Credit Control Officer at Jubilee Insurance

Job Ref. No: JHIL156

Role Purpose

• The job holder will be responsible for managing the company's credit and collections processes, ensuring timely payments from clients, maintaining accurate financial records, and minimizing credit risk.
• This role involves collaborating with clients, brokers, and internal teams to resolve payment issues while maintaining strong professional relationships.

Key Responsibilities

Strategy

• Support the development and implementation of credit control strategies aligned with the company's financial goals and objectives to optimize cash flow and minimize credit risk.
• Assist in formulating and enhancing credit management policies, risk assessment frameworks, and debt recovery procedures to strengthen financial controls.
• Work closely with underwriting, finance, and sales teams to establish and enforce credit terms and conditions for insurance policies and products.
• Continuously assess and analyze credit risks, ensuring proactive measures are in place to mitigate potential financial exposure.

Operational

• Monitor and manage the credit control process, including premium invoicing, payment collection, and credit assessments, to ensure efficiency and accuracy.
• Conduct credit checks and assessments on policyholders and potential clients to evaluate creditworthiness and minimize financial risk.
• Implement and enforce credit control policies and procedures, ensuring full compliance with regulatory requirements and internal guidelines.
• Track outstanding premiums, follow up on overdue payments, and collaborate with relevant stakeholders to resolve payment discrepancies.
• Prepare comprehensive reports on credit control activities, including aging analysis, bad debt provisions, and collections performance, to support strategic decision-making.

Corporate Governance

• Ensure compliance with companies’ policies, procedures, and regulatory requirements.
• Adhere to industry best practices and uphold ethical standards in business development.
• Ensure accurate documentation and reporting for audit and regulatory purposes.
• Champion insurance product training to educate customers and enhance compliance.
• Implement and monitor risk management measures to mitigate business risks.

Leadership & Culture

• Lead by example in maintaining high standards of customer service and professionalism.
• Drive innovation in business development strategies for emerging markets.
• Uphold company values and advocate for ethical business practices.
• Contribute to a learning culture by actively participating in training programs and knowledge sharing.

Key Skills and Competencies

• Financial and Accounting Knowledge.
• Risk analysis skills: Proficiency in assessing creditworthiness of customers, evaluating payment trends, and identifying potential default risks.
• Verbal and written communication: Clarity in explaining outstanding balances, payment terms, and any issues to clients and internal teams.
• Negotiation and persuasion: Skillful negotiation to arrange payment plans, resolve disputes, and maintain positive relationships with stakeholders.
• Process improvement: Continually evaluating credit control procedures and suggesting improvements to reduce errors, speed up collections, and optimize workflows.

Key Performance Indicators

• Debt collection efficiency.
• Aged debt reduction.
• Customer Satisfaction.
• Percentage of on-time payments.

Academic Qualifications

• A Degree in a Business-Related field or its equivalent.
• Professional qualifications such as CPA, ACCA or applicable Credit Management certification.

Relevant Experience

• Minimum of four (4) years' experience in credit control within the insurance sector.