Executive : Microinsurance

Absa Group Limited; Johannesburg; On-site; ZAR 1 200 000 - 1 800 000; Full time

Job summary

A leading financial institution in South Africa seeks an Executive: Microinsurance to lead the division, ensuring sustainable growth and regulatory compliance. The ideal candidate will have extensive experience in insurance or financial services and a master's degree. Responsibilities include driving product innovation and strategic partnerships to enhance financial inclusion in underserved segments.

Qualifications

• Minimum 10 years’ experience in insurance or financial services.
• At least 5 years in a senior corporate or commercial banking role.
• Experience in engaging internal and external stakeholders at high levels.

Responsibilities

• Lead and manage the Microinsurance division.
• Drive product innovation and customer engagement.
• Build strategic partnerships to enhance product reach.

Skills

Leadership

Strategic management

Risk management

Relationship management

Financial inclusion

Education

NQF Level 7 – Honours / master’s degree

Job description

Job Title

Executive: Microinsurance

Job Location

Gauteng, Johannesburg

Application Deadline

December 31, 2025

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Job Summary

• To lead and strategically manage the Microinsurance division within the bank, ensuring sustainable growth, profitability, regulatory compliance, customer‑centric product development, and operational excellence.
• The role is pivotal in driving financial inclusion through accessible insurance solutions tailored to underserved and low‑income segments.

Job Description

Accountability: Strategy Development

• Develop and execute the Microinsurance strategy aligned with the bank’s broader financial inclusion and insurance goals.
• Identify market opportunities and trends to expand the microinsurance portfolio.
• Drive product, operational, and distribution strategy, collaborating across the Group to unlock synergies and expand market share through integrated channels.
• Lead innovation in product design, distribution channels, and customer engagement.
• Monitor external trends to assess their impact on insurance operations and strategy.

Accountability: Business & Service Management

• Oversee the design and pricing of microinsurance products (e.g., funeral cover, hospital cash plans, credit life).
• Ensure products meet regulatory requirements and customer needs.
• Monitor product performance and customer feedback for continuous improvement.
• Manage the unit’s P&L, budgeting, financial reporting and shareholder return expectations.
• Optimize operational efficiency and cost structures to maintain competitive advantage.
• Drive digital transformation and automation of processes to support the bank’s digital transformation strategy.
• Evaluate investment opportunities and allocate capital within mandate.
• Define and monitor balanced scorecard performance indicators for the portfolio.
• Take ownership for the business performance and business outcomes reporting on variances against RAF and STP targets.

Accountability: Business Development, Partnerships & Relationship Management

• Build strategic partnerships with fintechs, mobile network operators, community organizations, and government bodies.
• Drive channel diversification including digital, branch, agent, and mobile platforms.
• Oversee marketing and outreach initiatives to increase product uptake.
• Meet annually with the ombudsman and regulatory bodies to maintain strong relations and identify improvement areas.
• Participate as a member of the relevant industry bodies and collaborate with various industry leaders to influence trends in the marketplace.
• Build and develop relationships across the group with various stakeholders with the intention of breaking down silos to maximise business growth.

Accountability: People Management

• Lead a multidisciplinary team including actuaries, underwriters, product managers and sales professionals to deliver against strategic priorities.
• Foster a high‑performance culture and talent development within the business including promoting diversity, equity and inclusion within the team.
• Own people risk management, monitor metrics and implement corrective actions.
• Ensure effective execution of performance development standards.
• Co‑develop and resource a learning strategy aligned to business needs.
• Maintain and update succession plans for key roles.
• Embed and meet group transformation objectives.
• Interview and recruit direct reports with People Partner support.
• Review workforce plans and reallocate resources as needed.
• Approve performance ratings, incentives and consistency check outcomes.
• Act on employee survey insights to enhance EVP.

Accountability: Risk Management

• Ensure full compliance with the South African Microinsurance Regulatory Framework.
• Implement robust governance, risk management and actuarial oversight.
• Liaise with the relevant regulatory bodies to manage and mitigate risk.
• Own principal risks per the Enterprise Risk Management framework and ensure effective controls.
• Foster a proactive risk and compliance culture.
• Lead resolution of audit, assurance and compliance findings; oversee closure and assurance testing.
• Assess and attest to control status of the portfolio.
• Take full ownership of relevant risk categories within the portfolio.

Accountability: Reporting and Committee Participation

• Represent Micro Insurance in the relevant meetings sign‑off packs ahead of distribution.
• Serve as Managing Executive for Microinsurance in Absa Insurance board meetings and participate in subsidiary boards across the bank.
• Attend sub‑committees, including Actuarial and Audit Risk & Compliance Committees.
• Engage in governance forums and review financial reports, including monthly management accounts.
• Contribute to the Cluster Executive Committee, reporting progress against the annual business plan.

Preferred Education

• NQF Level 7 – Honours / master’s degree (preference for a technical Insurance qualification).
• Minimum 10 years’ experience in insurance or financial services, with at least 5 years in a senior corporate or commercial banking role, building trusted relationships with clients and presence in the industry.
• 10 – 15 years in a corporate or commercial banking role, building trusted relationships with clients and presence in the industry.
• Experience in setting a vision for long‑term organisational success at regional business level and proven track‑record implementing respective strategic plans.
• Exposure at an Executive Committee level, contributing to the development and execution of business strategic objectives, plans and policies.
• Experience engaging internal and external stakeholders at the highest levels, including Board members and senior executives, to build and manage key relationships.
• Track‑record building and maintaining commercial corporate client relationships (corporates, multinationals, global) across multiple sectors and geographies.
• Has operated within periods of both sustained economic growth and turbulence, in a sector that is highly regulated, competitive and going through transformation.

Education

• Bachelor’s Degree and Professional Qualifications: Business, Commerce and Management Studies (Required).

End Date

December 5, 2025