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Products and digital channels Manager- Bancassurance
- The purpose for this role is to have a dedicated resource with the appropriate skills and knowledge to drive the digitization agenda for the business and manage insurance products within the Absa Bancassurance intermediary limited. And utilizing other tools that enhance product consumption and evaluation. That includes data tools
- The digital management aspect covers the delivery of the system as per the business requirements document.
- Use of different channels and data analysis to drive insurance.
Key accountabilities ( Duties & Responsibilities)
Bancassurance system delivery 20%
- Tracking the business requirements listed on the Business requirement documents are delivered.
- Ensure system customer journeys are effective
- Business representative in all forums that touch on digital and technology aspects, data and products aspects.
- Ensure the business requirements are well articulated.
- Offer Support on system related queries to stakeholders.
- Offer continues trainings to relevant stakeholders on system usage.
- Work closely with project and ICT team and other relevant stakeholders, to ensure business timelines are not at risk and escalation of any timelines shortfall in advance.
Products Management Role 30%
The deliverables for Product Management include -.
- Point of contact for insurance products embedded and stand alone.
- Develop ways of products utilization
- Identify products that are profitable or necessary as per client’s consumption and ways to ensure they work.
- Managing all communications that emanate from product campaigns.
- Engage underwriters for product specifications for distribution.
- Support in products Positioning to bank segments.
- Organizing for trainings on product
- Mining the existing data for targeted marketing.
- Products set up in the bancassurance system.
- Use of data analytics to drive consumption of relevant solutions.
- Develop processes that enhance embedding of insurance solutions in the bank.
- Understanding in Development of digital solutions
- Clear understanding of embedded insurance and process flow.
- Manages products design. Planning and performance
- Monitors market trends for assisting with insights in the business
Data Stewardship 30%
- Provision of subject matter expert support to the data owner and performance of tasks assigned by the data owner.
- Identify key data sources and utilization of the same in dissemination g information.
- Implementing data quality measurement and reporting.
- Performing root cause analysis of data issues and remediating data issues according to agreed priorities and plans
- Implementing adequate data controls on the risk data aggregation processes to identify, communicate and remediate issues relating to accuracy, precision, completeness, and timeliness.
- Ensure TCF regulations are observed while attending to customers.
- Ensure all premiums are collected within the Telemarketing space
People Management 10%
- Monitoring of performance of the sales team.
- Participate in interviews to ensure vacant roles are filled promptly with the appropriate candidate(s).
- Higher Diplomas: Business, Commerce and Management Studies (Required)
Business Development Manager- Bancassurance
- The purpose for this role is to a resource with the appropriate skills and knowledge to support the Bancassurance strategy in the bank in the business area assigned to.
- Responsible to Head of Bancassurance with general management, renewals management, premium collection, and relationship management ability
- Role will involve enhancing Insurance business development through effective renewals management, ensuring all new business is written via ABIAL and insurance cross sales from the areas assigned to. And overall sales management.
Main accountabilities and approximate time split.
Business Development/Management: Time split 65%:
- Responsible for the achievement of the revenue targets
- Support the stakeholders and all relevant teams to ensure that all insurance renewals are done on time, and through the ABIAL
- Support team to ensure that all NTB insurance requirements are sourced and placed with the approved underwriters, through the ABIAL
- Joint customer visits/calls with RMs to understand insurance needs and tailor customer led cost-effective proposals to meet those needs
- Attend meetings to report on insurance uptake progress and enlist the support
- Daily, Weekly, monthly, and quarterly performance tracking
- Regular Sales activations and customer sensitization in partnership with partners to increase uptake e.g. breakfasts, cocktails, etc. (customer sensitization)
- Relationship management with insurance partners for effective service delivery to the customers and stakeholders
- Leading and managing the planning of annual business targets/ objectives with each channel and segment and ensuring that they are achieved through a regular process of monitoring and evaluation of results.
- Manage renewals with sales teams to ensure the 95% renewal target is met.
- Responsible for the appropriate allocation of resources to approved field activations
- Obtain Approval for all sales-related expenses
- Field activity by accompanying relationship managers to presentations and/or making Insurance presentations on their behalf.
- Dashboard management with relevant MI teams to confirm the accuracy of management reports on sales activities
- Identifying cross and up-sale opportunities and tracking performance
- Develop Banca programs as per needs identified
- Develop, implement, and track sales incentive programs
- Work with the Head of the Banca and key stakeholders to ensure strategy deliverables are properly documented and monitored.
- understands business trends and is agile
Rigor/compliance: Time split 5%:
- Ensure all regulatory requirements are met by ensuring compliance with the insurance act and SLA’s
- Ensures review and escalation if required, of insurance Sales administrative issues in the cluster. Ensuring all claims are reported to OPS, tracked, and resolved as per SLA by the Head office
People management: Time split 20%
- Managing relationships with stakeholders and Bancassurance staff to drive business
- Dealing with channels and segments to ensure a full understanding of the insurance process & procedures
- The motivation of relationship managers/producers through agreed programs
- Coaching Stakeholders and banca resources to achieve business goals
- Providing general support to the team
- Has leadership and management skills
Premium Collection And policy administration. Time split 10%
- Ensure all premium is collected from all sales as per laid down procedures in accordance with the Insurance Act and SLAs with partner insurers
- Provide management reports on the premium collection status of all sales done on a weekly basis
Technical skills / Competencies
- Excellent underwriting skills and insurance product knowledge
- A learning mindset to rapidly assimilate complex business issues and quickly solve problems in a structured manner or pre-empting issues that may arise where there is limited precedence
- Effective negotiating skills to secure both internal and external resources and deal with external service providers
- Able to adopt and/or coach the use of a variety of methods to keep work streams on schedule and within budget
- Quality, high standards, and controls
- Passionate Drive for results
- Service Excellence
- Planning and Organizing
- Good understanding of insurance processes
- Understanding of project management principles
- Implementing processes
- Accuracy and attention to detail
- Problem-Solving skill
- Technological understanding (tools – Microsoft Office, etc)
- Time Management
- Communication skill
Knowledge, Expertise, Experience & Qualifications
- A Business-related Degree from a recognized university.
- COP qualification, Diploma in Insurance, LOMA, or progress in ACII qualification
- Exposure to Corporate business and strong relationship management skills
- Knowledge of insurance business (claims management & underwriting), products, and processes.
- Presentation skills and expertise in proposals presentation experience
- Exposure to governance, control, and risk management
- Proven ability to effectively work across teams
- Middle to Large Broker/Underwriter experience in dealing with Corporate insurance and relationships
- Higher Diplomas: Business, Commerce and Management Studies (Required)
Claims and Underwriting Manager – Bancassurance
- This role requires a combination of technical expertise, leadership skills, and a deep understanding of insurance policies, risk assessment, and claims management processes.
- Oversee and manage both claims and underwriting functions.
- Review and improve claims and underwriting processes.
- Prepare and present reports on claims and underwriting activities to senior management.
- Provide expertise and support to clients and internal teams.
- Deliver efficient customer service.
Key Accountabilities/Deliverables/Outcomes and approximate time split.
Claims Responsibilities: Time split: 50%.
- Oversee the entire claims process, ensuring accurate and timely notification, assessment, investigation, and settlement of claims.
- Review and analyze complex claims.
- Resolve complaints and contentious claims issues, ensuring fair and equitable resolution.
- Cultivate working relationships with relevant external stakeholders.
- Ensure SLAs with service providers are adhered to.
Underwriting responsibilities; Time split: 50%
- Ensure that all ‘bank securities’ are insured.
- Compliance with bank policies and guidelines.
- Review underwriting decisions made by Underwriters, ensuring accuracy and compliance with established guidelines.
- Stay updated on market trends, regulatory changes, and emerging risks to adjust underwriting strategies accordingly.
- Relationship Management to facilitate the smooth flow of underwriting processes and resolve any operational issues that may arise.
- Evaluation of proposals to corporate client base both local and global to ensure correct risk covered and priced accurately
- Negotiation of terms for bank clientele with insurers, which includes embedded and other products.
- Regular reviews of relevant solutions and terms of insurance policies. And collaborate with products teams, business teams, and other stakeholders on positioning and dissemination of the same.
- Bachelor’s degree in BCom, Business Administration, or a related field. Professional certifications in ACII or AIIK are advantageous, or evidence of advanced progress toward certification
- Ten (10) years of experience in insurance claims management and underwriting, preferably in a managerial role.
Knowledge and Skills
- Strong knowledge of insurance policies, underwriting principles, risk assessment, and claims handling procedures.
- Excellent analytical and problem-solving skills, with the ability to evaluate complex insurance claims and underwriting issues.
- Strong leadership and team management abilities, with experience in mentoring and developing staff.
- Excellent communication and interpersonal skills, with the ability to build and maintain relationships with internal and external stakeholders.
- Sound understanding of regulatory requirements and industry trends in the insurance sector.
- Proficiency in data analysis and preparing reports.
- Higher Diplomas: Business, Commerce and Management Studies (Required).