Head of Medical Insurance Business (First Assurance Kenya)

This is a senior leadership position responsible for the overall strategic direction, growth, and profitability of the medical insurance portfolio. The Head of Medical Insurance Business will lead and manage a high performing team to deliver exceptional customer service, drive product innovation and build strong relationships with key stakeholders in the healthcare sector to drive business growth.

Job Description

Accountability: Strategic:

• Develop and implement the overall strategic plan for the medical insurance business, aligned with the company’s overall business objectives.
• Develop and execute medical department strategy that ensures the sustainable growth across the business.
• Drive the sound financial management of the Medical Insurance Business through portfolio management, process optimization, risk-based pricing, and cost discipline.
• Build strong networks and foster positive productive and mutually beneficial business partnerships and relationships both internally and externally.
• Conduct market research and analysis to identify new business opportunities, assess market trends, and identify competitive advantages.
• Develop and implement innovate product offerings, including new products, value added services and digital health solutions.
• Monitor and analyse key performance indicators (KPIs) related to the medical department, premium, income, claims experience, customer retention and profitability.
• Identify and implement cost saving measures to improve the profitability of the medical insurance business.
• Prepare regular reports on the financial performance of the medical insurance business and report in various business meetings.
• Lead the sales and marketing efforts for the medical department, including developing and implementing sales strategies, building and maintaining strong relationships with key clients and intermediaries.
• Drive new business growth through proactive sales initiatives, client relationship management, and strategic partnerships with hospitals, clinics and other health providers.

Accountability: Operations Management:

• Oversee the day-to-day operations of the medical department ensuring efficient and effective service delivery of services to clients.
• Oversee the claims processing function, ensuring timely and accurate payment of claims to healthcare providers
• Develop and maintain strong relationships with healthcare service providers, negotiating favourable rates and service agreements.

Accountability: People Management:

• Lead, mentor and develop a high performing team of medical insurance professionals, including underwriters, claims officers, Business Development and customer service teams.
• Foster a positive and collaborative work environment that encourages innovation and teamwork
• Together with the Human Capital Team, determine the people management strategy for the area with a focus on talent management, development, resourcing and retention. Communicate the strategy to managers in the area.
• Recruit, hire and onboard talented individuals to support the growth of the medical insurance business
• Continuously mentor the heads of sections within the medical department on proactive people management techniques.
• Coach the heads of sections on how to conduct meaningful Performance
• Development discussions with their direct reports and ensure that they conduct the process effectively
• Review training needs analysis conducted by heads of sections. Approve training budgets and review training expenditure to ensure that allocated funds are well utilised.
• Establish and maintain a succession plan for the key roles in the area and review and approve succession plans for the department.
• Review workforce and recruitment plans for the area and re-allocate resources where required.
• Act as highest escalation point for all grievances raised in the business unit.

Accountability: Risk Management:

• Identify and mitigate potential risks associated with the medical insurance business, including operational, financial, and reputational risks.
• Ensure compliance with all relevant regulatory requirements.
• Act as key sponsor for the area’s Risk Management Control Framework
• Review audit issues/findings, log to ensure adequate attention is given to closure within the agreed timelines.
• Review and approve Detailed Risk and Control Assessments prepared in the function.
• Oversee the development of Key Risk Scenarios.
• Drive a culture of proactive compliance in the function.
• Any other duties that fall under the responsibility of Head of Medical Insurance Business at First Assurance Company.

Education and Qualifications Required (Essential):

• Must have a Bachelor's Degree in Finance, Insurance, Actuarial, Business related or any other relevant degree from a recognized university.
• A Master Degree is an added advantage.
• Relevant professional qualification in Insurance, Actuarial, Accounting that is - ACII, CPA, ACTUARIAL
• Must be a member of a professional body in good standing.

Desired work experience:

• Minimum of 12 years of experience in the insurance industry, with at least 7 years in a senior leadership role within the medical insurance sector.
• Strong understanding of the Kenyan healthcare market, including regulations, trends, and key players.
• Proven track record of successful business development, sales and team leadership.
• Proven experience in business strategy definition and execution journey, with a high exposure to Medical Insurance.
• Good technical insurance knowledge, including underwriting matters.
• Excellent analytical, problem – solving and decision-making skills
• Overall digital awareness and IT acumen within the insurance or financial sector.
• Excellent leader, with proven ability to engage teams.
• Infallible work ethic.
• Successful people developer.