Job Title: Bancassurance Reconciliation Officer (Fresher Jobs)
Organisation: DFCU Bank
Duty Station: Kampala, Uganda
Reports to: Head of Bancassurance
About US:
DFCU Bank is a fast growing commercial bank offering a variety of innovative products and services. DFCU Limited was started by the Commonwealth Development Corporation (CDC) of the United Kingdom and the Government of Uganda through the Uganda Development Corporation (UDC) under the name of Development Finance Company of Uganda Limited. Later restructuring brought in DEG (of Germany) and International Finance Corporation (IFC) as equal partners with CDC and UDC, each having a 25% stake in the company. Its objective was to support long-term development projects whose financing needs and risk did not appeal to the then existing financial commercial lending institutions.
Job Summary: Reporting to the Head of Bancassurance, the Bancassurance Reconciliation Officer 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.
Key Duties and Responsibilities:
- 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.
Qualifications, Skills and Experience:
- The applicant for the DFCU Bank job must hold a University degree from a recognised university.
- A Certificate in Insurance (CIU). A diploma in insurance will be an added advantage.
- At least one 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 skills
- Excellent negotiation.
- Conflict resolution skills
How to Apply:
If you believe you meet the requirements as noted above, please forward your application with a detailed CV including present position and copies of relevant professional/academic certificates (University Transcript, O & A level), to the email address indicated below.
Deadline: 12th April 2024
Disclaimer: dfcu Bank does not solicit/accept payment in cash/kind from prospective candidates in exchange for shortlisting or job placement. Any candidate who engages in this kind of transaction is aiding and abetting fraud and will be automatically disqualified.
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