Officer, Product Analyst at Standard Bank Group

Job Purpose:

• This role is central to the development and implementation of Insurance and Asset Management product set in order to maximize the value created for our clients. The role holder will coordinate the establishment of a set of offerings which are aligned to specific market needs that cover insurance, investments, and asset management across both internal products and products manufactured by 3rd parties. To provide insights and analytics on company trends, product performance as input into broader decision making in order to drive delivery of a margin above budget year-on-year. To monitor key performance indicators on various products to ensure optimal performance. Drive system changes to ensure they are tested and implemented within deadlines with support from Underwriters, Product Managers, Project managers and IT.

Output:

• Actively contribute to the resolution of functionality problems on the different product functionalities, provide assistance to Product Managers to identify and resolve issues around product management. 
• Analyse market dynamics, market opportunities, operating and sales to develop reports for business use to enable effective decision making. 
• Collaborate closely with all Product Managers on campaigns and go-to-market strategies for products to create awareness in the market. 
• Conduct detailed performance and profitability analysis (financial performance) using financial reports in order to prepare product performance reports with appropriate recommendations on which products to focus on or revamp. 
• Conduct product deep dives to identify differences and improvement areas and make suggestions to senior leaders in order to optimize short-term personal lines insurance. 
• Continuously monitor exceptions to determine whether process or policy adjustments are required and prepare recommendations to Product Managers for consideration and implementation. 
• Curb income leakages by reviewing and vetting invoices submitted for expenses and ensure sound financial control. 
• Develop reporting and presentation packs for various forums and committees to create insights based on analysis and trends. 
• Engage with relevant stakeholders when data anomalies are detected which could impact the accuracy of reporting and drive the resolution thereof. 
• Establish product data needs and develop a reporting model for utilization by Product Managers to enhance decision making. 
• Interpret customer, competitor and market segment insights and analytics in order to derive and understand customer needs/wants/behaviors and to identify opportunities for the development and maintenance of insurance products. 
• Monitor and confirm that compliance requirements for product are met with the help of other Product Managers to ensure adherence to regulatory requirements and enhance the reputation of the organization. 
• Monitor and ensure all escalated customer complaints and queries are actioned timeously in order to optimize the client experience. 
• Monitor and track progress of short-term insurance initiatives in order to mature the capability within the organization. 
• Perform business case analysis and projections in order to present findings and trends at various forums and committees. 
• Perform data analysis and make recommendations to Product Managers on product enhancements to improve performance and drive delivery of a margin above budget year-on-year. 
• Provide dormancy, attrition trends and recommendations on insurance products to Product Managers for consideration and potential implementation. 
• Provide input and actively contribute to new reporting solutions in order to enhance short term personal lines insurance. 
• Source appropriate market data and prepare meaningful and accurate management information (MIS) pertaining to portfolio and product performance. Determine availability of data sources to support business requirements. 
• Understand core customer insights through customer analytics and market insights in order to align to best practices and optimize margins and profitability. 
• Understand, monitor, and communicate financial performance for each portfolio and ensure consistency in reporting. 

QUALIFICATIONS
Minimum Qualifications

• Type of Qualification: First degree

Field of Study

• Finance and Accounting 
• Mathematical Sciences 
• Quantitative Studies 

Experience Required

• Insurance Legacy & Enablement
• Insurance
• The incumbent must have practical experience in performing detailed analysis by reviewing and understanding data to draw conclusions and recommendations. Develop and maintain a reporting framework for business consumption. 

Additional License's and Certifications 

• A Certificate in Insurance would be required. 
• A tertiary degree in Finance and Accounting, Quantitative Studies or Mathematical Sciences would be a minimum requirement for this job. 

ADDITIONAL INFORMATION
Behavioral Competencies:

• Adopting Practical Approaches
• Checking Details
• Documenting Facts
• Examining Information
• Following Procedures
• Interacting with People
• Interpreting Data
• Managing Tasks
• Meeting Timescales
• Providing Insights
• Resolving Conflict
• Team Working

Technical Competencies:

• Analysing and Interpreting Information
• Client Acceptance & Review
• Insurance Products & Services
• Product and Services Knowledge
• Risk Perception & Assessment
• Stakeholder Management