Head: Standard Insurance Limited, Client Solutions

Full time Standard Bank in Banking , in Short Term Insurance Email Job
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Job Description

Job Purpose

To lead and direct the development and execution of the Standard Insurance Limited strategy, with a focus on enabling for simplifying delivery of the insurance solution including leading edge strategic solutions, coordination, execution and prioritisation of the full suite of products and channels of distribution.

Enable delivery of high quality short term insurance products across all client segments and through Bank and Group channels as well as through growing alternative channel distribution capability.

Key Responsibilities/Accountabilities

Develop strategy and manage business performance for Insurance globally

  • Contribute to the development of short-term insurance strategies and drive execution and oversight within SIL.
  • Devise and implement insurance related strategies including the manufacturing of new products as agreed with solution innovation for SBW.
  • Provide strategic and operational leadership and be responsible for formulating the strategic direction of insurance within a specific sector and ensure the execution thereof in line with the business strategy.
  • Set the strategic direction for SIL whilst aligning the objectives with overall Client Segment goals.
  • Take full responsibility for the balance sheet and income statement of Standard Insurance Limited
  • Take overall accountability for the achieving aggressive profit targets for the business.
  • Continuously evaluate the external environment and assess the impact on the Business Unit’s activities. Where required, discuss any changes which may result in an overall strategic impact with the Executive Committee and thereafter make the agreed amendments to plans.
  • Allocate resources across the business unit to ensure that strategic and tactical plans are enabled at all times.
  • Communicate the strategy to the BU and ensure a deep understanding across the whole business.
  • Investigate existing marketing and business practices and recommend opportunities to enhance revenues.

Ensure efficient and effective client value propositions

  • Deliver service to clients and claims experience in accordance with agreed targets and standards

Manage the budget and risk process

  • Ensure compliance with all relevant regulations and internal policies / controls
  • Manage insurance related risks in accordance with risk appetite
  • Be accountable for insurance product profit and loss, including delivery of financial targets and control of costs in accordance with budget

Ensure efficient and effective stakeholder engagement

  • Proactively develop relationships with key external stakeholders including local regulators relevant to the business, product heads, key suppliers and external regulatory bodies to ensure Standard Bank receives appropriate co-operation when required and that the Group meets and is seen to meet regulatory compliance.
  • Build and develop relationships across the firm with various stakeholders with the intention of breaking down silos to maximise business growth.
  • Collaborate with insurance related manufacturing partners to optimise client experience

Ensure an efficient and effective leadership and staffing process

  • Together with the Head of Human Capital for the area, determine the people strategy for the area with a focus on talent management, resourcing, development and retention.
  • Oversee the moderation and relative distribution of performance appraisals in line with overall business performance for the area.
  • Mentor key managers and executives in the area on people management techniques and approaches. Motivate senior managers in the area to set the example on living the values and recognition.
  • Review the overall development needs analysis. Approve training budgets and review actual spend to ensure that funds are being used.
  • Review and approve succession plans for key roles in the area. Support the Talent Review process and approve nominations for the area.
  • With support from Human Capital, interview and hire direct reports. Support managers with their recruitment decisions on request.
  • Ensure that the insurance heads have the resources skills and leadership to implement insurance strategies
  • Provide inspiring leadership, portraying the values and leadership code of SBG

Keep abreast of industry specific knowledge and key developments

  • Represent the bank in industry working groups and/or committees.
  • Keep abreast of local and international developments with regards the relevant developments and ensure that this knowledge is filtered through to the rest of the team
  • Attend various committee meetings and occasionally conduct presentations at industry specific forums

Manage the risks in the business

  • Act as the executive sponsor for the business unit when relevant for the area’s implementation of the Group’s risk management framework.
  • Review and approve assurance and audit scope documentation as well as findings.
  • Review open audit or assurance items and follow up with teams on open or overdue items.
  • Oversee the development of risk metrics and risk appetite threshold setting.
  • Drive a culture of proactive compliance.
  • Interact with specialist risk areas (operational risk, financial crime risk management, information security risk etc.) to ensure that business risk management requirements are addressed in all these frameworks.

Preferred Qualification and Experience

Qualification

  • Honours Degree in Business / Commercial studies

Experience

  • More than 10 years experience in a Leadership role within the Financial services industry in particular with reference to Short Term Insurance.

Knowledge/Technical Skills/Expertise

TECHNICAL COMPETENCIES

Strategic planning and reporting

  • Knowledge and understanding of the process and thinking required to formulate objectives and priorities, and implement plans consistent with the long-term interests of the organisation in a global environment. The ability to identify and capitalise on opportunities and manage risks.
  • Proficiency Level: ADVANCED – Mastered the concept, able to act independently, provides guidance and training to others

Strategy definition

  • The ability to develop and drive shared understanding of a long term vision for the organisation.
  • Proficiency Level: ADVANCED – Mastered the concept, able to act independently, provides guidance and training to others

Industry knowledge

  • Expertise on the specific client industry that is covered by the role – Short Term Insurance
  • Proficiency Level: EXPERT – Provides leadership in this field both within the organisation and in the larger industry

Product development

  • The ability to stay attuned to the needs of the market and developments in the financial sector. Able to translate market knowledge into product innovations and new designs that are responsive to the needs of clients.
  • Proficiency Level: ADVANCED – Mastered the concept, able to act independently, provides guidance and training to others

Insurance Products

  • Knowledge and understanding of the range of Insurance products and services available in the market and how that can be used to meet clients needs.
  • Proficiency Level: EXPERT – Provides leadership in this field both within the organisation and in the larger industry

LEADERSHIP COMPETENCIES

Customer and Client Focused Innovation

  • Focusing attention and efforts on understanding customers (or customer segments) and proactively addressing different customer/client needs. Makes organisational changes or innovates when needed to address customer/client needs.

Leading Courageously

  • Believing in on self, own judgement, skills and experience, and using this self-confidence to challenge others for the benefit of Standard Bank.

Purposeful Collaboration

  • Understands and leverages the dependencies across the organisation and the impact of own actions on the rest of the organisation to create organisation alignment for decision-making and delivery of quality outcomes.

Aligning Business to Strategy

  • Understands the line-of-sight between strategy and organisational implementation. Translates the organisational strategy into specific decisions and actions to ensure the strategy implementation. Aligns resources to effectively execute against the strategic direction

Influencing Others

  • Effectively and strategically influences across the organisation, based on previously established credibility and respect, as well as understanding the organisational dynamics, politics and interpersonal context.

PLEASE NOTE: All our recruitment and selection processes comply with applicable local laws and regulations. We will never ask for money or any form of payment as part of our recruitment process. If you experience this, please contact our Fraudline on +27 800222050 or forward to

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