Insurance Sales Manager at Alexander Forbes

Job Description

Main Purpose

Ensure that the Business Development team achieves their budget. Support and mentor the sales consultants with the aim to exceed budgetary requirements and gain market share. Monitor and report on sales performance.

Context

The Sales Manager role reports into the Sales Executive and heads up the Business Development department. This role has a team of up to 30 Sales Consultants that report to them as well as admin support person(s). It is the function of this role to ensure that daily activity expectations are being met, sales budgets are achieved, and that sales consultants are correctly underwriting policies. The Sales Manager is responsible to monitor and report on sales performance.

Formal Qualifications

• Relevant Business degree(where applicable)
• Insurance credits (min 120 after 2009/ Before 2009 32 credits)
• Representative regulatory/Key individual exam based on mandate from FSB
• CPD qualifications as required

Required Experience

• 5 years personal lines short term motor and household direct sales experience (not focused on Call Centre)
• Experience engaging with corporate entities
• An additional 2 years personal lines short term insurance experience at management level
• Financial Responsibility
• Monthly discretionary budget for incentives
• Monthly budget targets
• New business loss ration
• Churn within the first 3 months of inception
• Monthly commissions
• People Responsibility
• Up to 30
• Customers

Internal

• Business development consultant
• Other divisional heads – cross selling
• Key consultant within other business units – cross selling
• Regional Manager
• Servicing / Claims manager

External
Corporate businesses
Lead referral agencies
Key Performance Area
Input (method used)

• Achievement of team sales budget and continuously drive productivity
• Ensure the sales team achieves the region /branch budget. Provide guidance and identifying cross selling opportunities
• Create Incentives & value proposition opportunities for both internal and external clients
• Initiate corporate relationships at executive level
• Advise new consultant of initiatives and areas to approach
• Ensure that Sales Consultants are coached in creating channels in terms of acquiring leads
• Provide guidance based on successful Business development consultant strategy
• Advise Sales Consultants where necessary on planning effective time management strategies
• Provide interim product knowledge training and updates on new product and underwriting developments (in addition to formal training)
• Mentor staff on a continuous basis (where required)
• Monitor performance, offer guidance and assistance to address underperformance
• Improve the teams capacity utilization,
• ensure that the teams quote ratio is met
• Allocate and monitor the progress of internal leads from the lead management system
• Allocate corporate opportunities
• Allocate event activity such as wellness days
• Monitor and assess weekly activity report – identify support needs for the team
• Improve value TCF (Treating Clients Fairly)
• Ensure that all Sales Consultants complete TCF modules by desired deadline
• Adhere to TCF principles
• Manage Staff
• Ensure Recruitment requirements for the team are handled timorously
• Implement training strategy. (Identify training needs, liaise with the training office and co- ordinate training within the team) Perform on-the-job mentorship of consultants
• Identify talent pool and mentor for succession planning purposes
• Conduct bi-annual staff appraisals and ensure staff conducts appraisals for the full team
• Monitor and ensure compliance with TFC
• Ensure the team achieves its conversion ratio
• Monitor Sales Consultants conversion ratios
• Identify areas for improvement
• Train Sales Consultants on closing techniques
• Offer one-on-one job shadowing and mentorship(if required)
• Ensure that the BDC churn remains below the required baseline %
• Ensure that first premiums are paid, use forced debits to handle unpaid communication within 3 months of inception
• Performance Management processes
• Identify risk areas and ensure that the appropriate corrective action is taken
• Manage disciplinary processes where necessary
• Implement performance management and disciplinary processes fairly
• Reduce teams loss ratios on New business within stipulated timeframes
• Monitor and report on teams and Business development consultsnt loss ratios
• Liaise with gate keepers for feedback to identify training,

Technical and behavioural competencies
Knowledge and Skills

• Presentation skills
• Interpersonal skills
• Business communication skills
• Keeping informed of industry and business trends and news
• Mentorship skills
• Report writing
• Behavioural Competencies (Interpersonal and Intrapersonal)
• Manage teams and resources
• Professional corporate appearance
• Persuading & Influencing
• Relating & Networking
• Working with People
• Planning & Organising
• Coping with Pressure & Setbacks
• Adapting & Responding to Change
• Autocratic management style – able to deal with various personalities
• Cognitive Competencies
• Problem solving ability
• Target driven
• Flexible
• Organised
• Able to develop structures to support team (creative)
• Ambitious
• Adaptable
• Entrepreneurial spirit – (proactive/ takes ownership/