fluent training and agreed personal development plan                                                                                                     
  • Adherence to the scheduled Leave Plan
  • Maintain Zero tolerance for regulatory breaches
  • Minimize reputational risk exposure.                          
  • Maintain zero tolerance for repeat GIA or internal control findings.
  • Prompt reconciliation of income/premium and avoidance of all internal breaches                                                            
  • Minimize Ops losses and ensure it does not exceed the 0.5% benchmark.                                                                                     
  • Operate within the NAICOM guidelines and framework so as to avoid sanctions or infractions to the Company
  • Educate and enlighten clients employers about the dynamics of the Insurance industry
  • Ensure adherence to code of ethics and all other related guidelines
  • Ensure smooth internal & external stakeholder management 
  • Continuously monitor market trends in the insurance industry, including the regulatory and legal framework, with a view to assessing the possible impact on the insurance brokerage
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Minimum Qualification and Experience

  • First Degree
  • 5-7 Years Client Relationship Management
  • 5-7 Years Insurance sales Manager.



How to Apply

Interested and qualified candidates should:

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