Executive: Microinsurance

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
  
  

Accountability: Business & Service Management

• 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.
  
  

Accountability: Business Development, Partnerships & Relationship Management

• 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.
  
  

Accountability: People Management

• 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.
  
  

Accountability: Risk Management

• 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
  
  

Accountability: Reporting and Committee Participation

• 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
  
  

Education

Bachelors Degree and Professional Qualifications: Business, Commerce and Management Studies (Required)

Absa Bank Limited is an equal opportunity, affirmative action employer. In compliance with the Employment Equity Act 55 of 1998, preference will be given to suitable candidates from designated groups whose appointments will contribute towards achievement of equitable demographic representation of our workforce profile and add to the diversity of the Bank.

Absa Bank Limited reserves the right not to make an appointment to the post as advertised