Manager - Insurance Management - 12204

Manager - Insurance Management
Salary:  R 650 000 - R 725 000 Per Annum Dependent upon experience
Job No:  12204

Mission/ Core purpose of the Job:

  • To provide operational leadership to the insurance team, to ensure all financial controls and reporting for the Insurance is done in accordance with IFRS, FAIS regulations and within defined time frames.
Key Responsibilities (A full job description will be given to candidates that are short listed for interview)
Operational Planning:
  • Fine tune, manage and optimize insurance cell captives and align the insurance strategy to the Company strategy as well as channel objectives and requirements
  • Set objectives and targets for insurance department, considering the long term (1-2 years) implications of actions from a more broad perspective
  • Translate strategy into action plans, taking the impact of actions and solutions on other areas of the business, as well as the interdependency of units
  • Implement action and plans to ensure fulfilment of objectives, liaising with relevant areas when necessary to ensure delivery of required solutions, Cell Captive management and SLAs. Initiate corrective actions where applicable
  • Drive best practice, continuous improvement and innovation at process and procedure level 
  • Consider local conditions, as well as competitor activity
  • Fine tune systems, processes and solutions to ensure alignment with changing work practices and to provide context for delivery and services
  • Consider local conditions, as well as competitor activity
Insurance Captive Management:
  • Manage the insurance finance process ensuring completeness and financial accuracy
  • Monitor payments from Guardrisk ensuring that they are received timeously
  • Manage the reconciliation of premiums and submission to Guardrisk, Insurance Service Providers(FSPs) 
  • Ensure adherence to Insurance policies, processes and procedures to prevent fraud
  • Ensure that policies, processes and procedures are updated on a regularly basis and are FIDO and FAIS compliant
  • Compile monthly Mutual & Federal and Guardrisk Journals 
  • Review the bad debt write off submission to Guardrisk 
  • Ensure monthly Insurance payments are made as per Insurance regulation
  • Keep abreast of changes in the Insurance Industry 
  • Put contingency plans in place to manage changes where necessary
  • Ensure that the Local and Group premiums are paid timeously
  • Assist BRM with the renewal process by submitting the finance required information
  • Follow up on non- payment of premiums 
  • Participate on various insurance committees within the Organisation as assigned 
  • Ensure completeness of Insurance revenue 
  • Manage the planning, execution and finalisation of multiple engagements with external auditors on the Insurance products
  • Regularly review the insurance premiums 
Debtors third party insurance Management:
  • Ensure Insurance premiums payments are made on the due date to our Insurance Company 
  • Ensure that our insurance policy documents are regularly updated as the business revolve 
  • Ensure our claims to the insurance company are as per the insurance policy 
  • Regularly review if the Company is adequately covered by the insurance policies in place 
  • Ensure that are insurance claims for bad debt are done on time and within the governance of our insurance policies 
Reporting :
  • Submit monthly premiums bordereaux reports to Insurers: Mutual & Federal and Guardrisk or any other Insurer
  • Compile reports 
  • Assist Business with all regulatory requirements and compliance documents required from Finance 
Risk Management :
  • Review the adequacy of the customer credit limit on a regular basis in conjunction with the insurance company 
  • Assess the MTN credit risk exposure on a regular basis 
  • Perform ratio analysis on our customers financials 
  • Perform analysis on how our debtors books are performing
  • Give guidance on ways to reduce MTN exposure to customer credit risk
  • 3 year Degree / Diploma in Commerce or related
  • FAIS Accreditation
  • Minimum of 3 years’ experience in an area of specialisation; with experience in supervising others
  • Experience working in a medium and listed organization