The overall purpose of this position is to develop, manage and market insurance products that are considered “semi-authorized” and “non-authorized” under the Bank Act (Canada) in the Canadian market.
The position oversees the strategic planning, development, and ongoing management of the P&L for the life, health, accident and sickness insurance business of Scotia Life Insurance Company (ScotiaLife).
- Ensure strategic planning, development and delivery of the profitable and long-term sustainable growth for all direct-sold insurance business in Canada.
- Manage the end-to-end operations of Scotia Life, including product development, sales and marketing, underwriting, customer service and administration, systems, claims, revenue and expenses, and risk management.
- Oversee the planning, design, development, implementation and ongoing management of all products and services.
- Oversee all direct distribution channels, including:
- inbound and outbound contact centres
- direct mail
- internet sites and online marketing and
- customer lead generation and referrals to legally permissible channels
In addition, this position is responsible for all aspects of the Underwriting functions for ScotiaLife. The position is accountable for ensuring that operational continuity, efficiencies, standards and targets, including life agent administration, customer and operational business continuity, service delivery and training are maintained across the business in order to support ScotiaLife’s development strategies and objectives.
Ensure corporate compliance with a complex array of federal, provincial and industry regulations. Oversee supervision of and compliance program for licensed life insurance agents both internally and at external vendors, and AML, while taking a leadership position on mitigating operational, reputational and financial risks.
The incumbent provides overall leadership to business partners and is responsible for strengthening strategic internal bank relationships with the Electronic Banking Contact Centres, Electronic Banking Support Services, Shared Services, Legal Counsel, Audit and Office of the President.
1. Program Development and Marketing
- Lead, design and recommend product and marketing initiatives
- Develop overall strategy, planning, development and implement integrated, multi-channel, multi-product, multi-offer database marketing campaigns to profitably grow Insurance Canada’s direct to consumer business.
- Oversee all direct marketing activities including campaign strategy execution, market segmentation, predictive model implementation, campaign results analysis and efficiencies, and identification of new opportunities that reduce costs, increase efficiencies and improve customer response, retention and satisfaction.
- Develop strategic competitive positioning, product design and pricing, marketing campaigns and operational efficiencies in distribution that leverage or enhance Bank competencies, distribution channels and market positioning.
- Optimize product partnerships and recommend appropriate strategies to enhance profitability.
- Work with internal departments and third party operations and marketing to deliver and maintain a comprehensive and cohesive value proposition for customers.
2. Ongoing Management
- Overall responsibility for building and managing effective long-term relationships with multiple external and internal partners and ensuring all product development and marketing programs meet complex federal, provincial, bank and insurance regulations and industry requirements.
- Regularly negotiate contracts, Administrative Services agreements, etc. with multiple external underwriters and service providers.
- Identify, clearly define and mitigate the financial, operational and reputation risks associated with the ongoing management of the business, including service provided by partners and/or other third parties.
- Collaborate with Legal, Compliance, Operations, Finance, etc., in policy development for risk issues, including the development and implementation of operational risk assessment processes.
- Manage reputation risk and protect the brand integrity in the design and delivery of the business line.
- Oversee database analytics required to run effective marketing campaigns and support operations, finance, etc.
3. Direct Sales, New Business, Underwriting, Administration and Service Functions
- Overall responsibility for the processing of new business, underwriting, and policy administration of ScotiaLife’s business line, supporting integrated, multi-product, multi-channel, and multi-offer direct marketing campaigns.
- Lead and develop the sales and service team, coaching staff to provide exceptional service, contributing to the overall business objective of being an industry leader in customer satisfaction among customers of major banks and insurers in Canada.
- Provide direction on the effective resolution of customer inquiries and complaints, escalated by customers directly or via the bank branch network, or the Office of the President; ensuring that response standards are met, that senior management is informed as required, and that all federal and provincial complaint reporting is completed accurately and on time.
- Ensure corporate compliance with a complex array of federal, provincial and industry regulations. Oversee supervision of and compliance program for licensed life insurance agents both internally and at external vendors, and AML, while taking a leadership position on mitigating operational, reputational and financial risks.
- Deliver operationally efficient solutions to the business line and guide the development of applicable internal policies and procedures.
- Oversee business control measures for monitoring and reporting on adherence to service standards and procedures.
- Oversee operational audit functions, ensuring that effective processes and controls are in place.
- Pre-identify and mitigate risks by monitoring and implementing detective controls.
- Oversee the development and delivery of training material on various aspects of the business for ScotiaLife staff, including policy, procedures, privacy, product, regulatory changes, and systems training.
- Manage third-party outsourced relationships; regularly negotiate contracts and Administrative Service agreements; conduct compliance reviews and prepare compliance reporting to senior management as required.
- Identify, clearly define and mitigate the operational, financial and reputational risks associated with the ongoing management of the business, including service provided by partners and/or third party service providers.
- Collaborate with Legal, Compliance, AML, Operations, Finance, etc., in policy development and administration for risk issues, including the development and implementation of operational risk assessment processes.
- Creates an environment in which his/her team pursues effective and efficient operations of his/her respective areas, while ensuring the adequacy, adherence to and effectiveness of day-to-day business controls to meet obligations with respect to operational risk, regulatory compliance risk, AML/ATF risk and conduct risk, including but not limited to responsibilities under the Operational Risk Management Framework, Regulatory Compliance Risk Management Framework, AML/ATF Global Handbook and the Guidelines for Business Conduct.
- Provide strategic and managerial leadership and motivation to direct and indirect reports: developing, leading and coaching directly managed teams and project teams to support business objectives.
- Recruit, develop, and retain high-quality talent.
- Effectively execute all aspects of the Bank’s leadership resource management strategy through the cycle of resource planning, development and performance management.
- Communicate and negotiate individual goals in light of overall company objectives.
- Provide strong leadership to motivate both individual and team performance and productivity.
- Identify training and development needs in relation to business objectives.
- Evaluate performance against individual goals for promotion, staff planning and salary administration purposes.
- Markets: The incumbent requires a thorough knowledge of the Canadian financial services marketplace and the insurance markets. The incumbent must also have a thorough knowledge of consumer needs and preferences for insurance products and services.
- Business: The incumbent must have a solid understanding of the insurance and banking regulatory frameworks, pricing, distribution and business processes. A working knowledge of a broad range of financial services and related perspectives is required. This knowledge includes sales and service techniques, compliance, and transaction. Processes.
- Technical: The incumbent has broad knowledge of insurance technical theory and principles. This includes proficiency in all areas of insurance company operations, including product design, operations, underwriting, claims technology/systems, distribution, sales management and market conduct and compliance. A working knowledge of regulations and contract law is also required.
Undergraduate degree in business management or a similar program.
The incumbent typically holds an insurance-based designation such the Associate or Fellow Life Management Institute (ALMI or FLMI)
The incumbent may hold or have held a life insurance or property and casualty license
The incumbent will have 10-12 years of progressive management experience in an insurance or bancassurance environment.
Requisition ID: 20963