Head Value Added Products (VAPs)

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Job Summary

8-10 Yrs of Insurance industrty experience essential.Post Graduate Degree / MBA advantageous. Min NQF Level 8 and IISA Designation, RE1 exam qualification advantageous
More than 5 years’ experience in a senior management role and VAPs product management To lead the strategy, development and performance of Value-Added Products (VAPs) within Absa Insurance Company. This role has strong focus on bancassurance, requiring close collaboration with the Vehicle Finance team, and driving VAPs distribution through Telesales, Dealers and banking platforms. The incumbent will lead a team of Product Managers ensuring innovation, compliance and commercial success across the VAPs portfolio. Product Innovation: Undertake market analysis to determine product/market share opportunities in the VAPs space. Lead the design, development, enhancement and lifecycle management of VAPsProduct Change: Plan and manage on-going product Investments, activities and changes. Champion innovation that enables digital, embedded and bundled solutions across channels. Stakeholder Management: Build and maintain effective stakeholder relationships within the industry and within the bank to ensure the unit is successfully positioned to manage risks and expectations. Product Performance: Manage and monitor product essentials such as but not limited to profitability, sales volumes etc. Risk and Control: Ensure that required Regulatory/Compliance requirements for products are in place and understood by all. Will require detail understanding of Regulatory environment relating to the product. Profitability: Ensure that the VAPs book is growing, products are profitable and maintain a healthy loss ratio.

Job Description

Accountability: Business Development

• Actively hunt for new business opportunities internally and in open market
• Achieve new  business targets per year for each product line
• Lead and facilitate due diligence process to onboard new business opportunities and reevaluate existing partnerships
• Evaluate commercial viability of new partnerships and opportunities
• Evaluate product and take through Product Review Committee (PRC) process for approval
  • Policy wordings
  • Pricing – (profitability and commensurability)
  • Evaluate historical performance
  • Target market and distribution
  • Inherent and residual risks
  • Reinsurance adequacy (where applicable)
  • Evaluate all outcomes from the due diligence processes of each support area
  • Design and agree commercials for the respective deals.
  • Compile report and recommendation to deal committee
  • Accountability: Product Development, Operational Readiness & Go-to-Market Execution
  • Lead the end-to-end operationalisation of new Value-Added Products, ensuring readiness for launch across all distribution channels (e.g. direct, dealer, bancassurance, telesales).
  • Collaborate with Legal to draft, review, and finalise all product-related agreements, including:
    • Intermediary agreements (supported by due diligence and compliance approval).
    • Outsourced services agreements.
    • Subscription or participation agreements, where applicable.
  • Ensure all compliance, legal, and regulatory requirements are met prior to go-live, including:
    • Regulatory notifications to FSCA and Prudential Authority (PA), where applicable.
    • Alignment of product terms, policy wording, disclosures, and marketing material with regulatory and business standards.
  • Drive internal awareness and product positioning across the organisation, including collaboration with Marketing and Distribution teams Accountability: Product Lifecycle Management & Strategic Relationship Oversight
  • Establish and maintain a structured service framework for all active VAPs, ensuring high-quality post-launch support and performance monitoring.
  • Lead monthly and quarterly product performance reviews, with agendas covering:
    • Profitability and loss ratio trends.
    • Claims trends and escalation items.
    • Complaints, with root cause analysis and Ombud trends.
    • Training on regulatory updates and industry changes.
    • Quality assurance feedback, action items, and service improvements.
    • Capital adequacy considerations, where applicable.
    • Strategic initiatives such as product enhancements or new channel integrations.
  • Lead strategic engagement with internal stakeholders and external partners to ensure alignment and performance across all active VAP portfolios.
  • Chair or participate in strategic forums (e.g., Board-level reviews, governance committees) to present VAP portfolio performance and forward-looking product roadmaps.
  • Collaborate with MI and actuarial teams to develop comprehensive reporting packs and trend analysis dashboards.
  • Manage all regulatory reporting requirements related to VAPs, including CBR returns and any product-specific submissions to the FSCA or other regulators.
  • Promote continuous improvement in the VAP ecosystem, driving innovation, digitisation, and client-centric enhancements.
  • Degree or NQF equivalent qualification in Commerce/Science/ Business Administration/Banking/Finance
  • Post Graduate Degree / MBA advantageous
  • Minimum NQF Level 8 and IISA Designation
  • RE1 exam qualification advantageous
  • 8-10 years of insurance industry experience
  • More than 5 years’ experience in a senior management role and VAPs product management
  • Strong understanding of bancassurance, vehicle finance and multi-channel distribution models
  • Experience in Business Development, Strategy formulation & execution, development of Underwriting Framework, Claims Operating Procedure, Stakeholder Relationship Management, including development of new partnerships. Others: (Certifications, Professional Memberships, etc.)
  • Strategic thinker with strong execution capability
  • Deep understanding of customer needs in insurance and banking contexts
  • Strong knowledge of statutory and legislative requirements applicable to short-term insurance and financial services
  • Good technical knowledge and understanding of underwriting principles.
  • Experience with partnership development and excellent stakeholder engagement and influencing ability
  • Strong leadership, coaching and team-building skills
  • Financial management skills, commercially savvy and data-driven decision-maker
  • Project management expertise
  • Strong performance management skill
  • Governance within the insurance industry and company

Education

Bachelor`s Degrees and Advanced Diplomas: Business, Commerce and Management Studies (Required)

Absa Bank Limited is an equal opportunity, affirmative action employer. In compliance with the Employment Equity Act 55 of 1998, preference will be given to suitable candidates from designated groups whose appointments will contribute towards achievement of equitable demographic representation of our workforce profile and add to the diversity of the Bank.

Absa Bank Limited reserves the right not to make an appointment to the post as advertised