Job Description

Strategy Implementation

• Implement AVBOBs Insurance Administration Strategy in support of the Insurance BU strategy by providing guidance and direction in terms of how to achieve the strategic objectives, vision and mission of AVBOB, growing the portfolio of offerings as well as market share.
• Manage and guide the implementation of the Insurance Administration Strategy by identifying key metrics and localising the insurance administration required per product as well as developing a strong and comprehensive support framework aimed at fostering growth and retention.
• Contribute to the management of the Insurance BU, by participating in the generation of new ideas and fresh approaches to how the senior management leads and manages the business

Insurance Administration

• Provide leadership in the establishment, directing and coordination of Insurance Administration activities with the view to optimise processes and systems to continue to meet emerging customer demands and expectations.
• Oversee and facilitate the establishment and maintenance of appropriate operational frameworks and systems to ensure effective execution, monitoring, measurement and reporting on all necessary aspects of Insurance administration that complies with the required governance frameworks.
• Collaborate with other departments to ensure the effective roll-out and implementation of these frameworks and procedures through the Groups national footprint of branches and agencies with specific emphasis on customer service, market conduct and Treating Customers Fairly (TCF).
• Accountable for the strategic alignment, operational oversight and control of the following departments within Insurance Administration:
• New business: Administering, verifying and issuing all new Business policies within agreed time lines
• Premium administration: Optimising premium collections through all payment facilities (stop orders, debit orders, Persal and cash). Drive and implement retention strategies to optimise the persistency of business
• Commission: Administer the Groups Commissions Framework by creating commission structures that foster growth and performance for all distribution channels and sales structures. growing the Groups foothold in the market.
• Group schemes: Effective administration of all group schemes from on boarding new schemes to daily management of existing schemes, including claims settlement
• Policy Service Administration: Daily management, maintenance and administration of policy service and requests and transactions including - Cashback payments, AVBOB reward account payment, Loans, Surrenders, additions and removal of lives as well as all policyholder communication (including annual).
• Claims Administration: Handling and settling of all insurance claims.
• Inbound contact centre: Handling all inbound customers contacts and services through inbound call, email and social media (where applicable) to deliver a once stop service and resolution (single point of contact)
• Client service centres: Providing walk in client with a once off customer service experience.
• Oversee and approve the management of policies and procedures for the effective management of these departments.
• Manage the Client Relationship Management Framework including voice of customer that fosters relationships and builds a platform for professional service delivery for existing members and potential future customers across the various regions AVBOB operates in.
• Monitor the effectiveness of the Insurance Administration Function by reviewing performance metrics and identifying areas of improvement to drive client satisfaction and enhance policies, as required, to meet internal and external client expectations.
• Oversee the development review of, and drive the use of efficient and fit-for-purpose Standard Operating Procedures and Policies related to Insurance Administration, creating constructive collaboration and minimising associated risks.
• Manage and drive the Financial Administration Management Function within the Group by overseeing Premium Administration to both retain existing clients as well as ensure premiums are designed to fit potential future clients.
• Leverage innovative technology to streamline insurance processes by scouring the market for current, up-to-date and future-fit technologies to enhance turn-around time.
• Oversee and drive the development and maintenance of systems and procedures for the effective functioning of Insurance Administration and delivering Statistical Information for Planning and Organising.

Compliance Risk Management

• Develop and implement Insurance Administration Risk Management Strategies to minimise and limit exposure to risk and ensure risk remains in line with the Functions established risk appetite.
• Conduct regular audits and assessments across the Insurance Administration Function and its relevant policies and procedures, to proactively identify and mitigate unnecessary risk and alleviate non-compliance.

Financial Management

• Prepare annual growth (production and lapse) estimates and production targets in collaboration with the Sales and Distribution teams. Responsible to oversee and sign-off annual financial budget (growth assumptions, capital and operational) for Insurance Administration
• Manage budgetary requirements for the Insurance Administration Function by reviewing, analysing and forecasting financial requirements through comprehensive engagements with market predictors and the broader team to ensure adequate financial backing for the Functions requirements.
• Monitor and oversee the Administration Portfolios spend against the forecast, ensuring business operates within established parameters to reduce operational overspend.

People Management and Leadership

• Manage the Insurance Administration team by developing and implementing key performance metrics and targets that motivate and inspire growth within the team and encourage targeted delivery within the Function.
• Mentor, manage and develop direct reports, including continuous feedback and coaching to ensure performance at optimum productivity levels.
• Coach, mentor and develop team members within the Function by providing professional and career advice to help individuals reach their full potential, whilst aligning their career aspirations with the growth initiatives of the organisation.
• Plan for skills development of appropriate domain knowledge across all sub functions of the Division and provide a view on the skills base as well as rotation plans, to ensure delivery of appropriate solutions.

Divisional Risk Management

• Responsible for the leadership and management necessary to identify, evaluate, mitigate, and monitor operational, financial and strategic risk in the division.
• Develop risk management tools and practices to analyse and report risks, and to manage risks according to the risk management framework.
• Ensures the divisions risk management strategies and practices comply with Company policies and applicable laws and regulations

• Degree (NQF8) in Business Commerce, Actuarial Sciences or equivalent
• Minimum of 10-12 years experience in an insurance or Insurance Product development related environment
• At least 3 years experience in a senior management
• Extensive knowledge and understanding of Insurance landscape along with all required legislation

AVBOB