The Principal Officer will provide overall leadership, regulatory oversight, and strategic direction of the brokerage in line with regulatory requirements, while also driving business growth through effective business development initiatives, partnerships, and client acquisition.
Key Responsibilities
Principal Officer Responsibilities
- Provide overall leadership and day-to-day management of the brokerage operations.
- Ensure full compliance with the Insurance Act, IRA regulations, and other applicable laws.
- Act as the official liaison between the company and the Insurance Regulatory Authority.
- Develop and implement strategic plans to ensure business growth and sustainability.
- Establish and maintain effective internal controls, governance, and risk management frameworks.
- Oversee underwriting, claims, client servicing, and operational functions.
- Prepare and submit statutory and regulatory reports as required.
Business Development Responsibilities
- Develop and execute business development and sales strategies to achieve revenue targets.
- Identify and pursue new business opportunities, partnerships, and markets.
- Build and maintain strong relationships with clients, insurers, and key stakeholders.
- Lead and manage the business development team.
- Prepare proposals, presentations, and participate in client pitches.
- Drive client retention and portfolio growth.
Requirements
Qualifications and Experience
- Bachelor’s degree in Insurance, Business Administration, Finance, Marketing, or related field.
- Professional qualification in insurance (ACII, AIIK, or equivalent) is highly preferred.
- Must meet the fit and proper requirements for Principal Officers as prescribed by the Insurance Regulatory Authority.
- Minimum 7 years’ experience in the insurance industry, with at least 3 years in senior management.
- Proven experience in business development and achieving sales targets.
- Strong knowledge of insurance products, brokerage operations, and regulatory requirements.
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