Old Mutual Limited (OML) is a premium African financial services group that offers a broad spectrum of financial solutions to retail and corporate customers across key markets in 14 countries.
Job Description
Critical objectives and responsibilities:
Manage and implement the direct sales business operating model
- Implement sales plans and pipelines for assigned agents.
- Develop and implement contact plans and track productivity.
- Support the business to deliver business targets and objectives and create a high performance orientated culture
- Accountable for the direct acquisition of sales
Maintain lead to quote
- Maintain quote to conversion ratios
- Maintain NTU – and cancellation ratios
- Manage discount mandates to ensure that profitability targets are achieved
- Identify through insights action plans to improve lead, quote and conversion ratios
Manage cost to serve indicators
- Facilitate the sharing of best practice across teams to improve sales acquisition.
- Driving a high performance sales culture.
- Recognise employees for the achievement of sales targets and profitability and conversion ratios.
- Conduct regular sales team meeting and 1 on 1 meetings.
- Maintain a high level of product knowledge by engaging staff in innovative ways.
- On the Job Sales Coaching for employees by having a traceable coaching process.
- Daily Quote and Sales Reporting.
- Manage the resource capacity planning and implementation.
Manage and ensure best practice delivery of customer experience standards nationally.
- Ensure adherence to organisational policies, practices and procedures.
- Identify solutions to enhance cost effectiveness and increase operational efficiency
- Co create and implement business processes and systems to achieve sales targets and improve customer experience
- Build and maintain excellent relationships between own team and key internal external stakeholders.
- Contribute to a service culture which builds rewarding relationships, proposes innovations and allows others to provide exceptional client service.
- Ensure professional services are provided; where expectations are managed in terms of outcomes.
- Implement Quality Assurance findings.
Continuous improvement in product, process and systems to deliver strategic advantage within the market:
- Ensure process, product and systems optimisation is prioritised in order to deliver targeted strategic advantage.
- Establish and promote healthy vertical and horizontal business processes that ensure efficient and effective client delivery within set expectations and agreed performance standards in the area of accountability and the overall optimisation of the value chain for Old Mutual Insure.
- Ensure statutory and legislative knowledge is always current in order to resolve customer complaints, to advise the business on corrective solutions to mitigate risks and to improve the customer experience whilst complying with governance requirements.
Drive change methodology and ensure implementation across all projects
- Ensure project and change initiatives meet objectives on time and on budget by increasing broker, customer or employee adoption and usage
- Responsible for implementing change management strategies and plans that maximize employee adoption and usage and minimize resistance to drive faster adoption, higher ultimate utilization of and proficiency with the changes that impact brokers / customers and employees by increasing benefit realization, value creation, ROI and the achievement of results and outcomes.
- Provide direct support and coaching to all direct reports.
Ensure cost efficiency through financial and corporate governance
- Deliver the allocated part of the operation within agreed budgets, service levels and business targets sales
- Contribute to the development and implementation of fit for purpose budgets.
Manage quality people practices
- Align own behaviour with the organisation culture and values.
- Share and transfer product, process and systems knowledge to colleagues.
- Collaborate and work with the HR and IT teams to deliver required service levels.
- Actively share information with other team members regarding successes, issues, trends and ideas.
- Ensure training and development plans are maintained for all team members
- Manage the fair and consistent application of performance management and disciplinary measures as necessary
- Use company methodology, team input and own initiative to ensure attendance and retention targets are achieved
Experience, knowledge & skills required
- Grade 12.
- Relevant Tertiary – or Insurance Qualification.
- FAIS Compliant (or studying towards compliance within 6 months).
- 3 years’ experience in leading a high performing sales team – with proven track record of achieving targets
- 3 – 5 years’ experience in direct sales environment within the financial services industry.
- 2 – 3 years’ experience in Short Term insurance advantageous.
- Experience in virtual management of resources advantageous
Competency Descriptors:
- Strategic: Is able to understand, identify and acts on broader opportunities in order to drive longer term, value-adding change. Applies judgement effectively. Identifies and acts on market and/or competitor trends/opportunities
- Customer: Putting the customer at the heart of business decisions and driving to improve value for customers.
- Collaboration: Creates trust, respect and builds meaningful relationships. Able to handle a wide range of relational challenges to ensure collaboration across boundaries.
- Leading with Influence: Influences and rallies people behind common goals; actively supports growth and inspires others to exceed expectations. Communicates clear strategies and objectives for own function.
- Innovation: Generates creative/out of the box solutions. Challenges the status quo and/or demonstrates ability to relate to challenges from a range of diverse but relevant perspectives. Willing to take calculated risks when introducing novel ideas.
- Personal Mastery: Learns and actively works to build self-awareness; develop through experience and feedback from others. Copes effectively with stress and has the resilience to take on stretching and challenging assignments. Adjusts effectively to work within new work structures; processes; requirements and cultures.
- Executing: Displays consistent energy, drive and perseverance in order to deliver results. Demonstrates a willingness to take calculated risks to achieve stretch performance goals.
Competencies
Closing Date
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Job Description
- The Old Mutual Legacy and Product Management Team is seeking a suitably qualified individual for a Senior Actuarial Specialist role. The Legacy & Product Management team is responsible for product management and performance for both savings and income closed products in the Old Mutual retail market.
- This exciting opportunity offers exposure to an interesting combination of technical and business issues. The role requires a technically sound individual, who can collaborate effectively with various teams and stakeholders at all levels. This is a unique opportunity as the incumbent will play an important role in managing a suite of closed retail products that span the evolution of savings and risk solutions in South Africa – from reversionary bonus policies to universal life products, unit trusts and other more modern composite investment solutions. The products have significant assets under management and service more than half a million customers.
- As the regulatory environment and industry standards evolve, we need to ensure the suite keeps abreast of these changes which will require the individual to navigate a wide range of technical and business issues. This diverse product set requires adaptability in thinking and the ability to collaborate and execute in partnership with a wide set of stakeholders across the business – including senior management, other product areas, marketing, client servicing, IT, legal and compliance.
- The successful candidate’s focus will largely be to support strategically significant projects (of various sizes) for the book, while running with smaller projects and BAU work (business as usual). This will include innovating the processes and systems on which these products are administered and driving the take-on of new closed product ranges within the team.
- Highly significant changes are underway in this space and we are looking for an individual with a passion for delivering fair customer outcomes, change management and execution, to dig in and drive these changes across the line.
Role Qualifications, Skills and Experience:
- Actuarial student with a minimum of 10 credits with at least 2 years actuarial experience. (Senior Actuarial student / Actuarial student making good progress with Actuarial exams / Nearly qualified actuary with substantial actuarial experience.
- Product experience would be a distinct advantage.
- Self-starter who shows initiative and is able to drive projects and tasks to completion with minimal guidance.
- Analytical
- Good interpersonal and communication skills.
- Ability to work on a wide range of deliverables at once.
- The appointment may be made at a lower role size depending on exam progress and experience.
- Preference will be given to suitably qualified candidates in line with the Employment Equity Plan of Old Mutual South Africa and the specific business unit in question
- Examines and summarizes statistical data by applying mathematical and statistical knowledge to unpaid claim liability, trend analysis, rate formula, forecasting, and premium analysis. Participates in the preparation of annual statements, calculation of tax related issues, and drafting of business coverage forms. OML roles mapped to this profile are: Senior Actuarial Specialist, Senior Actuarial Specialist (OMAO) and Senior Specialist: Actuarial Underwriting.
Responsibilities
- Actuarial Analysis, Assumptions and Insights
- Analyze, interpret, and present data ensuring the completeness, accuracy, and appropriateness of all insurance data used in order to contribute to the production of actuarial analyses, assumptions and insights. Conduct research and request relevant information to enable analysis of key themes and trends using primary data sources and business intelligence tools.
- Actuarial Calculation of Funding Requirement
- Contribute to the evaluation of funding contributions, like employee benefit schemes, and to the development of recommendations for future funding contribution levels.
- Actuarial Model Creation and Maintenance
- Develop and maintain actuarial models, ensuring that the underlying structure of the actuarial assumptions are fully validated and that the models can be integrated into wider business models to enable actuarial analysis, financial reporting, and regulatory compliance.
- Actuarial Product Development & Management
- Develop proposals for new product features and benefits and for the improvement and management of existing products that create competitive advantage, that are viable in relation to the organization's risk appetite and financial objectives, and that meet regulatory requirements.
- Organizational Risk Management
- Ensure the organization is not exposed to undue risks by using risk, financial management and control systems to achieve specific goals within a designated area of the business.
- Actuarial Financial Reporting
- Produce complex actuarial financial information, ensuring the accurate completion of delegated elements of the process to contribute to the production of statutory and non-statutory reports and other disclosures.
- Compliance
- Maintain and renew a deep knowledge and understanding of the organization's policies and procedures and of relevant regulatory codes and codes of conduct, and ensure own work adheres to required standards. OR Identify, within the team, patterns of non-compliance with the organization's policies and procedures, and with relevant regulatory codes and codes of conduct, taking appropriate action to report and resolve these and escalating issues as appropriate.
- Improvement/Innovation
- Identify shortcomings in existing processes, systems, and procedures, and use established change management programs to address them.
Skills
- Analytical Thinking, Business, Computer Literacy, Data Compilation, Data Controls, Executing Plans, Information Management, Insurance Product Management, Insurance Sales, Legal Practices, Market Analysis, Numerical Aptitude, Product Development, Product Management, Risk Management, Risk Management Solutions
Competencies
- Balances Stakeholders
- Builds Networks
- Business Insight
- Collaborates
- Communicates Effectively
- Cultivates Innovation
- Decision Quality
- Drives Results
Education
- NQF Level 7 - Degree, Advance Diploma or Postgraduate Certificate or equivalent
Closing Date
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