Bancassurance Operations Analyst at Absa Bank Limited

Job Summary

The purpose for this role is to have a dedicated resource with the appropriate skills and knowledge to support in the day to day activities in the Bancassurance Operations department.

Reporting to the Head of Bancassurance Operations, the role holder will work in the bancassurance team and will be responsible for the daily tasks assigned to him/her. The key objective is to ensure all tasks assigned are efficiently and accurately executed, tracked and resolved as per Service Level Agreements (SLAs), to enable the Bank, through Absa Bank Insurance Agency Limited (ABIAL) deliver on the insurance promise and so become the preferred insurance solution provider.

The role profile details the main activities expected for this role. However, additional tasks relating to Bancassurance operations may be assigned as and when the business need arises.

Job Description

Main accountabilities and approximate time split

Company - Underwriting, Reconciliation, Claims and customer query/complaint management, MI compilation, Unutilized premium refund management, Declarations, Support in User Acceptance Testing

50%:

• Ensure all customer cover requests received at Bancassurance Operations are processed and forwarded to the respective insurers within agreed SLAs
• Prepare and send out declaration reports to underwriters and other designated stakeholders within set SLAs
• Maintain and update the existing manual data bases to ensure information held is accurate and availed in a timely manner
• Timely collation of data and processing of unutilized premium refunds
• Communication to stakeholders including branches and customers, on premium refunds where beneficiary details are missing/insufficient
• Timely monthly production and premiums reconciliation for the various underwriters under ABIAL
• Maintenance and timely circulation of the reconciliation issues logs to various stakeholders and follow up for resolution
• Report on a weekly basis the outstanding premiums status – included into the weekly reporting
• Identifying the policies due for various actions per the outstanding premiums tracking procedure and report these to BBIAL underwriters and insurance companies.
• Respond to underwriters on any reconciliation related queries and/or demand notices
• Log claims with the various insurance providers and follow up to closure, ensuring stakeholders are kept updated
• Management of queries and complaints within SLAs
• Support in User acceptance testing when called upon
• Engagements with Underwriters and Bancassurance teams  to ensure seamless process flow and Excellent customer service
• Participating in company CSR and brand building activities in liaison with other departments;

Risk and Control Rigour: 30%

• Ensure that all activities and duties are carried out in full compliance with regulatory requirements, Enterprise Wide Risk Management Framework and internal Absa Policies and Policy Standards.
• Understand and manage risks and risk events (incidents) relevant to the role.”
• Ensure management/snap checks are done timeously and any issues escalated
• Risk improvement suggestions

Customer: 20%

• Ensure adherence to set SLAs (internal and external) while processing customer insurance cover requests and claims
• As an enabler and in liaison with stakeholders, resolve complaints and queries within the set service standards
• Where necessary, ensure timely escalations to minimize on customer impact on missed SLA’s

Technical Skills/Competencies

• Excellent underwriting skills and insurance product knowledge
• Effective communication and negotiating skills to deal with external service providers and customers
• Passionate drive for results
• Service Excellence
• Planning and Organizing
• Good understanding of insurance processes
• Accuracy and attention to detail
• Problem Solving skills
• Technological understanding (tools – Microsoft Office, etc)
• Time Management
• Resilience and ability to work under pressure

Knowledge, Expertise and Experience

Essential

• A Business-Related Degree from a recognized university
• Proven ability to work within and across teams effectively
• Technological understanding (tools – Microsoft Office, etc)
• Exposure to governance, control and risk management

Additional requirements that would give an added advantage:

• COP qualification/ Diploma in Insurance,
• Knowledge of insurance business (claims management & underwriting), products and processes.
• Operations experience in the bank/insurance industry

Education

Further Education and Training Certificate (FETC): Business, Commerce and Management Studies (Required)