Executive: Microinsurance at Absa South Africa

Job Summary

• To lead and strategically manage the Microinsurance division within the bank, ensuring sustainable growth, profitability, regulatory compliance, customer-centric product development, and operational excellence. The role is pivotal in driving financial inclusion through accessible insurance solutions tailored to underserved and low-income segments.

Job Description

Accountability:  Strategy Development

• Develop and execute the Microinsurance strategy aligned with the bank’s broader financial inclusion and insurance goals.
• Identify market opportunities and trends to expand the microinsurance portfolio.
• Drive product, operational, and distribution strategy, collaborating across the Group to unlock synergies and expand market share through integrated channels
• Lead innovation in product design, distribution channels, and customer engagement.
• Monitor external trends to assess their impact on insurance operations and strategy

Accountability: Business & Service Management

• Oversee the design and pricing of microinsurance products (e.g., funeral cover, hospital cash plans, credit life).
• Ensure products meet regulatory requirements and customer needs.
• Monitor product performance and customer feedback for continuous improvement.
• Manage the unit’s P&L, budgeting, financial reporting and shareholder return expectations.
• Optimize operational efficiency and cost structures to maintain competitive advantage
• Drive digital transformation and automation of processes to support the bank’s digital transformation strategy
• Evaluate investment opportunities and allocate capital within mandate.
• Define and monitor balanced scorecard performance indicators for the portfolio.
• Take ownership for the business performance and business outcomes reporting on variances against RAF and STP targets.

Accountability: Business Development, Partnerships & Relationship Management

• Build strategic partnerships with fintech’s, mobile network operators, community organizations, and government bodies.
• Drive channel diversification including digital, branch, agent, and mobile platforms.
• Oversee marketing and outreach initiatives to increase product uptake.
• Meet annually with the ombudsman and regulatory bodies to maintain strong relations and identify improvement areas.
• Participate as a member of the relevant Industry bodies and collaborate with various industry leaders to influence trends in the marketplace.
• Build and develop relationships across the group with various stakeholders with the intention of breaking down silos to maximise business growth.

Accountability:  People Management

• Lead a multidisciplinary teams including actuaries, underwriters, product managers, and sales professionals to deliver against strategic priorities.
• Foster a high-performance culture and talent development within the business including promoting diversity, equity, and inclusion within the team.
• Own people risk management, monitor metrics, and implement corrective actions.
• Ensure effective execution of performance development standards.
• Co-develop and resource a learning strategy aligned to business needs.
• Maintain and update succession plans for key roles.
• Embed and meet group transformation objectives.
• Interview and recruit direct reports with People Partner support.
• Review workforce plans and reallocates resources as needed.
• Approve performance ratings, incentives, and consistency check outcomes.
• Act on employee survey insights to enhance EVP.

Accountability: Risk Management

• Ensure full compliance with the South African Microinsurance Regulatory Framework
• Implement robust governance, risk management, and actuarial oversight 
• Liaise with the relevant regulatory bodies to manage and mitigate risk  
• Own principal risks per the Enterprise Risk Management framework and ensure effective controls.
• Foster a proactive risk and compliance culture.
• Lead resolution of audit, assurance, and compliance findings; oversee closure and assurance testing.
• Assess and attest to control status of the portfolio.
• Take full ownership of relevant risk categories within the portfolio

Accountability: Reporting and Committee Participation

• Represent Micro Insurance in the relevant meetings sign off packs ahead of distribution.
• Serve as Managing Executive for Microinsurance in Absa Insurance board meetings and participate in subsidiary boards across the bank.
• Attend keyboard sub-committees, including Actuarial and Audit Risk & Compliance Committees.
• Engage in governance forums and review financial reports, including monthly management accounts.
• Contribute to the Cluster Executive Committee, reporting progress against the annual business plan.

Prefferred Education

• NQF Level 7 – Honours / master’s degree (preference a technical Insurance qualification).
• Minimum 10 years’ experience in insurance or financial services, with at least 5 years in a senior
• 10 – 15 years in a corporate or commercial banking role, building trusted relationships with clients and presence in the industry
• Experience in setting a vision for long-term organisational success at regional business level and proven track-record implementing respective strategic plans
• Exposure at an Executive Committee level, contributing to the development and execution of business strategic objectives, plans and policies
• Experience engaging internal and external stakeholders at the highest levels, including Board members and senior executives, to build and manage key relationships
• Track-record building and maintaining commercial corporate client relationships (corporates, multinationals, global) across multiple sectors and geographies
• Has operated within periods of both sustained economic growth and turbulence, in a sector that is highly regulated, competitive and going through transformation

Education

• Bachelors Degree and Professional Qualifications: Business, Commerce and Management Studies (Required)

End Date: September 9, 2025