Absa Insurance
Video
Absa Insurance Executive Committee
PA
Faye
Younghusband
Managing
Director
EA
Patricia Naiker
Andries van Staden
Divisional
HRBP
Chief
Operating
Officer
Masego Moeletsi
Carike van Dyk
Head of
Claims and
Administration
Eric Sigama
Chief Financial
Officer
Jeremy Rielly
Absa iDirect
Managing
Director
Jacques
Pretorius
Operations,
Regions and
Commercial
Products
James Trybus
Risk and
Capital
Managment
Sias Esterhuizen
Absa Insurance
The largest short-term bancassurer in the market
Personal Business
Commercial Business
Home Owners
Comprehensive
Bancassurance solutions for private
individuals on fixed assets (financed
and non-financed)
HOC provides building insurance
against natural perils as well as
geyser and pipes and attaches
primarily to Absa’s home loan
products
Personal Lines
Personal insurance solutions for
financed and non-financed assets, both
fixed and mobile, as well as travel
insurance
Insurance products include motor
vehicle, contents, personal liability,
including household contents and
associated value added products linked
to the assets (e.g. extended motor
cover)
Absa idirect offers a range of direct &
digital short-term insurance options
Commercial
Bancassurance solutions for the protection
of bank financed commercial assets
General multi peril insurance solutions for
corporate clients placed though
independent intermediaries and Absa
Insurance & Financial Advisers
Threshold for insurance - sum insured
cannot exceed R250m per premises and
client turnover cannot exceed R100m per
annum
UMA and Other
UMAs - Absa operates 4 specialist
underwriting agencies which write
niche insurance products on Absa’s
books (Vehicle Mechanical
Breakdown Warranty, Legal
Assistance, Car hire & Medical Gap
cover)
Other products included Extended
Cover (vehicle finance credit
shortfall) and Travel Insurance
Bancassurance solutions for the
protection of bank financed assets
Agriculture
Insurance tailored for the agricultural sector:
Agri assets: cover for fixed and mobile farming
assets
Agricultural production: cover for live agricultural
products (crops and livestock) across multiple
products on a multi peril basis
Agricultural commodities: cover for
crops/livestock in storage, harvested and/or
ready for market or in transit
Absa
Insurance
Under a
Microscope
Finance Department
Personal Lines Dept
Commercial/Agri
Insurance Product Team
Risk and Capital
MI Team
Finance
Banking and
investment management
Management expenses
and Credit Control
Business Performance,
reinsurance and
project management
Financial reporting
Bank reconciliations and
investment administration
including withdrawals and
investment of excess cash.
Analysis of management
expenses
Compilation of business
performance pack
Processing of payments to
creditors
Intercompany transactions
ABC cost analysis pack
Compilation of financial
management pack,
financial statements and
all regulatory reporting.
Processing of bordereaux from
Underwriting Managers
Reinsurance accounting and
admin
Processing of expense journals
Processing of investment and
bank reconciliation journals
VAT and Tax admin
Capital planning
Any other adhoc projects
Collection of outstanding
premiums and allocation
bordereaux payments
Processing of tax and vat
journals
Personal Lines Team
Personal Business Product is responsible for:
Product
Pricing
Development of
Products that are
relevant in the
market
Level of Pricing
in order to make
the sales
Processes
Relationships
Processes to
manage the
product
Manage
relationships with
our stakeholders
in the bank as
well as externally
Commercial/Agri Insurance Product Team
The Commercial and Agri product team are responsible for the development of market related, competitive insurance products which are sold via the
regional operations network utilising Absa’s own Financial Adviser network and also externally contracted Insurance Brokers. The team creates policy
wordings, disseminates product material and pricing guides and assists with the development of IT systems to manage the policyholder information
In addition to the above the management of insurance risk is a vital part of the teams responsibilities, and this includes technical advice, formal
training interventions, underwriting audits, reinsurance arrangements and general guidance to the regional operations to maximise profitability while
maintaining a healthy balance between premium growth and selective risk management
The third major function of the team is to assist with the development of suitable insurance solutions to protect the banks financed assets thereby
ensuring that bank customers have the necessary protection in the event of loss or damage to such assets while they are under finance
Risk and Capital
Ensures that all the short-term insurance licenses
in Absa hold sufficient reserves to pay out past
and future claims and cash back rewards as they
become due.
The department calculates the amount of capital
that needs to be held so that the licenses remain
solvent in 249 out of every 250 years and how
much reinsurance to buy to protect this capital
base.
Responsible For
Calculating premium, claim
and cash back reserves
for regulatory and
reporting purposes
Calculating
regulatory and economic
capital
Overseeing
regulatory and
internal risk
Risk and Capital do a great deal of reporting to
the Barclays group, to assure them that our risk
profile is being monitored and managed
appropriately on an ongoing basis.
Reporting and ensuring
compliance with
solvency regulation
MI
Team
Absa Insurance
generates large quantities of
data through transactions and
processing, the Management
Information function is to take this
data and make it usable, combined
from multiple sources and available
for reports, production packs and re
processing by other departments in
Analysis.
Our daily tasks employ database
tools and report writing
to develop and present
the information.
Customer Experience
Customer
Centricity
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Driving customer centric
culture and delivery of
service promise
Customer satisfaction
measures, and industry
research
AFS Customer Programme
Customer Experience
improvement initiatives
Driving quality and
standardisation of customer
interactions
TCF custodian
Client
Services
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Complaints resolution –
Action line/Media/CEO
Ombudsman complaints
resolution
Complaints resolution
committee
Root cause analysis of
complaints
Driving application of
fairness and equity
Business education and
support
Quality
Management
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Continuous assessment of
transaction quality and client
interactions in controlled and
structured environment
Identify opportunities to
improve business efficiency
Identify risks and propose
controls to mitigate risks
Provide a tool to enhance
individual performance
through coaching and
counselling
Internal
Relations
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Coordination and distribution
of internal communications
Fun at Work and CSI events
coordination
Improvement and
maintenance of Insurance
for You intranet contents
Ensure compliance with
branding standards
Absa idirect was launched in 2008 as the direct
personal lines short term insurer for Absa Financial
Services (AFS); direct insurance meaning that the
insurance product/s on offer to the customer is
underwritten and administered directly by the
underwriter and no broker or intermediary
commissions are paid.
Absa idirect is an authorised financial services provider and
together with Absa Insurance Company, form the complete
Absa Insurance cluster in AFS.
Absa idirect is currently the biggest direct
insurer in the bancassurance space, with
new business acquired through the bank
assurance model, leveraging from leads
supplied by the group.
Our focus is also on digital advertising and
the motor dealer network as additional lead
streams.
Absa idirect’s competitive edge stems
from being a bancassurer and its
association with Barclays Africa (and the
Absa brand), which is unique in the direct
insurance industry
Absa iDirect Limited
Absa idirect offers a personal lines
short term insurance product (motor
and household insurance) through a
call centre channel.
Its offering is focussed on
simplicity and “value for money”,
with our products being aligned to
what is on offer in the direct
insurance industry.
It also recently launched the
offering via Absa online, a first in
the banking industry, where
customers can purchase short
term insurance in a secure
environment.
Absa idirect also has one of the
best “cash back” benefit
structures in the industry.
We target customers in the core and
middle market, but also have a
number of private bank customers
who prefer to use a direct channel, as
opposed to the traditional advisor
channel.
Our products are sold and serviced
by dedicated FAIS accredited Absa
idirect agents, but the non- customer
facing functions are shared with Absa
Insurance in order to leverage best
practice and eliminate duplication
within the cluster.