Job Summary
The purpose for this role is to have a dedicated resource with the appropriate skills and knowledge to support in the day to day activities in the Bancassurance Operations department.
Reporting to the Head of Bancassurance Operations, the role holder will work in the bancassurance team and will be responsible for the daily tasks assigned to him/her. The key objective is to ensure all tasks assigned are efficiently and accurately executed, tracked and resolved as per Service Level Agreements (SLAs), to enable the Bank, through Absa Bank Insurance Agency Limited (ABIAL) deliver on the insurance promise and so become the preferred insurance solution provider.
The role profile details the main activities expected for this role. However, additional tasks relating to Bancassurance operations may be assigned as and when the business need arises.
Job Description
Main accountabilities and approximate time split
Company – Underwriting, Reconciliation, Claims and customer query/complaint management, MI compilation, Unutilized premium refund management, Declarations, Support in User Acceptance Testing
50%:
Ensure all customer cover requests received at Bancassurance Operations are processed and forwarded to the respective insurers within agreed SLAs
Prepare and send out declaration reports to underwriters and other designated stakeholders within set SLAs
Maintain and update the existing manual data bases to ensure information held is accurate and availed in a timely manner
Timely collation of data and processing of unutilized premium refunds
Communication to stakeholders including branches and customers, on premium refunds where beneficiary details are missing/insufficient
Timely monthly production and premiums reconciliation for the various underwriters under ABIAL
Maintenance and timely circulation of the reconciliation issues logs to various stakeholders and follow up for resolution
Report on a weekly basis the outstanding premiums status – included into the weekly reporting
Identifying the policies due for various actions per the outstanding premiums tracking procedure and report these to BBIAL underwriters and insurance companies.
Respond to underwriters on any reconciliation related queries and/or demand notices
Log claims with the various insurance providers and follow up to closure, ensuring stakeholders are kept updated
Management of queries and complaints within SLAs
Support in User acceptance testing when called upon
Engagements with Underwriters and Bancassurance teams to ensure seamless process flow and Excellent customer service
Participating in company CSR and brand building activities in liaison with other departments;
Risk and Control Rigour: 30%
Ensure that all activities and duties are carried out in full compliance with regulatory requirements, Enterprise Wide Risk Management Framework and internal Absa Policies and Policy Standards.
Understand and manage risks and risk events (incidents) relevant to the role.”
Ensure management/snap checks are done timeously and any issues escalated
Risk improvement suggestions
Customer: 20%
Ensure adherence to set SLAs (internal and external) while processing customer insurance cover requests and claims
As an enabler and in liaison with stakeholders, resolve complaints and queries within the set service standards
Where necessary, ensure timely escalations to minimize on customer impact on missed SLA’s
Technical Skills/Competencies
Excellent underwriting skills and insurance product knowledge
Effective communication and negotiating skills to deal with external service providers and customers
Passionate drive for results
Service Excellence
Planning and Organizing
Good understanding of insurance processes
Accuracy and attention to detail
Problem Solving skills
Technological understanding (tools – Microsoft Office, etc)
Time Management
Resilience and ability to work under pressure
Knowledge, Expertise and Experience
Essential
A Business-Related Degree from a recognized university
Proven ability to work within and across teams effectively
Technological understanding (tools – Microsoft Office, etc)
Exposure to governance, control and risk management
Additional requirements that would give an added advantage:
COP qualification/ Diploma in Insurance,
Knowledge of insurance business (claims management & underwriting), products and processes.
Operations experience in the bank/insurance industry
Education
Further Education and Training Certificate (FETC): Business, Commerce and Management Studies (Required)
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