Absa Life. Video. Absa Life Exco. Managing Executive Life Jannie Venter. PA Marietta Pedridis. EA Vacant. GM High Advice Mugove Nyimu. GM Embedded Products Khanyi Mashapa. Direct and Digital Ayanda Seboni. GM Branch Sejal Vallabh. Head Customer Experience Shelley Jones.
Managing Executive Life
GM High Advice
Each strategic theme has been unpacked into certain actions that are required to achieve them.
These actions have been regrouped into strategic initiatives to facilitate the implementation framework of the strategy
Develop the skills and capabilities to be a global business that can implement and manage its business in many different countries
Be excellent in our core business, focussing on Product, Service, Process and Support
Manage our key stakeholders well to ensure that they support our vision and assist us in achieving our goals
Establish and maintain a clear focus on bancassurance and not to be distracted by smaller opportunities
Understand how to utilise marketing and branding, and develop the skills required to make this happen in practice
Contribute to the Customer Value Proposition of the bank, making the overall offering of the bank more competitive
Excel at fostering working relationships at all levels with the bank
Improve our capability in branch sales
Ensure our People / Employee value proposition is such that we can
continue to attract and retain talented people and that all employees are motivated to do their best
Create capacity in all the work we have identified. This means being very selective in what we work on
Continue to develop our good skills in the provision of high advice products
Learn to interact digitally
Absa Life fully subscribes to the Barclays values of Respect, Integrity, Service, Excellence and Stewardship. We believe that it is a business imperative that all staff operates from a basis that encompasses the values. We expect that all our staff live the values at all times and any behaviour that is at odds with the values is not accepted
What is your Business Unit’s Purpose
Absa Life is a long-term insurer focusing on life insurance and investment products. The business insures a large pool of customers through a variety of distribution channels. These include the Absa Insurance and Financial Advisers (AIFA), the Absa Retail Bank branch network, a number of telesales channel partners as well as some direct platforms such as automated teller machines (ATMs), the internet and mobile phone
What are the upcoming quarter’s focus areas for your business unit
The main focus areas for the rest of the year are to ensure that at a minimum we achieve the business targets that we have set ourselves. Another key focus area is to ensure that we start executing on our strategy. We also want to continue our journey of ensuring that we always place the customer at the centre of everything we do
Long term insurance for life and disability protection
Complex (high advice) and simple (low advice) product suite
Competitive products in external market (pricing and benefits)
Easy access via multiple channels, incl. advisors, direct / digital sales, branch network
Embedded product suite to support bank lending products
Under-written and non under-written based on risk profile affects premium and benefits
Packaged (OTC) solutions
Strong staff proposition
Finance can be described as the backbone to the organisation where all the different areas within the business come together from a financial point of view
They are responsible for:
Producing the annual financial statements and ensuring that the statutory audit process is conducted on a satisfactory basis
Assisting the actuarial team in compiling the regulatory returns and dealing with queries from the regulator
Day to day payment of the all operational payments such as claims, refunds etc
The full accounting process that covers all aspects in the life cycle of a policy
The production of monthly management accounts on a very detailed product level to help the different business areas to get an understanding of their financial position
The taxation computation for the company and ensuring that all SARS payments are made on time
Producing the medium and short term plans for the company based input and insight from the various business areas
The largest MI’s main purpose is to produce and implement an MI strategy that is aligned to the Absa Life strategy and this includes the following:
Validating files received from business partners for accuracy and consistency, and continuously updating and developing new validation programmes to allow for fast and accurate corrections to data quality issues
High Advice and Simple Products
Embedded channel R311m (33%) - Life, Disability and Retrenchment cover
Branch channel R91m (10%) - Funeral, Life and Accident Retail Bank
High advice R289m (30%) - Underwritten life, dread disease and disability
Direct and digital R262m (27%) - Funeral, accidental death and disability cover
Call centres, ABSA online, ATM, mobile
Aims to provide high quality actuarial support to the Barclays Africa life assurance entities, in the form of:
In Absa Life the voice of customer has been significantly elevated in recognition of fact that delivering customer value is a key differentiator
With our priority firmly on our customers we will be focusing on a number of initiatives to build a capability that will enable us to deliver winning value propositions to customers and employees to support Absa Life’s strategic intent to become a world class bancassurer.
At direct and digital we understand that not everyone has time to come into the branch or meet with an advisor.
We bring simple, efficient products to you.
Utilising Online, mobile and telephony we present our clients with an opportunity to secure their futures by taking out life insurance products that suit their needs.
Underwriting is the process of identifying and classifying acceptable risks for insurance companies. Underwriting is essentially an extension of the product pricing process. To determine the basic premium for a standard risk, age, gender and smoking habits are generally used.
UNDERWRITE = Understand the risk,
Write profitable business.
Operational Risk (OpRisk) is defined as the risk of loss resulting from inadequate or failed internal processes, people and systems or from external events.
OpRisk responsibilities include the assistance to business in embedding the OpRisk Framework, (including tools and other support) as well as providing independent oversight and challenge across the business.
We support and inform the Board and Exco on any relevant issues, and also assist business to prevent/minimise operational risk events and losses.
We also provide the link between business and Audit, and facilitate the process.