Job Summary
Provide specialist underwriting expertise, support and guidance to address operational issues in the business
Continuously identify and give input on ways to improve operations in the business
Compliance and Risk Management: Fulfil all activities in adherence to relevant control and compliance requirements, and quality standards
Administration: Ensure the effective fulfilment of all required administrative duties, including tracking and reporting
Work closely with the Head of Corporate Insurance and senior managers in the team to administer Group Corporate Insurance policies
Building and embedding a suitable framework for the administration of Group corporate insurance policies and claims management across Africa, US, UK, Beijing and Prague.
Ensure effective purchase strategy and execution for annual Group corporate insurance renewals.
Be involved in the placement and claims administration to ensure timely recoveries.
Job Description
Key Accountabilities
Accountability; Stakeholder Management (40%)
Establish effective working relationship/information flow with key stakeholders, across the insurance industry and within the various Businesses and Functions
Leverage established relationships with key stakeholders for effective claims resolution
Continuously identifying opportunities to improve process efficiency within the team
Act as an initial point of entry for queries from stakeholders and attend to queries in an effective and timely manner.
Take personal accountability for resolving issues and queries in a professional and timely manner
Contribute to the building of an insurance risk culture within the business
Responsible for efficient and effective workflow in own portfolio, proactively seeking to maximise productivity and continually acting upon opportunities for process and system improvements
Accountability; Insurance Risk Management (40%)
Implement appropriate and robust claims management framework
Accountable for the annual review of the Group Insurance policies and standards
Design, develop and maintain insurance process flow documents in line with Group policy requirements.
Full accountability of any projects related matters pertaining to the Group Corporate Insurance function
Conduct research on the best insurance purchasing methodologies and practice
Develop, draft and communicate relevant insurance guidance documents and facilitate training of the process with business when claim are logged
Enhance systems to facilitate the annual stress and scenario testing of all risk types.
Manage compliance of all local insurance regulations.
Keep abreast of insurance regulations in countries where the bank has presence and ensure that the Group complies with the relevant regulation
Proactively manage an effective control environment
Assist and facilitate internal and conformance audits
Maintain and log of including audit issue/findings and proactively prepare the internal audit closure document for review by management prior to submission.
Establish good relationships with the broader Group risk and corporate functions to ensure that the Group's risks are disclosed to underwriters
Collate data and perform Key Risk Scenarios for Insurance Risk
Drive a culture of proactive compliance in the function and tracking the team's deliverables against priorities set.
Accountability: Reporting (20%)
Collaborate with Group Corporate Insurance committee members to determine relevant discussion topics and escalation to various committees
Prepare and distribute meeting materials, including agendas, reports, presentations and supporting documents in a timely manner before meetings as set out in the terms of reference.
Ensure the accuracy of information provided to committee members
Assist the Head of the function and senior managers in elevating the function's profile to various stakeholders within the bank
Prepare, collate appropriate, accurate and reliable MI to assist in the effective management of Group Corporate Insurance portfolio
Maintain management risk templates and reporting tool formats for the team
Track and report on claims resolution
Prepare and maintain a specific Insurance Risk dashboard monthly.
Education and Experience Required
Bachelors Degree in Insurance & Risk Management, Risk, Accounting, Financial Management or Banking
Minimum of five to ten (5-10) years' experience as an Insurance or Risk Management professional, Risk Manager, Claims or Insurance Manager
Minimum of 5-10 years' experience in the Insurance Industry
An Associate or Fellowship of the Insurance Institute of South Africa will be advantageous
Knowledge & Skills- below serves as examples
Detailed understanding of insurance markets and business processes, environment, contract terms, waivers, releases, risk controls and checks and ability to act with assistance in relation to overseas equivalents.
Knowledge of financial institutions and the associated key risk exposures.
Good technical understanding of key insurance concepts and their application
Detailed knowledge of the main classes of corporate insurances including underwriting criteria, and insurance policy structures, definitions, policy wordings and exclusion.
Excellent communication skills at all levels. Effective communication of complex matters to senior management and other parties.
Relationship management skills both in relation to key internal stakeholders, brokers and insurers.
Good interpersonal skills, able to gain agreement of internal customers to program requirements and risk controls.
Good negotiating skills in insurance contracts.
High standard of communication skills, oral and written.
Proven investigative and analytical skills including problem solving and innovation.
Good ability to absorb information from wide range of sources internal or external to the group and evaluate and use it in Absa risk context
Additional Requirements
Graduate level calibre with proven experience within a business environment.
A proven team player who can operate in a dynamic and complex environment
Proven competency in use of MS Office applications, specifically Word, Excel and PowerPoint.
Education
Further Education and Training Certificate (FETC): Business, Commerce and Management Studies (Required)
