Head: Distribution Channel Economics and Remuneration

2 weeks ago

Pretoria, South Africa Jobted ZA C2 Full time

KEY RESPONSIBILITIES

Departmental strategy and business planning

- Deliver and gain approval for the distribution channel economics and remuneration strategy and business plan for the client. Develop and embed metrics and clear performance measurements along the distribution channel value chain.
- Support the Executive with input and subject matter expertise relating to distribution channel economics and remuneration during the development and delivery of the Distribution strategy for
- Work with the Executive to deliver and gain approval for distribution initiatives and projects that will support the strategic and business objectives.
- Further enable the profitability targets per channel through identifying, setting up and managing partnerships with external vendors and service providers.
- Ensure continuous monitoring of performance against budget and be accountable for budget control for the department. Motivate recommendations/requests for further budget or deviation from budget where appropriate.
- Remain up to date with advancements and developments in technology, best practice and legal/statutory requirements relating to profitability, economics and Facilitate adoption of best-practices to optimise departmental performance.

Delivery of distribution channel economics and remuneration

- Distribution channel economics

- Define and drive the implementation of models and indexes that will guide decision making for distribution channels on an ongoing basis:

- Expense index as the key indicator of the economics of distribution channels

- Product success and profitability index

- Forecasting of sales and expenses

- Forecasting of product profitability

- Develop a data framework and identify data integration points. Manage and maintain models and indexes as new data or trends arise. Make use of data visualisation tools and techniques to generate insights from data.

- Work with delivery / technology teams and provide key inputs and specifications to automate the updating of models.

- Drive the measurement of product performance per distribution channel, in line with models and indexes. Ensure models and indexes are updated accordingly.

- Work with product owners and provide subject matter expertise during the development of product profitability objectives and targets. Ensure alignment of objectives and targets of products across all levels of distribution.

- Manage the implementation of adequate reporting structures across distribution channels to feed and drive profitability models.
- Work with owners of distribution channels and provide key planning and forecasting input during business planning.

Advisor remuneration and incentives

- Drive the formulation and implementation of Advisor remuneration and incentive models per distribution channel, aligned to the business objectives to drive key business outcomes, within allocated budget.
- Ensure equivalence of reward principles are adhered
- Drive the measurement of advisor performance per distribution channel, in line with incentive models and indexes. Ensure models are updated with relevant data.
- Manage the implementation of adequate reporting structures across distribution channels to drive incentive models.
- Work with delivery / technology teams and provide key inputs and specifications to automate the updating of models.

Department and people management

- Work with the Executive to establish an operating model and structure which can deliver the departments goals and objectives.
- Plan resources (people, technology, system and tools) in line with the budget and business
- Responsible for the recruitment of direct reports and oversee and approve recruitment of indirect
- Accountable for driving a performance culture in the department

- Translate the strategy into KRAs for direct and indirect

- Manage workflows, task allocation and capacity to ensure a continuous service

- Conduct performance reviews with direct reports and ensure development plans are in

- Oversee and ensure effective and fair performance management practices for indirect reports

- Create and maintain a positive, innovative environment where learning and development best practice is adopted.

Stakeholder Relations

- Build and maintain effective relationships with the clients management and executives to develop a network that will enable delivery.
- Manage the relationships with and performance of external service
- Attend product council forums to contribute towards product business
- Be the custodian for channel economics and remuneration support and subject matter expertise to the Distribution community and other business stakeholders.

Reporting

- Compile and deliver monthly and annual Exco and Managerial
- Provide statistical insights on the performance and forecasted profitability of all products and distribution channels to inform current and future business decision making.
- Report on Advisor incentives and remuneration and the link to

QUALIFICATIONS

- Qualified Actuary
- At least five years relevant experience of which two years in a managerial role

KNOWLEDGE AND EXPERIENCE

Knowledge:

- Knowledge of all applicable legislation
- In-depth understanding of different distribution channels in the insurance
- The clients insurance products (ideal)
- Data analytics / metric / model development
- Identification of leading and lagging indicators
- Using remuneration and incentives to drive the right behaviour

Experience:

- At least 8 -10 years distribution channel experience in the insurance industry:
- Experience in engaging with key business and external partners across all levels (especially at senior levels)
- Data analytics / metric / model development
- Experience in working/ applying commercial, business and financial principles
- Previous leadership experience (previous supervisory experience ideal)
- Previous report writing experience
- Project management experience

SKILLS & COMPETENCIES

- Data modelling (and relevant coding languages)
- Influencing and negotiation skills
- Strong ability to balance strategic / design thinking, with an analytical approach
- Communication and networking skills across all levels
- Results orientated, pro-active and deadline driven
- High stress tolerance
- Report writing skills
- Excellent judgement, use of discretion and problem-solving abilities
- Ability to work and make decisions independently
- Advanced computer literacy (Excel, Word and PowerPoint)
- Drive for efficiency and quality
- Able to adapt to a changing environment

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