Claims Consultant at Absa Bank Limited

Bring your possibility to life! Define your career with us

With over 100 years of rich history and strongly positioned as a local bank with regional and international expertise, a career with our family offers the opportunity to be part of this exciting growth journey, to reset our future and shape our destiny as a proudly African group.

Job Summary

• Ensure that all Claims & Underwriting 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.

Job Description

• Ensure prompt registration and acknowledgement of new claims
• Evaluate and settle claims, to effect fair and prompt disposal of cases and to contribute to a reduced loss ratio
• Confer with legal counsel on claims requiring litigation
• Liaise with external service providers to assess risk e.g., claim investigators, medical doctors, assessors etc
• Verify and analyse data used in settling claims to ensure that claims are valid and that settlements are made according to company practices and procedures
• Maintain updated group risk and claims register and associated files & records as per Information Risk Management guidelines.
• Payment of claims within the set service levels in service benchmarks and Service Level Agreements.
• Prepare and compile weekly & monthly underwriting and claims reports enhanced with qualitative assessment; portfolio analysis, risk recommendation within the stipulated time
• Approval of payment and discharge vouchers within limits
• Implement fraud strategies that actively identify and prevent fraud within the area through enhancing manual process or through system enhancement improvement.
• Collaboratively assess the loss ratios and report as per claims and underwriting best practice.
• Quote for Group Risk products within approved guidelines and approval limits
• Prepare and issue debit and credit notes
• Prepare & issue cover notes and/or policy document as per onboarded risk
• Ensure effective renewal process – renewal invites; costings; debit and credit notes and issue renewal endorsement
• schedule
• To prepare reinsurance bordereaux end-to-end
• To review underwriting and claims special cases to effectively discharge Claims Best practice guidelines. Resolutions to be minuted/documented on email.
• Ensure corrective action is taken on complaints received by following correct procedure and input and provided feedback for root cause analysis  & resolution and Treating Customers Fairly(TCF) principles.
• Provide superior customer service by proactively and timeously obtaining outstanding documentation to ensure complete efficient claims processing
• Provide underwriting and claims technical support to operation, business development and accounts departments in all phases of policy life cycle.
• Have regular meetings to review statuses, claims and underwriting progress etc with insurers and all stakeholders
• Query and complaint Case Management & resolution matrix  to support Customer Experience Help Desk & relationship managed business.Individual & team behavior aligned to the Absa Way Drivers for above average score on Absa colleague experience index and positive work environment for colleague engagement
• To motivate high performance & the Absa way through non-monetary & monetary reward & recognition in a timely, specific and frequent manner.
  MI monitoring & evaluation of performance and throughput.
• Track performance output by daily throughput and TAT on processes, query & complaint resolution.
• As a minimum, to participate in employee volunteering community programs

EDUCATION & QUALIFICATION CRITERIA:

• BSC Actuarial, BCom (Insurance Option) or business-related degree.
• Professional qualification in Insurance (ACII, FLMI or AIIK). Or good progress toward the same with a minimum of COP.
• At least 1 years’ experience in insurance underwriting and claims processing in credit life, Group Risk and/or Retail Life.
  Experience in analysis of financial and legal documents and data analysis.

Education

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