Group Risk Consultant

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Job Summary

• Ensure that all Underwriting activities and duties are carried out in full compliance with regulatory requirements.
• Enterprise-Wide Risk Management Framework and internal Absa Policies and Policy Standards.
• Understand and manage risks and risk events (incidents) relevant to the role.

Job Description

Overall Job Purpose

• Responsible for end-to-end underwriting across credit life & Group Risk schemes
• To implement company Underwriting Best Practice standards and IRA guidelines and regulations.
• Periodic financial, actuarial, and non-financial reconciliation.

Key Accountabilities

• Timely Quote for Group Risk products within approved guidelines and approval limits
• Ensure prompt registration and acknowledgement and onboarding of new schemes
• Prepare and issue debit and credit notes
• Prepare & issue cover notes and/or policy document as per onboarded risk
• Ensure effective renewal process – renewal invites; costings; debit and credit notes and issue renewal endorsement
• Ensure timely and effective reporting to internal stakeholders and brokers.
• Implement credit control policy and ensure that premiums are debited and collected as required
• Ensure daily reconciliation and receipting of premium collections and subsequent accounting for commissions, taxes etc
• Participate in Business Development through end-to-end tender process directly and/or through brokers.
• Perform Monthly reconciliation for both premiums and commissions under underwriting
• Verify and analyse client data according to company practices and procedures
• Maintain updated group risk and associated files & records as per Information Risk Management guidelines.
• Prepare and compile weekly & monthly underwriting reports enhanced with qualitative assessment; portfolio analysis, risk recommendation within the stipulated time
• Implement fraud strategies that actively identify and prevent fraud within the area through enhancing manual process or through system enhancement improvement.
• Collaboratively assess the loss ratios and report as per claims and underwriting best practice.

Reinsurance liaison

• End-to-end processing of medical underwriting including broker and client engagement
• To prepare reinsurance bordereaux end-to-end
• To review underwriting special cases to effectively discharge Underwriting Best practice guidelines. Resolutions to be minuted/documented on email.

Customer Service

& Stakeholder Engagement

• Adhere to the Query and complaint categorization & response standards to ensure client queries and complaints are dealt with timeously, efficiently and professionally
• Ensure corrective action is taken on complaints received by following correct procedure and input and provided feedback for root cause analysis  & resolution.
• Adherence to Treating Customers Fairly(TCF) principles
• Provide superior customer service by proactively and timeously obtaining outstanding documentation to ensure complete efficient claims processing
• Provide regular feedback and escalate concerns to the Manager: Risk Mitigation where process gaps should be addressed.
• Update the query and complaint registers timeously
• Provide underwriting and claims technical support to operation, business development and accounts departments in all phases of policy life cycle.
• Have regular meetings to review statuses, claims and underwriting progress etc with insurers and all stakeholders
• Attend industry engagements on innovation and best practices to help improve performance, and quality standards
• Query and complaint Case Management & resolution matrix  to support Customer Experience Help Desk & relationship managed business.

Special work requirements:

• Strong negotiations and influencing skills Knowledge of business acquisition and retention
• Oral and written communication skills Level:
• Attention to detail
• Basic numeracy
• Analytical skills
• Advanced Microsoft Excel; SQL; PowerPoint

Education and Experience Required

• BSC Actuarial or BCom (Insurance Option)
• Professional qualification in Insurance (ACII, FLMI or AIIK)
• At least 3 years’ experience in insurance underwriting and claims processing in credit life, Group Risk and/or Retail Life.
• Extensive experience in analysis of financial and legal documents and data analysis.
• Articulate the role’s end to end processes including applicable risks and controls and how this meets the corporate strategy.
• Managing the facilitation of internal and external auditors/actuaries to ensure complete and efficient audit process and follow up implementation of audit recommendations.

Focus on people and culture 

• Individual & team behavior aligned to the Absa Way Drivers for above average score on Absa colleague experience index and positive work environment for colleague engagement
• To motivate high performance & the Absa way through non-monetary & monetary reward & recognition in a timely, specific and frequent manner.
• MI monitoring & evaluation of performance and throughput.
• Track performance output by daily throughput and TAT on processes, query & complaint resolution.
• As a minimum, to participate in employee volunteering community programs

Education

Further Education and Training Certificate (FETC): Business, Commerce and Management Studies (Required)