Executive: Microinsurance
Absa Bank Limited
Date: 18 hours ago
City: Johannesburg, Gauteng
Contract type: Full time

Empowering Africa’s tomorrow, together…one story at a time
With over 100 years of rich history and strongly positioned as a local bank with regional and international expertise, a career with our family offers the opportunity to be part of this exciting growth journey, to reset our future and shape our destiny as a proudly African group
Job Summary
To lead and strategically manage the Microinsurance division within the bank, ensuring sustainable growth, profitability, regulatory compliance, customer-centric product development, and operational excellence. The role is pivotal in driving financial inclusion through accessible insurance solutions tailored to underserved and low-income segments
Job Description
Accountability: Strategy Development
- Develop and execute the Microinsurance strategy aligned with the bank’s broader financial inclusion and insurance goals.
- Identify market opportunities and trends to expand the microinsurance portfolio.
- Drive product, operational, and distribution strategy, collaborating across the Group to unlock synergies and expand market share through integrated channels
- Lead innovation in product design, distribution channels, and customer engagement.
- Monitor external trends to assess their impact on insurance operations and strategy
- Oversee the design and pricing of microinsurance products (e.g., funeral cover, hospital cash plans, credit life).
- Ensure products meet regulatory requirements and customer needs.
- Monitor product performance and customer feedback for continuous improvement.
- Manage the unit’s P&L, budgeting, financial reporting and shareholder return expectations.
- Optimize operational efficiency and cost structures to maintain competitive advantage
- Drive digital transformation and automation of processes to support the bank’s digital transformation strategy
- Evaluate investment opportunities and allocate capital within mandate.
- Define and monitor balanced scorecard performance indicators for the portfolio.
- Take ownership for the business performance and business outcomes reporting on variances against RAF and STP targets.
- Build strategic partnerships with fintech’s, mobile network operators, community organizations, and government bodies.
- Drive channel diversification including digital, branch, agent, and mobile platforms.
- Oversee marketing and outreach initiatives to increase product uptake.
- Meet annually with the ombudsman and regulatory bodies to maintain strong relations and identify improvement areas.
- Participate as a member of the relevant Industry bodies and collaborate with various industry leaders to influence trends in the marketplace.
- Build and develop relationships across the group with various stakeholders with the intention of breaking down silos to maximise business growth.
- Lead a multidisciplinary teams including actuaries, underwriters, product managers, and sales professionals to deliver against strategic priorities.
- Foster a high-performance culture and talent development within the business including promoting diversity, equity, and inclusion within the team.
- Own people risk management, monitor metrics, and implement corrective actions.
- Ensure effective execution of performance development standards.
- Co-develop and resource a learning strategy aligned to business needs.
- Maintain and update succession plans for key roles.
- Embed and meet group transformation objectives.
- Interview and recruit direct reports with People Partner support.
- Review workforce plans and reallocates resources as needed.
- Approve performance ratings, incentives, and consistency check outcomes.
- Act on employee survey insights to enhance EVP.
- Ensure full compliance with the South African Microinsurance Regulatory Framework
- Implement robust governance, risk management, and actuarial oversight
- Liaise with the relevant regulatory bodies to manage and mitigate risk
- Own principal risks per the Enterprise Risk Management framework and ensure effective controls.
- Foster a proactive risk and compliance culture.
- Lead resolution of audit, assurance, and compliance findings; oversee closure and assurance testing.
- Assess and attest to control status of the portfolio.
- Take full ownership of relevant risk categories within the portfolio
- Represent Micro Insurance in the relevant meetings sign off packs ahead of distribution.
- Serve as Managing Executive for Microinsurance in Absa Insurance board meetings and participate in subsidiary boards across the bank.
- Attend keyboard sub-committees, including Actuarial and Audit Risk & Compliance Committees.
- Engage in governance forums and review financial reports, including monthly management accounts.
- Contribute to the Cluster Executive Committee, reporting progress against the annual business plan.
- Prefferred Education
- NQF Level 7 – Honours / master’s degree (preference a technical Insurance qualification).
- Minimum 10 years’ experience in insurance or financial services, with at least 5 years in a senior
- 10 – 15 years in a corporate or commercial banking role, building trusted relationships with clients and presence in the industry
- Experience in setting a vision for long-term organisational success at regional business level and proven track-record implementing respective strategic plans
- Exposure at an Executive Committee level, contributing to the development and execution of business strategic objectives, plans and policies
- Experience engaging internal and external stakeholders at the highest levels, including Board members and senior executives, to build and manage key relationships
- Track-record building and maintaining commercial corporate client relationships (corporates, multinationals, global) across multiple sectors and geographies
- Has operated within periods of both sustained economic growth and turbulence, in a sector that is highly regulated, competitive and going through transformation
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