Key Individual - Umsuka Wemali

Key Individual

A position for a Key Individual exists at the Insurance Department, reporting to the Group Insurance Manager. The overall purpose of this position is to ensure compliance with the relevant insurance legislation. There are a number of different revenue streams within the insurance department and the incumbent will need to have strong interpersonal and technical skills to assist in driving these various revenue streams to contribute to the growth and profitability of the Group by providing excellent service and maintaining relationships. The insurance department oversees three Financial Services Providers (FSP). Two of the FSPs are licensed for short term, commercial lines. One FSP is licensed in short term, personal lines and long term. The incumbent needs to be technically proficient in compliance oversight with a good grasp of the relevant legislation and attention to detail. It would be advantageous if the incumbent has experience in the credit lending section of the financial services industry. The incumbent will be registered as a representative in the relevant FSPs.

Responsibilities as Key Individual:

• Manage and oversee the rendering of the insurance offering as a financial service for the specific financial products for which the FSP is licensed.
• Act with due care, skill and diligence in the execution of all duties;
• Act within the standards and rules set by legislation;
• Fulfil contractual obligations as agreed to;
• Management and Oversight of:
  • Statutory obligations of the FSP;
  • Rendering of financial services of the FSP and persons authorised to act on its behalf;
  • Business processes and operational ability.
• Instil a culture of treating customers fairly in all aspects of the business.

General responsibilities:

• Monitor and report market conduct statistics to the insurer on an ongoing basis.
• Ensure accuracy of data supplied to the insurer and implement suggested changes and amendments.
• Take corrective action on any negative market conduct trends.
• Identify and implement product enhancements and amendments to improve policy simplicity.
• Conduct off-site monitoring of sales processes at various stores where insurance products are sold.
• Act as the market conduct officer and key individual for the companys Life and Non-Life Insurance third-party business.
• Ensure exceptional client service delivery that exceeds customers’ expectations through proactive, innovative, and appropriate claims handling.
• Identify and mitigate TCF/Market Conduct risks, ensuring compliance with regulatory requirements.
• Manage the claims process, ensuring efficiency and accuracy.
• Manage complaints received from policyholders and ensure prompt resolution.
• Provide reports and updates to senior management and stakeholders as and when required.
• Stay updated on industry trends, regulatory changes, and best practices related to market conduct and insurance.
• Demonstrates an effective communication style, that motivates, across internal and external teams and individuals that may become involved with claim tasks.
• Identify, investigate, and resolve any challenges relating to claims being handled in line with claims policies and procedures such as SLAs and Turnaround Time(s).
• Meeting of set deadlines.
• Management of outstanding claims monthly. (Outstanding listings)
• Where applicable, authorise and validate claims that does not fall in the staff mandate.
• Ensure compliance in terms of “Under Supervision” and record keeping.
• Liaising, build excellent relationships and ensure accurate and timeous response to the insurer on queries.
• Monitor effective use of approved suppliers and adherence to contracted rates to improve loss ratios.
• Identify and recommend enhancements to processes.
• Proactively ensure the most effective use of time, resources, money, materials, or equipment in line with policies and procedures.
• Comply with corporate governance policies, procedures, and standards.
• Manage own development to increase own competencies.
• Must fully understand the Complaints Process and Procedures

Management of people:

• Oversee and manage the insurance departments staff, providing guidance and support.
• Delegation of tasks to team members and monitoring progress thereof.
• Handling of performance related issues and disciplinary matters.
• Manage, support and develop a team of people to ensure service delivery and consistent application of performance management.
• Manage people related matters i.e., attendance, absence, and attrition (staff turnover) within the team to ensure service level contributions are met or exceeded.
• Weekly team meetings, participation on one-on-one discussion and other meetings required from time to time.
• Managing team’s task adherence (diary, message, and email management)
• Monitoring immediate first call resolution within the claims department.
• Auditing of claims within your team monthly.
• Monitor equal distribution of claims.
• Analyse training needs: identify possible problem areas and change weakness into strength.
• Ensuring client satisfaction improvement: QA processes/CSI scores/Complaints Root Cause Analysis.
• Provide policy wording interpretation.
• Ensuring courteous and professional attendance to telephonic queries by the team.
• Deliver strategic results in terms of the Furniture division’s vision and mission.
• Collaborate and work closely with all relevant role-players thereby leveraging constructive team dynamics and innovation.

Suggested performance indicators:

• Compliance with regulatory requirements and internal policies.
• Reduction in market conduct risks and incidents.
• Accuracy and timeliness of market conduct statistics reporting.
• Implementation of insurer-suggested changes and amendments.
• Resolution of complaints within defined timelines.
• Improvement in policy simplicity and customer satisfaction.
• Efficiency and accuracy of the claims process.
• Professional development and staying updated on industry trends.

Qualifications, experience and other competencies required:

• Matric Certificate.
• Must comply with the Key Individual qualification requirements set out in the Determination of Fit and Proper Requirements for Financial Services Providers for the classes:
• Short term – personal lines
• Short term – commercial lines
• Long term - category
• Excellent admin and interpersonal skills.
• Excellent computer literacy.
• Multilingual.
• Must have own transportation.

Core Competencies:

• Pro-active and a team player
• Customer focus and good communicator
• Reliable and honest
• Technical skill in the corporate insurance field
• Good attention to detail
• Ability to work under pressure and meet deadlines.
• General knowledge of the insurance legislation affecting the relevant FSPs.

We reserve the right not to make an appointment to any advertised position. Whilst preference is given to existing employees at all times and the choice made is purely on merit, Historically Disadvantaged Candidates and Black Female Candidates are encouraged and supported in the FSG team. Whilst black female candidates will be given priority as per our transformation policy subject to the above criteria.
Fidelity Services Group (Pty) Ltd supports global fair practice and business ethics on continuous development of our human capital as the key resource to our success in the markets in which we participate.
Should you not be contacted regarding this position within 10 working days from the closing date, please regard your application as unsuccessful.