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Job Summary

10+ years experience in short-term, non-life insurance, motor insurance, value-added products, bancassurance, Vehicle Asset Finance, dealer distribution or related financial services environments. 5+ years’ leadership experience in product, portfolio or strategic partnership roles. Proven experience managing dealer distribution channels, OEM or dealer group relationships and senior external stakeholders.Proven track record in managing motor value-added products across the entire product lifecycle, incompassing market analysis, product development, launch execution, performance monitoring, and remedial interventions to achieve commercial objectives. Demonstrated experience in commercial deal structuring, financial modelling, partner economics and executive business case development. Experience with digital insurance ecosystems, EBO platforms, dealer journeys or embedded sales enablement is preferred. Proven ability to manage complex projects or workstreams across business, technology and partner environments, with strong governance, risk management and delivery discipline.
The Senior Product Manager: Motor Value Added Products (VAPS) is accountable for strategic leadership, commercial growth, profitability, governance, distribution and full product lifecycle management of a suite of products under the VAPS portfolio. The role combines insurance product ownership and development with multi-channel distribution expertise, Vehicle Asset Finance integration, digital platform enablement, advanced commercial deal structuring and project delivery discipline to develop, manage and financially grow the VAPS portfolio.

Job Description

Lead the end-to-end business strategy, design, product development, launch, growth, optimization and financial improvement of a suite of products in the VAPS portfolio across dealer, digital, Telesales and banking/branch channels.

·    Drive profitable portfolio growth, non-interest revenue generation, customer penetration and retention through integrated Vehicle Asset Finance propositions.

·    Act as the product and commercial owner for Absa Vehicle Asset partner dealers, OEM’s, affinity, distribution and insurance partner arrangements, supported by robust Excel-based financial modelling and business cases.

·    Ensure products remain commercially viable, market relevant, customer-centered, operationally executable and compliant with applicable insurance regulation, market conduct expectations and product governance standards.

2. Key Roles and Responsibilities

2.1 Product Strategy and Ownership

·    Lead and govern the end-to-end product lifecycle, encompassing ideation, design, launch, growth, optimization, performance management, and corrective interventions, driven through robust project management and prioritized execution of the product backlog.

·    Define your motor vaps product vision and roadmap aligned to business strategy, customer needs, distribution priorities, partner expectations and regulatory constraints.

·    Identify opportunities grow existing business, hunt for new or enhanced insurance products, including embedded offerings, add-ons, digital cover and value-added benefits.

·    Ensure products contribute to profitability, customer retention, portfolio growth and customer lifetime value.

·    Develop annual strategic plans, forecasts and business cases supporting product and channel expansion.

2.2 Commercial Strategy, Financial Modelling and Deal Structuring

·    Lead commercial negotiations with dealer groups, franchise dealers, independent dealers, OEMs, Vehicle Asset Finance partners, insurance partners and strategic alliances.

·    Structure referral fee agreements, volume-based incentives, profit-share models, intermediary agreements, cell captive opportunities, joint venture arrangements and revenue-sharing models.

·    Build and maintain advanced Excel financial models to evaluate product profitability, dealer economics, partner remuneration, return on investment, customer lifetime value, channel economics and non-interest revenue contribution.

·    Prepare executive-level commercial recommendations, investment proposals and business cases for approval forums.

·    Balance commercial growth ambitions with underwriting profitability, conduct risk, customer value and operational sustainability.

2.3 Market, Customer and Competitive Analysis

·    Conduct market research to understand customer segments, needs, affordability, channel behaviour and usage patterns.

·    Analyse competitor offerings, pricing, cover limits, exclusions and value propositions.

·    Translate customer insights into product requirements, benefit structures, sales journeys and proposition improvements.

·    Monitor trends such as new energy vehicle insurance trends, embedded insurance, usage-based cover, digital claims, value-added services and changing vehicle ownership models.

2.4 Product Design and Development

·    Design Motor VAPS insurance product features including coverage types, benefits, eligibility rules, exclusions, pricing logic, policy wording and terms and conditions.

·    Collaborate with Actuarial on pricing, assumptions and portfolio profitability; Underwriting on risk appetite; Legal and Compliance on regulatory alignment; and IT/Digital on systems enablement.

·    Drive product build, UAT, go-live readiness, change management, operational implementation and post-implementation reviews.

·    Ensure Motor VASP product benefits, wording, disclosure and servicing journeys are clear, fair, customer-centric and operationally executable.

2.5 Vehicle Asset Finance Integration

·    Partner with Vehicle Asset Finance teams to integrate Motor VAPS into finance application, credit approval, vehicle delivery and post-sale customer engagement journeys.

·    Improve product take-up, strike rates, conversion rates, customer retention and penetration across financed vehicles.

·    Identify and unlock opportunities to generate non-interest revenue through Vehicle Asset Finance customer relationships.

·    Align VAPS campaigns and product strategies with Vehicle Asset Finance,  dealer production, finance volumes and customer acquisition priorities.

2.6 Support Dealer Distribution and Business Development

·    Develop and partner to execute dealer channel growth strategies across independent dealers, dealer groups, franchise networks and OEM partner networks.

·    Build strategic relationships with dealer principals, F&I managers, regional sales teams, dealer group executives and automotive ecosystem partners.

·    Drive dealer onboarding, productivity, product penetration, campaign execution and intermediary agreement expansion.

·    Support sales enablement through training, compliant sales material, product positioning, incentive programmes and channel performance reviews.

·    Lead end-to-end due diligence processes for prospective commercial arrangements.

·    Assess commercial viability, profitability, capital requirements, and strategic fit of new opportunities.

·    Facilitate client onboarding, including KYC, shareholder verification, Coupa onboarding, and segmentation processes.

·    Lead product approval processes through internal governance forums, including Product Review Committee (PRC).

Evaluate:

·   Product design and policy wordings

·   Pricing adequacy and profitability

·   Historical performance and claims trends

·   Target market and distribution strategy

·   Risk assessments and mitigation plans

·   Reinsurance structures and adequacy

·    Structure and negotiate commercial agreements and prepare recommendations for Deal Committee approval.

2.7 Digital and EBO Platform Enablement

·    Act as the business lead for digital distribution enablement and dealer systems integration.

·    Maintain working knowledge of EBO and dealer platforms such as Dealnet, Seriti, Signio, Bolt and relevant Dealer Management Systems.

·    Drive digital sales capability, straight-through processing, API integration, dealer and Absa banking client user experience improvements and conversion optimisation.

·    Partner with IT, digital, operations and sales teams to ensure systems support product, compliance, reporting and customer journey requirements.

  

2.8 Regulatory, Governance and Compliance Accountability

·    Ensure products comply with applicable insurance regulation, FAIS requirements, Treating Customers Fairly principles, Policyholder Protection Rules, FSCA expectations, Prudential Authority requirements, POPIA and internal product governance frameworks.

·    Maintain product approval papers, product review reports, sign-off records, governance documentation, audit evidence and product risk assessments.

·    Support internal audits, regulatory reviews, market conduct assessments and governance forum submissions.

·    Ensure customer communications, disclosures and sales messaging remain clear, compliant and customer-centred.

2.9 Pricing, Financial and Performance Management

·    Monitor key product KPIs including profit and loss, Gross Written Premium, underwriting profit, non-interest revenue, acquisition costs, commission, intermediary fees, outsourced service fees, binder fees, expense ratios, loss ratios, persistency, cancellation rates, combined ratios, claims frequency and claims severity.

·    Analyse take-up rates, conversion rates, dealer productivity, digital conversion, channel profitability and customer retention.

·    Identify corrective actions where performance deviates from target, including repricing, benefit adjustments, underwriting rule changes or distribution interventions.

·    Produce monthly, quarterly and annual performance insights for business reviews, governance forums and leadership reporting.

2.10 Go-to-Market and Distribution Enablement

·    Define product positioning and value propositions by channel, partner and customer segment.

·    Work with Sales, Marketing and Partners to develop compliant sales material, training content, launch packs, campaign plans and dealer enablement tools.

·    Enable intermediaries, embedded partners, telesales teams and dealer stakeholders to position products clearly and appropriately.

·    Ensure go-to-market activity is measurable, controlled and aligned to portfolio performance targets.

2.11 In-Life Product Optimisation and Customer Experience

·    Review customer feedback, complaints, claims insights and operational pain points to improve the product and customer journey.

·    Identify opportunities to add benefits and services, simplify product wording, reduce friction, improve claims fairness and lower cost to serve.

·    Lead periodic product reviews, proposition refinements and customer experience improvements.

·    Partner with vehicle asset finance, administrators, binder holders, service, contact center and claims teams to ensure sales, service and claims processes support the product promise and fair customer outcomes.

2.12 Leadership, Governance and Stakeholder Management

·    Act as the central coordination point between Actuarial, Underwriting, Claims, Legal, Compliance, Risk, Finance, IT/Digital, Sales, Marketing, VAF and external partners.

·    Present product proposals, commercial recommendations, performance updates and risk matters to leadership and governance forums.

·    Lead cross-functional teams and strategic initiatives such as digital transformation, embedded insurance and VAPS expansion.

·    Mentor junior product managers or specialists where applicable and contribute to a high-performance product culture.

·    Manage and engagement with Binder Holders and strategic partners.

 

2.13 Project Management and Delivery Capability

·    Lead cross-functional delivery plans for product launches, digital platform enhancements, repricing initiatives and regulatory product changes.

·    Apply strong project management discipline across scope, timelines, dependencies, risks, issues, decisions, governance forums and stakeholder communications in the execution of your respective product backlogs.

·    Translate strategic product priorities into executable workplans with clear milestones, accountable owners, delivery dashboards and benefit tracking.

·    Coordinate delivery across business, IT, digital, actuarial, underwriting, legal, compliance, finance, sales, operations, vehicle asset finance and external partners to ensure initiatives move from concept to implementation.

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