JOB PURPOSE:
Reporting to the Head of Bancassurance, the role holder will be responsible for ensuring the accuracy and integrity of financial transactions between the bank and the insurance partners. The reconciliation officer is responsible for reconciling insurance premiums, commissions, and other financial transactions between the bank and insurance partners.
LOCATION: Kampala

KEY ACCOUNTABILITIES:
• The Bancassurance Reconciliation Officer oversees the reconciliation process for transactions between the bank and insurance partners.
• Monitor premium collection for all issued policies, renewals and monitor liens for unpaid insurance and provide recommendations to improve premium collection.
• Reconcile all Insurance Suspense accounts including commission & claims accounts and ensure payments are posted to the P&L accounts.
• Process refunds of unused premiums to ensure value for money for the customer.
• Reconcile all issued policies against premium collections, outstanding premiums, received and outstanding commissions to identify any discrepancies.
• Maintain accurate and up-to-date records across multiple platforms, including the insurance portal, Finacle, and shared drives. This includes documenting new insurance policies, renewals, commissions, and other related information.
• Prepare regular reports on bancassurance reconciliation activities, including reconciliation status, outstanding items, and resolution progress, for management review.
• Ensures compliance with the Bank’s policies, procedures and Regulatory guidelines and requirements.
• Process Improvement: Identify opportunities for process improvements to enhance the efficiency, accuracy, and effectiveness of Bancassurance reconciliation procedures.

KNOWLEDGE, SKILLS, AND EXPERIENCE REQUIRED:
• University degree from a recognised university.
• A Certificate in Insurance (CIU). A diploma in insurance will be an added advantage.
• At least 1 year experience a reconciliation role in insurance operations or finance.
• Knowledge of practical application insurance covers.
• Thorough knowledge of the financial services industry
• High level of integrity and ethical standards
• Attention to detail, excellent analytical skills, and ability to demonstrate a high degree of accuracy.
• Excellent interpersonal, verbal, written, communications and independent judgement skills.
• Good organisational.
• Excellent negotiation.
• Conflict resolution skills