KEY RESPONSIBILITIES
Departmental strategy and business planning
Deliver and gain approval for the distribution channel economics and remuneration strategy and business plan for Assupol Life. Develop and embed metrics and clear performance measurements along the distribution channel value chain.
Support the Executive with input and subject matter expertise relating to distribution channel economics and remuneration during the development and delivery of the Distribution strategy for Assupol Life.
Work with the Executive to deliver and gain approval for distribution initiatives and projects that will support the strategic and business objectives.
Further enable the profitability targets per channel through identifying, setting up and managing partnerships with external vendors and service providers.
Ensure continuous monitoring of performance against budget and be accountable for budget control for the department. Motivate recommendations/requests for further budget or deviation from budget where appropriate.
Remain up to date with advancements and developments in technology, best practice and legal/statutory requirements relating to profitability, economics and remuneration. Facilitate adoption of best-practices to optimise departmental performance.
Delivery of distribution channel economics and remuneration
Distribution channel economics
Define and drive the implementation of models and indexes that will guide decision making for distribution channels on an ongoing basis:
Expense index as the key indicator of the economics of distribution channels
Product success and profitability index
Forecasting of sales and expenses
Forecasting of product profitability
Develop a data framework and identify data integration points. Manage and maintain models and indexes as new data or trends arise. Make use of data visualisation tools and techniques to generate insights from data.
Work with delivery / technology teams and provide key inputs and specifications to automate the updating of models.
Drive the measurement of product performance per distribution channel, in line with models and indexes. Ensure models and indexes are updated accordingly.
Work with product owners and provide subject matter expertise during the development of product profitability objectives and targets. Ensure alignment of objectives and targets of products across all levels of distribution.
Advisor remuneration and incentives
Drive the formulation and implementation of Advisor remuneration and incentive models per distribution channel, aligned to the business objectives to drive key business outcomes, within allocated budget.
Ensure equivalence of reward principles are adhered to.
Drive the measurement of advisor performance per distribution channel, in line with incentive models and indexes. Ensure models are updated with relevant data.
Manage the implementation of adequate reporting structures across distribution channels to drive incentive models.
Work with delivery / technology teams and provide key inputs and specifications to automate the updating of models.
Department and people management
Work with the Executive to establish an operating model and structure which can deliver the department's goals and objectives.
Plan resources (people, technology, system and tools) in line with the budget and business plan.
Responsible for the recruitment of direct reports and oversee and approve recruitment of indirect reports.
Accountable for driving a performance culture in the department.
Translate the strategy into KRAs for direct and indirect reports.
Manage workflows, task allocation and capacity to ensure a continuous service delivery.
Conduct performance reviews with direct reports and ensure development plans are in place.
Oversee and ensure effective and fair performance management practices for indirect reports.
Create and maintain a positive, innovative environment where learning and development best practice is adopted.
Stakeholder Relations
Build and maintain effective relationships with Assupol Life management and executives to develop a network that will enable delivery.
Manage the relationships with and performance of external service providers.
Attend product council forums to contribute towards product business planning.
Be the custodian for channel economics and remuneration support and subject matter expertise to the Distribution community and other business stakeholders.
Reporting
Compile and deliver monthly and annual Exco and Managerial reporting.
Provide statistical insights on the performance and forecasted profitability of all products and distribution channels – to inform current and future business decision making.
Report on Advisor incentives and remuneration – and the link to profitability.
Qualifications
Qualified Actuary
At least five years' relevant experience of which two years in a managerial role
Knowledge
Knowledge of all applicable legislation
In-depth understanding of different distribution channels in the insurance industry.
Assupol Life insurance products (ideal)
Data analytics / metric / model development
Identification of leading and lagging indicators
Using remuneration and incentives to drive the right behaviour
Experience
At least 8 -10 years distribution channel experience in the insurance industry.
Experience in engaging with key business and external partners across all levels (especially at senior levels)
Data analytics / metric / model development
Experience in working/ applying commercial, business and financial principles
Previous leadership experience (previous supervisory experience ideal)
Previous report writing experience
Project management experience
Skills & Competencies
Data modelling (and relevant coding languages)
Influencing and negotiation skills
Strong ability to balance strategic / design thinking, with an analytical approach
Communication and networking skills across all levels
Results orientated, pro-active and deadline driven
High stress tolerance
Report writing skills
Excellent judgement, use of discretion and problem-solving abilities
Ability to work and make decisions independently
Advanced computer literacy (Excel, Word and PowerPoint)
Drive for efficiency and quality
Able to adapt to a changing environment
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