Business Owner: Insurance

SUMMARY:
Business Owner: Insurance - Cape Town

POSITION INFO:
Our Banking Client is currently looking for an experienced Business Owner: Insurance based in Cape Town. The successful candidate will be responsible for the end-to-end commercial ownership, development and performance of the Bank's insurance and bancassurance portfolio. The role will focus on building sustainable insurance products, managing commercial partnerships, driving profitability and ensuring positive customer outcomes while maintaining compliance with relevant financial services regulations. Key Responsibilities Insurance Strategy & Commercial Ownership 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. Insurance Product Development & Management 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. Insurance Partner & Underwriter Management 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. Distribution & Channel Development 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. Regulatory Compliance & Product Governance 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. Performance Reporting & Stakeholder Management 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. Minimum Requirements 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. Essential Experience Applicants must demonstrate proven experience in: Bancassurance \/ embedded insurance. Insurance product strategy and development. Insurance portfolio P&L ownership. Underwriter and insurance partner management. Commercial negotiation. Product pricing and profitability. Insurance distribution through banking channels. Insurance regulatory and governance requirements. Cross-functional product implementation. Senior stakeholder and executive reporting. Key Competencies Strong commercial and strategic thinking. Hands-on product ownership. Entrepreneurial and builder mentality. Excellent negotiation skills. Strong analytical and financial acumen. Ability to work independently. Proactive problem-solving and initiative. Customer-focused decision-making. Strong communication and stakeholder management. Adaptability in a growing banking environment. Please take note: if you have not been contacted within 14 days, please consider your application unsuccessful.