Business Owner: Insurance

In brief

Overview This role is for an experienced Business Owner specializing in Insurance, located in Cape Town, South Africa, for a banking client of Talent Candey. The successful candidate will hold end-to-end commercial ownership for the development and performance of the Bank's insurance and bancassurance portfolio. The position focuses on building sustainable insurance products, managing commercial partnerships, driving profitability, ensuring positive customer outcomes, and maintaining compliance with financial services regulations. What you will do * Develop and execute the Bank's insurance business strategy. * Take ownership of the insurance product portfolio and associated profit and loss (P&L). * Establish commercial targets covering premium income, claims costs, commission income, fees and distribution costs. * Identify opportunities to grow insurance penetration across the Bank's customer base. * Develop product roadmaps, target market strategies and growth initiatives. * Monitor financial performance and implement improvements to profitability. * Design, develop and manage insurance products, including funeral, device and asset protection insurance. * Identify customer needs and translate them into commercially viable insurance products. * Work with Insurance Risk, Finance and underwriters to establish appropriate pricing and commercial terms. * Monitor product performance, claims experience, loss ratios and customer satisfaction. * Recommend product improvements, pricing adjustments and new insurance opportunities. * Ensure insurance products deliver fair value and appropriate customer outcomes. * Manage the commercial relationship with the Group's licensed insurance entity, Abacus. * Build and maintain relationships with third-party underwriters and cell captive partners where applicable. * Negotiate commercial terms, service-level agreements and product arrangements. * Coordinate product changes and regulatory requirements with relevant stakeholders. * Manage the legal, compliance and insurance partner interface relating to credit life insurance. * Define insurance distribution requirements across digital banking, retail stores, contact centres and direct sales channels. * Work with IT and Operations to implement insurance products across the Bank's channels. * Collaborate with Marketing and Sales to improve product awareness and customer uptake. * Identify opportunities to embed insurance products into banking customer journeys. * Develop product training and sales enablement requirements for frontline teams. * Ensure distribution practices comply with Treating Customers Fairly (TCF) principles. * Ensure insurance products and distribution practices align with applicable regulatory requirements. * Work closely with Compliance, Legal and Insurance Risk on product governance. * Support compliance with FAIS, FSCA requirements, the Insurance Act and Policyholder Protection Rules. * Coordinate product responsibility and fair value assessments. * Monitor customer complaints and identify opportunities to improve product outcomes. * Maintain appropriate governance documentation and reporting. * Prepare regular reports on insurance sales, profitability, claims costs, penetration and customer sentiment. * Monitor partner service levels and product performance. * Present commercial results and recommendations to the Chief Product Officer and executive committees. * Work collaboratively with Product, Operations, IT, Finance, Risk, Legal and Compliance. * Drive continuous improvement and support the future development of the insurance function. Requirements (from the original advert) * Bachelor's Degree in Commerce, Insurance, Risk Management, Actuarial Science or a related field. * Insurance qualification and/or FAIS-recognised qualification (advantageous). * RE5 (advantageous). * Minimum 8–10 years' experience in bancassurance, embedded insurance or insurance product management. * Previous banking experience essential. * Proven insurance product development and commercial management experience. * Demonstrated insurance product P&L ownership. * Experience managing relationships with underwriters, cell captive arrangements or in-group insurance entities. * Experience designing and distributing funeral, credit life, asset protection or similar insurance products through banking channels. * Strong understanding of insurance pricing, underwriting and claims concepts. * Knowledge of applicable insurance legislation and financial services regulatory requirements. * Strong commercial negotiation, stakeholder management and reporting skills. * Proven experience in cross-functional product implementation. * Proven experience in senior stakeholder and executive reporting. Who should apply An experienced and commercially astute individual with a strong strategic mindset and an entrepreneurial spirit, eager to take hands-on ownership of an insurance portfolio. The ideal candidate will be a proactive, independent problem-solver with excellent negotiation, analytical, and financial acumen. They should be customer-focused, possess strong communication and stakeholder management skills, and be adaptable to a dynamic banking environment, committed to driving profitability and positive customer outcomes while ensuring regulatory compliance. Deadline Not specified Reference Original posting: https://www.jobmail.co.za/jobs/insurance-and-investments/clerical-insurance/somerset-west/business-owner-insurance-id-7599836 Source: jobmail

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At a glance

• At least 8 years of experience.

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