South Africa
Recruiters: Standard Bank

Job Details

Wealth Sales & Distribution

Job Purpose

  • Liaise with internal and external stakeholders to ensure that the multiple properties bonded are covered at registration of the bond and at renewals. We ensure that there is insurance cover for PBB/CIB/Private Banking bonds at renewal whilst the bond is open.
  • Valuation performed by the Bank, we ensure that the insurance portfolio is updated to ensure customer is not underinsured.

Key Responsibilities/Accountabilities

Vet Insurance for all bonded properties at bond registration stage and at renewals monthly 

  • Obtain insurance quotation schedule and validate the insurance requirements are met at registration stage.
  • Advise the Bank of the confirmation to ensure the bond is registered
  • Load the new policies onto the core system.
  • Liaise with customers and brokers to update the sum insured on the omins policies and obtain confirmation
  • Provide the Bank with the supporting vetting documents to ensure insurance cover is in place
  • Monitoring renewals monthly by requesting from various Insurer /Brokers of the policy schedules.
  • Vet the policies to ensure that the insurance cover is adequate based on the requirements set by the Products.
  • Update the sum insured based on the valuation performed by the Bank
  • Resolve queries on registration and renewals based on sum insured disputes and ensure the average clause letter is sent to customers and Brokers.
  • Obtain confirmation of the average letter confirmation and update the sum insured accordingly
  • Send weekly the cover confirmation and policy schedules to the Bank to ensure that the renewal process was managed
  • Liaise with Account Executives if no confirmation is received by the Insurer /Broker. In this way, we can force debit the customer to protect the Banks assets.
  • Calculate the sum insured if valuation is done more than 2 years by applying indexation percentage based on the Bureau of Economic research.
  • On further and re-advance valuation, we inform the customers /brokers of the valuation sum insured so that the insurance can be amended accordingly. Obtain update insurance to ensure customers are insured correctly.
  • Resolve queries within the sunset clause
  • Cancel policies on core system if the bond is closed
  • Change insurer details if customers moved from one insurer to another to ensure the renewals for the following year we can liaise with correct stakeholders

Scrutinising cover for Standard Bank Property Finance (CIB/ PBB/Private banking) before any bond can be

  • Ensuring that clients are insured adequately according to SBPF requirements
  • Validate vacant land and Contractors all Risk policies by confirming cover at registration and renewal.
  • Advise Property Finance on properties whose cover does not meet requirements.

Invoicing of vetted policies

  • Processing Invoices for renewed policies on monthly basis and forwarding invoices to Property Finance also allocating payments for raised invoices.
  • Sending policy schedules to Property Finance for evidence that the renewal is processed
  • Provide confirmation on list sent via Auditors yearly.
  • Monitoring payments making sure that all invoiced policies are paid within the prescribed time.

Customer Engagement

  • Attend and action all Queries from clients in relation to required insurance within agreed timelines
  • Log all delays from stakeholders correctly;
  • Make immediate decisions in query resolution with the servicing of clients.;
  • Attend to administration such as correspondence, writing of letters, and retrieval of documents daily.
  • Maintain excellent quality of correspondence sent to clients;
  • Attend accurately and efficiently to all renewals, amendments and cancellations

Rebroke Omins customers to Insure within Standard Bank Insurance Brokers

  • Generate leads by liaising with omins customers to rebroke within Standard Bank Insurance Brokers
  • Once confirmation received we send the leads to Products to meet with high profile customers to switch the insurance to Standard Bank Insurance Brokers
  • Track the new sales as part of Revenue and Growth

Legislative Prohibitions must be adhered to

Adhere to all the financial advisory and intermediary Services Act No. 37 of 2002, (the Act) Adhere to AML legislative requirements. Adhere to POPPI Act and TCF regulations

Preferred Qualification and Experience

  • Matric
  • RE 5 Exam Passed
  • Higher Certificate in Short Term insurance
  • Diploma / Degree in Commerce (advantage)
  • Minimum of 2 years’ experience in the Short-Term Insurance Industry
  • 1- 2 years Commercial Insurance Product Knowledge
  • 1- 2 years Call centre or client servicing experience

Knowledge/Technical Skills/Expertise

  • Commercial Property insurance requirements
  • Different types of insurance
  • Insurance Principles
  • Principles of Average
  • Risk perception and assessment
  • Underwriting process


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