Andy Bana

A motivated individual with experience working in Bancassurance in one of Kenya's leading commercial banks. I am interested in developing practical skills and expertise to anticipate and tailor solutions to challenges in the financial services industry.

2022 March – to Date – Senior Officer – Bancassurance. SBM Bank Kenya Limited.

Role overview 

I support the bank’s credit monitoring strategy by identifying, classifying and mitigating credit risks in line with the bank’s policies and industry best practices. A vital component in achieving this is by working closely with the credit risk departments and the bank’s appointed insurance brokers.

Duties and Responsibilities 

Risk Management.

In liaison with the bank’s credit administration department, I identify the credit exposures and apply the most suitable insurance products to assessed risks. The classes of cover include Life, Collaterals (motor, property, business assets and crop) among others.

Management of operational tools such as the loans schedules to track and share weekly instructions to underwriters for cover placements.

Enforcement and verification of insurance compliance of the bank’s collaterals at both pre-disbursement and post-disbursement stages of the credit cycle. 

Revenue Generation and Assurance.

I am tasked with verification, computation and reconciliation of premium required to cover both life and collateral exposures.

Following up on commission income with the bank’s appointed insurance agents. The tools used to track the revenue include the Commissions Income Report – shared quarterly. 

Tracking liquidated loan and initiating credit life refunds to clients through requisitions to the bank’s appointed insurance brokers.

Compliance.

Monitoring and reporting emerging risks on (life and collateral) that are an exposure to the bank. 

Management and update of monthly Life and Collateral Insurance compliance reports shared with the credit and internal audit departments. The current compliance levels are Life – 99% and Collateral – 80%. 

Medical compliance requests shared with the credit and branch network. This is in compliance to the Insurers’ Free Cover (FCL) and Age Limits as set out in the bank’s insurance policy guidelines. 

Claims Management and Recovery.

Reporting, documenting and settlement of life and collateral claims to the relevant insurance company through the bank’s appointed agent.

Computation and assessment of the claim while ensuring settlement of the correct claim amounts for both Life and General claims.

Customer Engagement.

Share monthly insurance renewal notices with the bank’s clients. This is done through the internal mailing system and branch network for the bank’s staff and none staff clients respectively.

Bridge the knowledge gap on insurance products by training the bank’s staff and clients on a regular basis. 

Follow up on and close any bancassurance related customer requests by working with the contact center department.

Bachelor of commerce - Banking and financial services option - The Catholic University of Eastern Africa (ongoing - research project finalization).