Insurance Specialist

5 months ago

Johannesburg, South Africa Absa Bank Limited 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 provide specialist advice and support in area of specialisation guarding against risk, in alignment with Group Corporate Insurance policies.

**Job Description**:
Overall Job Purpose
- 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 insurance policies and claims management across Africa, US, UK 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.
- Development of the risk governance framework, policies and procedures within Absa for Insurance Risk.

Key Accountabilities

Accountability; Stakeholder Management (30%)
- 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 (30%)
- 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 (40%)
- Own and support the Head of Corporate Insurance in terms of all governance and reporting related matters of the function.
- Liaising and collaborating with various stakeholders to ensure that the Governance and Reporting matters are fully addressed
- Represent the Corporate Insurance function to various Finance and Risk committees
- 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 Corpor

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