Head of Bancassurance

SummaryThe 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 ObjectivesBuild and scale the bancassurance business as a core revenue verticalDrive insurance sales through multiple channels (branches, digital, RM network)Establish strong insurer partnerships and product offeringsEnhance customer value proposition through integrated financial solutionsEnsure regulatory compliance and sustainable business growthMajor ResponsibilitiesStrategy & Business Build-OutDefine and execute the bancassurance strategy aligned with overall business goalsBuild the bancassurance function from the ground up, including operating model, structure, and processesIdentify target segments, product mix, and go-to-market strategiesEstablish short-term and long-term growth plans with clear revenue targetsInsurance Partnerships & Product ManagementIdentify, evaluate, and onboard insurance partners (life, general, health)Negotiate commercial agreements and partnership frameworksDesign and manage a comprehensive insurance product portfolio tailored to customer needsContinuously review product performance and optimize offeringsSales & Distribution ManagementDrive insurance sales across all distribution channels (Branch network, Relationship Managers, Contact Center and Digital platforms)Define sales strategies, targets, and incentive structuresMonitor and improve conversion rates, cross-sell ratios, and productivityBuild and lead high-performing sales teamsDigital & Customer Experience EnablementCollaborate with Product and Technology teams to embed insurance offerings into digital journeysEnable seamless customer onboarding, policy issuance, and servicingEnhance customer experience through simplified processes and digital solutionsDrive adoption of digital channels for insurance salesStakeholder ManagementWork closely with internal stakeholders including Retail, Credit, Risk, Operations, and TechnologyManage relationships with external partners including insurers, brokers, and regulatorsPresent business performance and strategic plans to senior leadershipRegulatory Compliance & GovernanceEnsure compliance with all regulatory requirements related to insurance distributionWork closely with Compliance and Risk teams to implement robust governance frameworksEnsure proper disclosures, documentation, and adherence to sales practicesMitigate operational and reputational risksPerformance Management & ReportingDefine and track KPIs including revenue, penetration rates, conversion, persistency, and customer satisfactionDevelop dashboards and reporting mechanisms for leadership reviewDrive a performance-oriented culture across the bancassurance functionFinancial Management & ProfitabilityOwn P&L for the bancassurance businessDrive revenue growth while managing cost structures and commission modelsDevelop business cases for new initiatives and partnershipsEnsure sustainable and profitable growthTraining & Capability BuildingDesign and implement training programs for sales teams and relationship managersBuild insurance product knowledge and sales capabilities across the organizationEnsure certification and licensing requirements are metKnowledge & SkillsStrong expertise in bancassurance, insurance distribution, or wealth managementDeep understanding of life, general, and health insurance productsProven ability to build and scale new business verticalsStrong commercial acumen and partnership management skillsExcellent leadership and team-building capabilitiesStrong understanding of regulatory frameworks in insurance and financial servicesExperience in digital enablement and customer journey designExceptional stakeholder management and influencing skillsQualifications & ExperienceBachelor’s degree in Business, Finance, or related field (MBA preferred)12 - 15+ years of experience in bancassurance, insurance, or financial servicesProven track record in building and managing insurance distribution businessesExperience in UAE/GCC market preferredRelevant certifications in insurance or financial services are an advantage