- Company: Absa Bank
- Location: Zambia
- State: Lusaka
- Job type: Full-Time
- Job category: Banking Jobs in Zambia
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.
Banc assurance products are currently distributed through Branch network and the range is dependent on market conditions and regulatory environment. There’s less than 3% insurance penetration of GDP across Absa Africa markets, but experiencing high rates of growth as economies evolve and consumer awareness grows. Banks currently contribute 5% of industry distribution compared to dominant status (25-60%) in evolved markets. This too is expected grow as regulations ease. Focus for the business is in diversifying the product range based on market potential into non-credit lines while enhancing distribution approach and upgrading the sales force. Given headroom challenges on core banking lines and evolving market dynamics, customer protection will play an increasing strategic role in the overall Business Banking strategy of deepening impact with customers, driving revenue growth via cross sell and increased customer retention. This presents a unique opportunity in being a market maker in Banc assurance.
The Banc assurance Manager in this transformational role is accountable for the Banc assurance and expected to play a key role in the country strategy for growth, providing leadership and functional excellence in defining, developing and executing the overall strategy in the country. Alongside ensuring a best in class customer experience.
- Own, establish and develop the strategic direction for the business.
- Deliver high quality Insurance and Wealth Management expertise
- Accountable for the growth / expansion and roll out of propositions and associated products
- Develop clear participation strategies for business growth
- Key responsibility for overall achievement of non-financial Business unit objectives for nominated area’s: Customer experience, Employee satisfaction and Operational Risk and Control management
- Lead the development and execution of protection propositions based on strong customer insight and research resulting in higher penetration and customer retention.
- Own and bring this strategy to life for stakeholders, clients and colleagues to provide clear direction on the proposition objectives.
- Lead product integration across multiple delivery channels to deliver a comprehensive customer protection value proposition & integrated with other RBB segment propositions.
Build a sustainable business that becomes a significant contributor to the country financials as per overall strategy.
- Responsible for delivery of revenue and profit targets in line STP & MTP.
- Accountable for achieving annual sales/ productivity targets & driving scale & growth.
- Have agreed P&L accountability across segments and product lines.
- Translate and prioritize objectives into business performance measures at country level.
- Develop and shape the segment propositions and marketing to support performance
Lead effective pricing and profit margin management to drive a robust business
- As part of the country BB team provide strong leadership, direction and governance to the organization.
- Key role in building, driving the ‘LIMME’ agenda and customer / colleague culture aligned to the overall Absa Africa BB and AFS strategy.
- Actively engage, coach, support team members and share best practices.
- Build, develop and motivate high performing team to lead the business in country
- Create a high challenge – high support performance management culture
- Sponsor appropriate talent –planning activities across the region
Work closely with the Country Business Banking Director and the BB leadership team to deliver business performance
- Initiate and drive strategic partnerships with internal and external product suppliers to meet business growth aspiration
- Successfully drive the Strategic ‘One Africa’ Banc assurance collaboration with ABSA AFS.
- Build effective relationships with business and industry leaders, partners, suppliers and regulators within the region.
- Build strong relationships within Cross Functional stakeholders at Country, Region, AFS.
- Lead and actively participate in successful identification, negotiation and selection of new product Suppliers
- Lead negotiation of commission structures and effective pricing and profit management
- Conduct periodic reviews with partner to address and clear bottlenecks on product development, training, operational areas
Where appropriate in consultation with country regulatory affairs manager actively engage regulatory authorities to explore alternative models of distribution to maximise cross sell potential
- Accountable for the overall control agenda of the business
- Ensure appropriate risk, governance and control processes are developed & adhered to
- Drive key initiatives to strengthen the control foundation and governance framework
- Responsible for managing the standardised Risk Control self-assessment framework covering key risks and mitigating controls of the business in country
- Achieve satisfactory audit assessments
- Track and take all open risk items to closure in line with agreed timelines and stakeholder engagement.
Ably represent the business on country risk and control forums.
- Bolster MI Capability & develop roadmap of a technology platform to support business growth over a 5 year period.
- Drive digital and mobile channel capability
Drive automation of processes in collaboration with WIMI and partners.
Bachelor’s Degree: Insurance and Risk Management (Required)