Assistant Manager – Customer Retention & Conservation at Jubilee Insurance

Job Ref. No: JLIL294

Role Purpose

The role holder will be responsible for developing and executing strategies to enhance customer retention, reduce policy lapses, and improve overall customer satisfaction. The role holder will manage a team dedicated to customer conservation efforts, analyzing retention data, and implementing initiatives to foster long-term customer loyalty and engagement.

Main Responsibilities
Strategy

• Retention Strategy Development. Develop and implement a comprehensive customer retention strategy aimed at minimizing policy lapses and maximizing customer loyalty. Identify key drivers of customer retention and develop targeted initiatives to address them.
• Market Analysis. Conduct market research and analysis to understand customer behavior, preferences, and trends.
• Stay updated on industry best practices and competitive strategies to enhance retention efforts.
• Customer Segmentation. Segment the customer base to tailor retention strategies and conservation efforts to different customer groups. Develop targeted communication and engagement plans for each segment.
• Performance Metrics. Establish and monitor key performance indicators (KPIs) to track the effectiveness of retention initiatives. Provide regular reports and insights to senior management on retention performance and trends.

Operational

• Customer Interaction Management. Oversee and enhance customer touchpoints to ensure a seamless and positive customer experience. Manage a team responsible for handling customer retention and conservation inquiries.
• Policy Conservation & Persistency Management. Implement proactive measures to retain customers at risk of lapsing or canceling their policies. Develop and execute conservation campaigns to re-engage and retain customers.
• Policy Servicing. Accurately ensure different types of policy alterations and policy servicing on different types of products are processes accurately and effectively as per contract provisions for respective policy changes.
• Data Analysis. Analyze customer data to identify patterns and causes of policy lapses. Use insights to develop and refine retention strategies.
• Relationship Management: Skilled in building and maintaining strong relationships with policyholders and other stakeholders.
• Process Improvement. Continuously evaluate and improve customer retention processes and systems. Implement best practices to streamline operations and enhance efficiency.

Corporate Governance

• Compliance. Ensure all retention and conservation activities comply with regulatory requirements and company policies. Maintain accurate records of customer interactions and retention efforts for audit and compliance purposes.
• Risk Management. Identify potential risks related to customer retention and develop mitigation strategies.
• Implement internal controls to safeguard customer data and ensure privacy.
• Reporting. Prepare and present detailed reports on retention metrics and conservation activities to senior management and regulatory bodies.

Leadership & Culture

• Team Leadership. Lead, mentor, and develop the customer retention and conservation team to achieve high performance. Foster a collaborative and customer-centric culture within the team.
• Employee Engagement. Promote a positive work environment that encourages employee engagement and satisfaction. Conduct regular team meetings and provide ongoing training and development opportunities.
• Cultural Alignment. Ensure that the retention strategies and initiatives align with the company’s values and culture.
• Advocate for a customer-first approach across the organization.

Key Competencies

• Customer-Centric Mindset. Strong focus on understanding and meeting customer needs. Ability to build and maintain positive customer relationships.
• Analytical Skills. Proficient in analysing data to drive retention strategies and decision-making. Strong problemsolving abilities.
• Communication Skills. Excellent verbal and written communication skills to interact effectively with customers and internal stakeholders. Ability to convey complex information in a clear and concise manner.
• Leadership Skills. Proven leadership and team management abilities. Capability to inspire and motivate a team to achieve goals.
• Strategic Thinking. Ability to develop and implement strategic plans for customer retention. Forward-thinking and innovative approach to retention challenges.

Academic Background & Relevant Qualifications

• Bachelor’s degree in Insurance, Finance, Business, Marketing or any other related course
• Diploma in Insurance, LOMA, CII, IIK certification
• Minimum of 4-6 years of experience in customer retention, customer experience, life policy management, or related roles within the life insurance industry.
• Demonstrated track record of successfully implementing customer retention strategies and improving customer satisfaction.
• In depth knowledge of life insurance products, policies, and regulations.
• Familiarity with regulatory requirements and compliance in the insurance industry