Manager Operations- Stanbic Insurance Agency at Standard Bank Group

Job Purpose

Achievement of support role in back office administration, including underwriting, cover placement, business reporting and reconciliations, in order to ensure efficiency in execution of the Operations role.

Key Responsibilities/Accountabilities 

OPERATIONS

Ensuring all Operations team members work closely and efficiently to manage the fulfilment functions related to policy management through:

Complete Risk Management and control for all policies placed with Stanbic Insurance Agency Ensure Efficiency in TAT for cover placement 100% Premium collection and recovery 100%System utilisation for data capture to ensure completeness of data for MI Efficient premiums settlement Current Reconciliations for all policies and premiums MI management- Ensure MI is available for the right utilisation in the business, including Sales reports, Manco and Exco reports, Board reports and daily management reports for use in running the business. Insurer engagements to ensure faster resolution to issues between SIAL and the insurers and to ensure constantly improving service for our mutual clients Claims management to ensure all our customers claims have a reduced turnaround time. This will constantly involve educating the network on claims management. Get involved in product training for the entire network. Ensure stakeholder management for all interconnected parts of the business to run including IPF, Credit, Trade Finance, Operations, Branches, Segment heads, Customer Care Centre and all related units that continuously engage with SIAL in moving its business forward. Create a reconciliation and reporting framework that ensures the business is continuously moving forward at speed.

In running the business, the Operations Manager will ensure the Operations team efficiently performs the following

Operational Administration Provide key management information (MI) ensuring data integrity and timely communication to relevant stakeholders Daily Monitoring of Bank accounts Reconciliation of all Insurance companies books against our premium Payable Preparation of reconciliation for premium and commission receivable against Premium and Commissions received from the clients and underwriters Preparation of reconciliations of debit notes against risk notes Advising the customer relationship officer/manager on premium not received Preparation of reconciliation for customer listings and the General ledger control accounts. Assist in monitoring of the GL accounts and ensure Postings in the GL are correctly made. Preparation for review of monthly performance trends. Preparation of daily performance reports Daily monitoring of the Trial balance Assist with the review of the agency annual accounts Provide support to auditors requirements at all times Ensuring Posting of debit notes on a timely basis Ensuring that all internal and external reporting requirements are timeously met. Ensure maintenance of and adherence to group accounting policies and procedures while making postings to the system Ensure all covers are placed in time Ensure all cover premiums are settled before covers are placed. Any deferred payments have to have correct approvals. Ensure all IPF is tracked and reported timeously Work with the auditors in retrieval of supporting documents Assist in preparation of payment vouchers Ensure compliance with IRA procedures, standards and policies and maintain proactive management of regulatory reporting requirements (Including giving updates on all regulatory issues, interpretation and updates) Assist in management accounts preparation Ensure debit notes and credit notes are received on a weekly basis Approval of posted debit notes on a daily basis Supervise Banking of premium cheques and/or cash on a daily basis Preparation of analysis relating to settlements with the underwriters Generate Receipts for premiums paid on a daily basis Due diligence on cover placement before placing cover – to include KYC and premium settlement Constantly improving TAT in cover placement to ensure covers are placed within 10 minutes of instruction receipt for all complete documents Capture of all policies in the system Following up on debit notes from insurers to ensure premiums match between SIAL and insurer Payments Processing- monthly for corporates & weekly for other payees Cash Flow & Bank Statement Analysis on a daily basis Credit Life Premium Statement Reconciliations on a daily basis Collection of Underwriter Statements on a monthly basis IPF processing and follow up to achieve a five day completion time Monitor Collection of premium receipts from underwriters on a weekly basis Posting of Receipts on a daily basis Posting of Commissions paid regularly Preparation of Premium Receivables Schedules on a monthly basis Insurer stamen reconciliation and sharing with management monthly Following up with insurers for all outstanding statement items and closing items within the same month Claims management:- ensure claims are registered within 24 hours of receipt and insurer engaged constantly to ensure improved claims experience Reporting on all outstanding claims on a weekly basis to management Engaging insurers to ensure issues around claims are handled expeditiously Obtain fair settlements for claims Engaging clients to ensure status of claims is understood by clients and any requirements provided in good time Client service, including closing queries in good time Maintain agreements

Sales Management Daily monitoring and analysis of sales activities. Identify anomalies and develop strategies to rectify and improve performance.

Risk & Compliance Provides complete disclosure to the customers in terms of accreditation, service fees, and commission. Ensure all forms are completed correctly and send to Operations for uploading to Bancassurance Management system as the record keeper Assist channel in achieving their risk compliance ratings in terms of all SIA requirements Maintain contracts and agreements with insurers and other suppliers Ensure license renewal is in place Relationship building Constantly maintain a professional environment and celebrate our successes Timeously feedback to the network Build relationship with key players and group companies Attend regular meetings with key stakeholders Analysis of performances Liaise with insurance companies

Training Ensures competency-based training on information required for proper business analysis and reporting. Ongoing training to develop performance

KEY PERFORMANCE MEASURES Efficient management of the unit in terms of:

Day to day management of improvement of the policy management system- Ski to ensure full utilisation Efficient cover placement Efficient use of the SKI system Ensuring controls in place and followed for a robust risk management culture Effective premium collection Effective MI to ensure business development is continuously improving Ensure reconciliations are upto date and reporting is current Effective management of receivables. Profitable Growth in Insurance New Business Sales by ensuring we have the dash board numbers received everyday Effective claims management An engaged Senior management team that is aware of the whole department’s operations

IMPORTANT RELATIONSHIPS Stanbic Insurance Agency team Key stakeholders within Stanbic Bank- Head PBB/ Head Wealth/ Head, Risk Customer channels and relationship teams Stanbic Enabling Functions (Operations, IBC, CCC, Credit, HR) Insurance companies Insurance regulator- IRA Customers

Preferred Qualification And Experience

• Undergraduate degree from a recognized university
• Professional insurance qualification ACII or AIIK

Professional Accounting Qualifications ACCA Or CPA (K)

• Previous exposure to banc assurance back office operations and financial analysis
• Must demonstrate deep understanding of the business
• Experience of managing and/or working within a team that delivers

Knowledge/Technical Skills/Expertise

• Understanding of macro-economic, business, social, political trends and the transformation of this knowledge into operational strategy
• Create, edit and print files from Word, Excel to capture and analyse Insurance/financial data & Power Point.
• In depth understanding of range of products in market, competitor advantages and disadvantages and own product competitive position
• A sound understanding of risk cycles pertaining to the industry being analysed.
• A good current knowledge and understanding of different industry sectors and sector risk profiles/ trends.
• Results orientated/Customer service focused and people orientated
• Computer literacy, negotiation, listening skill, presentation skills, financial analysis skills, communication skills, coaching skills