Bancassurance Representatives Needed at Sanlam Life Insurance Limited

Bancassurance Sales Representatives Life

Region: Nairobi, Coast, Western, Nyanza, Central, Rift Valley

Reporting to: Regional Sales Coordinators and Dotted to Regional Sales Managers

Nature of Engagement: Contractual

Advertisement closing date: 15th February 2024

Business Unit: Sanlam Life Insurance Limited

Purpose

Sanlam Life Insurance Limited, a subsidiary of Sanlam Kenya PLC, is the leading provider of dynamic and innovative life insurance products in Kenya. As part of the Sanlam Group, a leader in financial services across Africa, we are committed to excellence and growth. We are seeking dedicated Bancassurance Sales Representatives to drive life insurance sales in bank partner branches across various regions. This role involves executing Sanlam’s bancassurance strategy, focusing on self-solicitation, differentiation, and negotiation of insurance plans to meet the diverse needs of our customers.

Primary Responsibilities

• Driving Sales: Focus on generating new business life insurance sales through designated bank partner branches, ensuring both quality and quantity.
• Financial Consultation: Conduct financial talks with prospective clients to understand their needs and propose suitable insurance plans.
• Business Processing: Sign off on all new business received from bank partners, ensuring smooth underwriting processes and compliance with company standards.
• Customer Service: Assist with premium collection and promptly resolve customer queries and complaints to ensure customer satisfaction.
• Relationship Building: Foster productive relationships to expand the pool of prospective clients through networking, cold calling, and referrals.
• Needs Assessment: Evaluate the financial status and needs of individual and business customers, proposing tailored protection plans.
• Reporting: Keep the line manager informed of daily production activities and attend relevant training sessions as required.

Person Specifications

Academic Qualification: Bachelor’s degree in Business Administration/Marketing/Insurance or equivalent. Diploma in Insurance or related field from a recognized institution.

Professional Qualification: Certificate and Diploma in Insurance from AllK/ACII or equivalent.

Qualification in COP/ECOP

Experience: Minimum of one (1) year relevant experience in Sales.

Skills and Attributes:

• Possess all necessary licenses required by Law and/or Regulation.
• Proven track record as a Bancassurance Sales Representative or relevant role.
• Ability to provide competent guidance and seek expert advice when needed.
• Strong goal-oriented approach.
• Experience in delivering client-focused solutions and building long-lasting relationships.

If you meet the qualifications and are enthusiastic about this opportunity, please submit your detailed curriculum vitae to agencyvacancies@sanlam.co.ke by the closing date of 15th February 2024. Please mention your preferred location and county in the email subject. Only shortlisted candidates will be contacted.

Sanlam – Live with confidence Company website: 

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Expert Tips To Be A Successful Applicant for Bancassurance Sales Representative Life:

1. Understand the Product: Familiarize yourself with Sanlam’s life insurance products and their benefits to effectively communicate with potential clients.
2. Build Rapport: Focus on building trust and rapport with customers by actively listening to their needs and offering tailored solutions.
3. Stay Updated: Keep abreast of industry trends, market conditions, and regulatory changes to adapt your sales approach accordingly.
4. Set Clear Goals: Establish achievable sales targets and develop a strategic plan to reach them, ensuring consistent performance.
5. Continuous Learning: Invest in continuous learning and development to enhance your skills and stay competitive in the market.
6. Networking: Build a strong network within the banking and insurance sectors to leverage referrals and expand your client base.
7. Follow-Up: Don’t neglect follow-up activities after initial client meetings. Follow up promptly and consistently to nurture leads and close deals.
8. Professionalism: Maintain a high level of professionalism in all interactions with clients, colleagues, and stakeholders, reflecting positively on the company’s image.
9. Adaptability: Be flexible and adaptable to changing circumstances and customer needs, finding creative solutions to overcome challenges.
10. Seek Feedback: Welcome constructive feedback from managers and peers to identify areas for improvement and refine your sales techniques.

Sample Cover Letter for a Bancassurance Sales Representative Life

Dear Hiring Manager,

I am writing to express my interest in the Bancassurance Sales Representative Life position at Sanlam Life Insurance Limited, as advertised. With a Bachelor’s degree in Business Administration and over two years of experience in sales, I am confident in my ability to drive life insurance sales and contribute to the success of your team.

During my previous role at XYZ Insurance, I successfully exceeded sales targets by 30% through proactive prospecting, needs-based selling, and relationship-building with bank partners. My strong communication skills and ability to understand customer needs allowed me to effectively tailor insurance solutions, resulting in high customer satisfaction and retention.

I am excited about the opportunity to join Sanlam Life Insurance Limited and contribute to its continued growth and success. My passion for sales, coupled with my commitment to delivering exceptional customer service, aligns with the values of your organization.

Thank you for considering my application. I look forward to the possibility of discussing how my skills and experience can benefit your team.

Sincerely,

[Your Name]

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Frequently Asked Questions

Q1: What are the key responsibilities of a Bancassurance Sales Representative Life?

A: The primary responsibilities include driving new business life insurance sales, conducting financial consultations with prospective clients, ensuring smooth business processing, providing excellent customer service, building productive relationships, assessing customer needs, reporting on daily production, and attending relevant training sessions.

Q2: What qualifications are required for this role?

A: Candidates should have a Bachelor’s degree in Business Administration/Marketing/Insurance or equivalent, along with a Diploma in Insurance or related field from a recognized institution. Professional qualifications such as Certificate and Diploma in Insurance from AllK/ACII or equivalent are also necessary.

Q3: How can I apply for the Bancassurance Sales Representative Life position?

A: Interested candidates can submit their detailed curriculum vitae to agencyvacancies@sanlam.co.ke by the closing date mentioned in the advertisement. Please specify your preferred location and county in the email subject.

Q4: What sets Sanlam Life Insurance Limited apart from other insurance companies?

A: Sanlam Life Insurance Limited is known for its dynamic and innovative life insurance products, extensive branch network, and commitment to excellence. As part of the Sanlam Group, a leader in financial services across Africa, we offer growth opportunities, competitive benefits, and a supportive work environment.

Q5: Is previous sales experience mandatory for this role?

A: While previous sales experience is preferred, candidates with a strong academic background and a passion for sales are also encouraged to apply. We value potential and a positive attitude towards learning and growth.

Q6: What support does Sanlam provide to its Bancassurance Sales Representatives?

A: Sanlam provides comprehensive training, ongoing support, and access to resources to help Bancassurance Sales Representatives succeed in their roles. Additionally, there are opportunities for career advancement and skill development within the organization.

Q7: How does Sanlam ensure compliance with regulatory requirements?

A: Sanlam is committed to adhering to all regulatory requirements and ensures that its Bancassurance Sales Representatives are fully licensed and compliant with relevant laws and regulations. Continuous training and updates are provided to maintain compliance standards.

Q8: What growth opportunities are available for Bancassurance Sales Representatives at Sanlam?

A: Sanlam offers various growth opportunities, including career advancement within the sales department, specialized training programs, and the possibility of transitioning into leadership roles. Performance and potential are key factors considered for advancement.

Q9: How does Sanlam support work-life balance for its employees?

A: Sanlam values work-life balance and offers flexible work arrangements, wellness programs, and support services to help employees manage their personal and professional responsibilities effectively.

Q10: Does Sanlam charge any application or recruitment fees from candidates?

A: No, Sanlam does not charge any application or recruitment fees from candidates. Our recruitment process is transparent and merit-based, ensuring equal opportunities for all applicants.

Possible Bancassurance Sales Representative Life Interview Questions With Answers

Q1: Can you tell us about your previous experience in sales, particularly in the insurance industry? A: In my previous role at XYZ Insurance, I was responsible for driving sales growth through various channels, including bancassurance. I developed strong relationships with bank partners, conducted financial consultations with clients, and consistently met or exceeded sales targets. My experience has equipped me with the skills and knowledge necessary to excel in this role.

Q2: How do you prioritize your sales activities to achieve targets? A: I prioritize my sales activities based on the potential for revenue generation and the needs of the clients. I focus on high-potential leads, follow up diligently, and ensure that I allocate time effectively to meet both short-term and long-term sales goals.

Q3: How do you handle objections from clients during sales discussions? A: I believe in addressing objections directly and empathetically. I listen carefully to the client’s concerns, acknowledge their perspective, and then offer solutions or clarifications to alleviate their concerns. Building trust and rapport is crucial in overcoming objections and closing deals successfully.

Q4: How do you stay motivated during challenging times in sales? A: I stay motivated by focusing on my goals and reminding myself of the impact that my work has on my clients’ lives. I also draw inspiration from success stories within the industry and seek support from colleagues and mentors to stay resilient and determined in the face of challenges.

Q5: Can you give an example of a time when you successfully negotiated a complex insurance deal? A: In one instance, I was working with a client who had specific coverage requirements but was hesitant due to budget constraints. Through thorough needs analysis and effective communication, I was able to tailor a customized insurance package that met their needs within their budget. The client appreciated the flexibility and value-added services, leading to a successful negotiation and long-term partnership.

Q6: How do you stay updated on industry trends and changes in insurance regulations? A: I actively engage in continuous learning through industry publications, webinars, and networking events. I also participate in training programs provided by my employer and stay connected with industry associations to stay abreast of the latest developments and regulatory changes.

Q7: How do you approach building and maintaining relationships with bank partners? A: I believe in fostering open communication and transparency with bank partners, establishing mutual trust and respect. I proactively seek feedback, address any concerns promptly, and collaborate on strategies to maximize sales opportunities. Building strong relationships based on mutual benefit is key to long-term partnerships.

Q8: Can you describe a time when you exceeded expectations in meeting sales targets? A: In my previous role, I was given a challenging sales target to achieve within a short timeframe. Through strategic planning, diligent prospecting, and effective relationship-building, I not only met but exceeded the target by 50%. My proactive approach and dedication to excellence were instrumental in achieving exceptional results.

Q9: How do you handle rejection or setbacks in sales? A: I view rejection as an opportunity for growth and learning. Instead of dwelling on setbacks, I analyze the reasons behind them, seek feedback, and identify areas for improvement. I maintain a positive attitude, stay resilient, and use setbacks as motivation to refine my approach and achieve better results in the future.

Q10: Why do you want to work for Sanlam Life Insurance Limited? A: I am impressed by Sanlam’s reputation as a leading provider of innovative life insurance products and its commitment to excellence. I am particularly drawn to the opportunity to work in bancassurance, leveraging Sanlam’s extensive network and resources to drive sales growth and make a meaningful impact on clients’ lives. I am excited about the potential for growth and development within the organization and am eager to contribute to its success.

We wish you the best in your application and remind you that Sanlam is committed to attracting and retaining the best employees from all backgrounds. We are an equal opportunity employer and do not discriminate based on race, gender, or ethnicity.