Head of Customer Retentions, Insurance at Standard Bank Group

Job purpose

Lead the development, documentation and implementation of a comprehensive and integrated retention strategy, which develops a focus on retention as key strategic activity and addresses key capability requirements to materially improve current performance in retention of customers.

Key responsibilities

• Opportunity identification and prioritisation through the development, refinement and interpretation of lapse data and trends, relevant value metrics, customer & sales requirements
• Maintain competitor insights and Customer lapse analytics within the current and emerging regulatory environment
• Aligning organisational resources through KPI and target definition, organisational KPI alignment and program governance across the organisations retention levers
• Development of an integrated communication program to build and sustain awareness of the importance and priority of retention including explicit linkages to value where appropriate.
• Working cross functionally, develop and implement targeted offers including discount/premium reduction strategies at the point of cancellation, proactive strategies such as actively transitioning a customer to a more relevant product / pricing offer and development of predictive models, and preventative strategies such as consultant sales coaching / product offer design, and scripting
• Develop and launch campaigns on both a regular and ad hoc basis to address performance realities in a dynamic fashion; allowing for experimentation and ongoing refinement
• Ensuring effective execution of the retention initiatives through relevant channels including direct outbound, inbound, digital and face to face within a compliant process environment. This includes alignment around execution, ensuring the channel has the capability to effectively execute the offer and driving accountability models.
• Implementing an effective performance measurement framework
• Reporting overall progress against this priority to key stakeholders and driving a cultural movement to embed retention as the way of doing business
• Set and monitor the success of retention initiatives at all stage of the lapse cycles
• Develop new and improved customers contact strategies that support flexible and tailored proposition delivery
• Enhance existing system capabilities to promote customer retention and develop processes and risk controls

Capabilities & Experience

• Experience in Insurance and/or retentions
• Exposure to a range of insurance and retentions practices in order to understand the challenges to continuosou drive the growth of the policy base.
• Broad based business experience in multiple disciplines including finance, marketing & distribution all distribution channels, business intelligence, and product
• Evidence of experience that has required broad cross-enterprise influence and ability to work closely with key stakeholders and business partners.
• Comfort with experimentation
• Integrative thinking (ie understand and design within the enterprise operating model)
• Knowledge of sales, service and claims practices

Knowledge

• Knowledge of online financial services and banking industry, communications expertise, digital technology, communications strategy, project management, financial management, systems, change management, etc.

Experience

• Minimum 5-10 years working experience in online services industry.
• Minimum 3-5 years’ people management experience.
• Extensive Internal communications experience.
• People management experience.
• Successfully dealing with complexity and ambiguity.
• Cross-functional collaboration and teamwork.
• Relevant experience in managing and delivering big projects.
• Project management

Should you meet ALL the requirements above, we invite you to apply to this opportunity.