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Insurance Product & Relationship Manager

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Date: 17-Jan-2018

Location: Dubai, AE

Company: Al Futtaim Private Company LLC

No two days are the same at Al-Futtaim, no matter what role you have. Our work is driven by the desire to make a difference and to have a meaningful impact with the goal of enriching everyday lives. Take our engaging and supportive work environment and couple it with a company culture that recognises and rewards quality performance, and what do you get? The chance to push the limits every single day.

As a humble family business that started on the banks of the Dubai Creek in the 1930s, Al-Futtaim has expanded to a presence in 31 countries, a portfolio of over 200 companies, and 42,000 employees. You’ll find us in industries ranging from automotive and retail, to finance and real estate, and connecting people with international names like Lexus, Ikea, Robinsons, and Adidas. Our team is proudly multicultural and multinational because that kind of diverse representation gives us the global mindset to grow and impact the people, markets, and trends around us.

Come join us to live well, work better, and be the best.

Job Title:                            Product & Relationship Manager - Insurance       

Reports to:                        Head of Banking & Insurance      

Direct Reports:                 2            

Total Reports:                   7

Department:                     Banking & Insurance

 

Job Purpose:

Develop and execute the insurance segment strategy for Al-Futtaim Finance to support Al-Futtaim Group businesses in the UAE, KSA, Qatar, Oman, Egypt, Sri Lanka and East Africa.

The key elements of the role will involve:

  • cultivate and foster a deep understanding of the insurance market dynamics across each jurisdiction
  • development of an insurance product suite in conjunction with Orient Insurance and other suppliers
  • enhancing the customer experience from both a product and service perspective
  • building collaborative relationships with internal (Orient Insurance, Automotive division, Real Estate division and Group functions such as legal, finance and HR) and external stakeholders
  • managing the insurance team with direct reports and indirect oversight of the sales team

The insurance product set will initially focus on Automotive products and will expand to real estate and life insurance products such as protection plans, savings and pensions plans etc.

 

Key Job Dimensions:

  • Owner of the insurance strategy and business unit P&L
    1. Insurance strategy development  across all Al-Futtaim Group businesses
    2. maximize profitability through revenue gains and decreasing cost-to-income ratio
    3. enhancing the reputation of Orient Insurance and Al-Futtaim Finance
  • Al-Futtaim Finance is currently focused on Automotive and General Insurance products - Gross Written Premium of AED 160mn Motor Insurance and AED 90mn on other General Insurance products annually
  • Expansion of distribution network and insurance product set to real estate and life insurance products

 

 

 

Key Accountabilities:

GWP and Net Profit

  • Annual GWP and Net Profit targets
  • Manage the quality and sustainability of income through product suite and customer retention
  • Lead and manage the cross sell of insurance products
  • Map and agree a robust and compliant  F&I Sales Process with business lines

Market Strategy and Product Development

  • Cultivate and foster a deep understanding of the insurance market dynamics across each jurisdiction
  • Lead and manage high impact insurance product development
    • develop market based strategies for each jurisdiction
    • promote significant interactions with leaders and employees at all levels of the organization to enhance collaboration across product development process
    • a detailed product development compliance process
  • Conceptualize Launch Plan and execute all marketing activities/Scripts around Insurance. Liaise with Marketing team & External Agency to drive campaigns /marketing collateral

Sales focused accountabilities

  • Engages the sales, operation and technology teams in setting the achieving specific goals around product launch initiatives
  • Training and Incentive scheme design for sales staff
  • Build & Execute Performance Management tools; Build Employee Incentive Plans and R&R.
  • Define the attributes and Process of MI flow from Supplier, Finance, IT; Create Automated Insurance Dashboards for internal distribution & Analytics.
  • Define the Sales Reporting Dashboard on a monthly basis

Vendor and Supplier Relationships

  • Facilitate, consult, and engage business partners in product development and  execution
  • Drive commercial agreements, supplier SLAs etc.
  • Relationship management with Insurance companies, reinsurance companies and brokers as the case maybe
  • Relationship management with the F&I and other sales community

Customer Engagement & Satisfaction

  • Assess Insurance products and process for their ability to meet customer requirement including capability, reliability, and robustness
  • Understand Customer’s insurance needs across various Group verticals and deliver a compliant process

MIS and Process

  • Define the attributes and Process of MI flow from Supplier, Finance, IT. Create Automated Insurance Dashboards for internal distribution & Analytics.
  • Define the Sales Reporting Dashboard on a monthly basis

 

Job Context:

  • Dynamic market environments within UAE and across KSA, Qatar, Oman, Egypt, Sri Lanka and East Africa
  • Champion interaction with various brand leadership teams that are part of the Automotive division and new created relationships with Al-Futtaim Group Real Estate (AFGRE)
  • Changing insurance regulatory environment and market landscape
  • Relationship management with Automotive and Real Estate
  • Relationship management with Insurance companies, Reinsurance companies and brokers
  • Ability to understand and manage customer needs through the F&I and other sales force
  • Understanding of Consumer Finance products and alignment of insurance products

     

    Qualifications, Experience & Skills:

  • Extensive experience in general insurance product design and pricing in a multinational financial services company (preferably consumer finance company, insurance company or banking environment)
  • 10-15 years financial services experience and a total of 8-10 years of work experience in insurance underwriting / insurance product design with proven insurance P&L leadership and delivery of cross-sell targets
  • Experienced manager of large teams working in a complex business and systems environment, skilled at building effective teams and managing scope
  • Senior level influencing and commercial negotiation skills
  • Ability to work in a fast-paced environment- strong organizational skills a must
  • Must be action and results oriented, with excellent verbal and written communication skills
  • Advanced degree (Bachelors / Masters) with General insurance qualification such as ACII, FII or CPCU from India, UK or US
  • Development or insurance pricing in a reputed international general insurance company, international bank or international broker
  • Experience in general insurance product design especially for automotive and other sectors (both retail and commercial). Compliance experience and strong experience in marketing, CRM and cross sell.

We’re here to provide excellent service but a little help from you can ensure a five-star candidate experience from start to finish.

Before you click “apply”: Please read the job description carefully to ensure you can confidently demonstrate why this opportunity is right for you and take the time to put together a well-crafted and personalised CV to further boost your visibility. Our global Talent Acquisition team members are all assigned to specific businesses to ensure that we make the best matches between talent and opportunities. We not only consider the requisite compatibility of skills and behaviours, but also how candidates align with our Values of Respect, Integrity, Collaboration, and Excellence.