Insurance Senior Specialist: Business Development

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

10 years or more experience in the insurance industry. Experience within the risk finance industry with cell captives, affinity business, first party and third-party insurance is preferred. Sales experience in acquiring new business is required. Budgeting experience with cell captives. Well versed with regulations governing the non-life insurance industry (GOI/ Short-Term Insurance Act/ FAIS)

To provide advice and support in practice formulation and associated best practice improvement tactics; enabling the provision of specialist business development expertise.

Job Description

Accountability: New business

• Source and review new cell captives and contingency facility opportunities in the market.
• Facilitate due diligence process.
• Facilitate Coupa on-boarding and segmentation process including the KYC checks on all shareholders and key management
• Evaluate commercial viability of the cell.
• Evaluate product and take through Product Review Committee (PRC) process for approval
  
• Policy wordings
• Pricing – (profitability and commensurability)
• Evaluate historical performance
• Target market and distribution
• Inherent and residual risks
  
• Facilitate the calculation of the capital requirement and ensure client can provide capital.
• Evaluate all outcomes from the due diligence processes of each support area.
• Liaise with respective areas where they need queries resolved.
• Design and discuss commercials for the respective deals.
• Compile report and recommendation to deal committee. Accountability: Operationalisation and readiness for go-live of new cells
• Co-ordinate and work with legal and the relevant Subject matter experts (SMEs) to compile and finalise legal contracts for the relevant cell captives
  
• Confirm binder fee and functions performed under the binder agreement
• Review and approve all intermediaries via the intermediary due diligence
• Facilitate the preparation of all intermediary agreements and ensure process to sign and finalise is in place
• Facilitate the preparation of Subscription agreements
• Facilitate the preparation of all required outsource agreements
• Facilitate the preparation of addendum to Aladdin agreement to include new cell product.
  
• Confirm final capital requirement as calculated by actuarial team, to client, Legal and Company Secretariat and ensure payment of capital is made timeously into the premium receipt account for the cell.
• Ensure issue of share certificates are completed timeously.
• Liaise with compliance to prepare notifications with all relevant annexures to be sent to FSCA and PA.
• Project manage the transition from one underwriter to ARTIC (where cell is with current carrier)
  
• Ensure all policy wordings disclosures are updated to reflect ARTIC and relevant contact details as required by regulation.
• Facilitate the review and approve all marketing material.
• Ensure SAP accounts are open.
• Open of relevant bank and investment accounts.
• Ensure investment account and bank account is opened for the Santam Investment Managers (SIMs) / CIB process in addition to the premium receipt and claims payment accounts.
• Set up float account and process if applicable
• Agree investment mandates with client
• Set up premium receipting (Debit order) process – bank process BI online.
• If debit orders are applicable / required for the cell – ensure the CASA process is set up for the BI online debit order process.
• Close out on first time events (FTE’s) after cell go live.
• Engage with Aladdin for quotes to build the new product on the system.
• Facilitate the RDR build and documentation requirements for the Policy Administration system (Aladdin)
• Set-up of technology interfaces and data transfer processes inclusive of Bordereaux and other data to be shared.
• Ensure testing is done with Aladdin to ingest data
• Agree and finalise complaints processes.
• Engage with Absa Marketing to ensure communications to the organisation is made with regards to the new additional cell.
• Obtain approval / Sign off on reinsurance structures and brokers.
• Where applicable, on-board new reinsurance broker onto Absa’s panel.
• Facilitate communication documents as required from time to time.
  
• Accountability: Maintenance and relationship management of cells
• Develop a service program for all new cell captives that are operationalised.
• Schedule Monthly management meetings with set agenda covering monthly performance that includes the following:
  
• Profitability
• Loss ratio trends
• Claims including detail consideration to problem claims as applicable
• Complaints – including route cause analysis of Ombud complaints
• Training with regards to regulatory changes
• Risk management programs and heatmap considerations as applicable
• QA report - item follow-ups / progress
• Capital requirements – SCR updates as applicable
• Any dividend considerations
• Strategic items as required (new products / distribution platforms etc.)
  
• Quarterly / half yearly Board meetings as required.
  
• Profitability
• Loss ratio trends
• Claims including detail consideration to problem claims as applicable
• Complaints – including route cause analysis of Ombud complaints
• Training with regards to regulatory changes
• Risk management programs and heatmap considerations as applicable
• QA report - item follow-ups / progress
• Capital requirements – SCR updates as applicable
• Any dividend considerations
• Reinsurance review / evaluations where applicable.
• Strategic items as required (new products / distribution platforms etc.)
  
• Relationship management with clients and internal stakeholders
• Develop management reports for the cell captives with MI teams for monthly and quarterly reporting and trend analysis
• Facilitate all information requests from the regulator as and when required inclusive of CBR returns and timeously report to the regulator.
• Annual strategy meetings with clients on their plans for growth and/or profitability, including new products and/or market opportunities.
• Accountability: Governance
• Facilitate all governance related processes, which include:
  
• Third Party Risk Management Framework
• Market Conduct (Complaints Management Framework)
  
• Accountability: Internal Marketing and Cross-Selling
• Promoting ARTIC internally by creating awareness and fostering cross-selling opportunities within ABSA's Bank business
• Accountability: Board Reports, Management and other reporting
• Review capitalisation of all cells and identify any shortcomings.
• Evaluate the quarterly license capital requirements and QRT returns
• Prepare input to Board reports covering:
  
• Capitalisations
• New business
• Trends
• Marketing activities
• Risks
• Compliance
  
• Prepare any ad-hoc reporting
• Prepare annual strategy session documentation
• Prepare annual budgets (MTP and STP)
• Compile Board reports to be reviewed by relevant reviewers at least three days prior to the submission date for Board meetings.
• Accountability: Licence Variation:
• Where applicable develop or support the development of a business case to support an application for a license variation for ARTIC to enable the expansion of licence conditions incorporating additional lines of business to be written.
  
  

Education

Bachelor`s Degrees and Advanced Diplomas: 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