With over 100 years of rich history and strongly positioned as a local bank with regional and international expertise, a career with our family offers the opportunity to be part of this exciting growth journey, to reset our future and shape our destiny as a proudly African group.
Job Summary
To identify the long term (life) risk and give advice to clients on their life assurance needs using the limited architecture framework. To provide solutions for the client's long-term insurance and financial planning needs by regularly reviewing the client's portfolio in order to build a sustainable broker practice
Job Description
Establish and maintain a professional relationship with all stakeholders (Client, Bank personnel, product providers and Adviser Support staff)
- Receive leads from the Bank staff in the branches (Consultants, Branch Managers or Enquiries Clerks) by way of walk in clients or leads data
- If it is a lead, make telephonic contact with the client to set up a meeting within the specified timeframes per the leads campaign agreement
- Based on the lead provided, assess the client's portfolio, and identify possible gaps for which solutions can be formulated, prior to meeting with the client
- Disclose all the relevant information to the client as required by the relevant legislative frameworks (e.g. FAIS Act) at the initial meeting with the client to enable the client to decide on whether to proceed with the consultation
- Follow all the steps in the designated client engagement process as specified by Absa Brokers
- Provide regular feedback to the Regional Leader on actions taken to progress the lead to business fulfilment
- Network, on an ongoing basis, with all stakeholders in the Bank (Consultants and Branch Managers) and elsewhere by attending their meetings and social gatherings in order to position Absa Brokers' value proposition to the Bank and to the clients
- Do activity planning by identifying the clients to be approached/contacted during a particular period
- Using the leads information provided by the Bank and the Regional Leader, discuss the client's risk and insurance needs
- Make use of the Financial Needs Analysis tool (standardised format) provided to conduct a comprehensive risk evaluation for the client
- Obtain the client's consent to access his/her existing policy information by getting him/her to sign the relevant documents to get a comprehensive view of the client's life assurance (long term insurance and investments) portfolio
- Discuss various possible solutions and options available with the client and thereafter recommend the most appropriate solution(s) to address any gaps
- Generate and discuss the appropriate solution in writing (quotation) with the client, complete the necessary product proposal forms and ensure that the client signs the forms to indicate his/her consent
- Gather and complete all the necessary compliance documentation (e.g. Client Advice Record, copy of ID, Financial Needs Analysis, FICA)
- Submit the proposal forms to the relevant product providers for processing
- Upon inception of the policy and receiving the policy schedule/contract from the product provider/insurer, check that the policy schedule reflects the client's requirements as per the proposal or closing instruction/agreement
- If not, refer the policy back to the product provider for the necessary amendments to be done
- If the policy schedule is correct, make an appointment with the client to explain all aspects of the policy (the cover extended, exclusions) and give him/her the original document after making copies for the client's file
- Review the client's portfolio once a year and contact the client on a regular basis to discuss potential enhancements and revisions to his/her insurance and/or investments portfolio and identify new business opportunities
- Provide a report back to the Regional Leader and Bank stakeholders on the strike rate (i.e. number of leads provided that were converted to business)
- Seek business opportunities from external sources as necessary to grow the book of business
- Do activity planning by identifying the clients to be approached/contacted during a particular period
- Conduct a comprehensive risk evaluation for the client by making use of the Financial Needs Analysis tool
- Obtain the client's consent to access his/her existing policy information by getting him/her to sign the relevant documents to get a comprehensive view of the client's life assurance (long term insurance and investments) portfolio
- Discuss various possible solutions and options available with the client and thereafter recommend the most appropriate solution(s) to address any gaps
- Generate and discuss the appropriate solution in writing (quotation) with the client, complete the necessary product proposal forms and ensure that the client signs the forms to indicate his/her consent
- Gather and complete all the necessary compliance documentation (e.g. Fact Find, Client Advice Record, copy of ID, Financial Needs Analysis, FICA)
- Submit the proposal forms to the relevant product providers for processing
- Check that the policy schedule reflects the client's requirements as per the proposal or closing instruction/agreement upon inception of the policy and receiving the policy schedule/contract from the product provider/insurer. If incorrect refer to the product provider for amendments
- Review the client's portfolio once a year and contact the client on a regular basis to discuss potential enhancements and revisions to his/her insurance and/or investments portfolio and identify new business opportunities
- Provide a report back to the Regional Manager and Bank stakeholders on the strike rate (i.e. number of leads provided that were converted to business) as and when required by the AIFA Business Process
- Seek business opportunities from external sources as necessary to grow the book of business
- Ensure that staff members where applicable, i.e. Planner Assistants have a clear of their roles and responsibilities within the practice
- Arrange for staff members in the practice i.e. Trainee Planners to receive the relevant training e.g. systems training from the Academy
- Provide coaching and mentoring to the staff with regards to knowledge and skills
- Conduct performance development (PD) discussions as and when required for staff by way of Absas Performance Management System
- Take the necessary corrective actions in cases of underperformance in consultation with the Regional Manager and People Partner
- Implement controls with regards to compliant record keeping in accordance with
- Absa business standards (i.e. FAIS, FICA, FSCA and Absa)
- Liaise with AIFA's Support staff (Sales Support Consultants) with regards to maintenance of systems and equipment and provision of other services
- Complete all the required compliance exams in the specified timeframes (e.g. Anti-Money Laundering, Sanctions, BCM, Basic Financial Crime Concepts, Code of Banking Practice, ECCG)
- Provide monthly feedback to the branch and Regional Manager as required
- Segment the client base according to profile, income potential and commission income
- Develop a business development strategy/plan and discuss with Regional Manager monthly
- Capture the correct Policy Relevant Information (PRI) number on the EBankpac system
- Ensure that staff members (Broker Assistants an Interns as relevant) have a clear understanding of their roles and responsibilities within the practice
- Arrange for staff members to receive the relevant training (Absa programs for the Interns) e.g. systems training, Broker Academy training (Interns)
- Provide coaching and mentoring to the staff with regards to knowledge and skills acquisition
- Conduct performance development (PD) discussions as required by Absa convention
- Take the necessary corrective actions in cases of underperformance in consultation with the Regional Leader (Interns)
- Implement controls with regards to compliant record keeping in accordance with minimum Absa business standards (i.e. FAIS, FICA, FSCA, and Absa)
- Liaise with Absa Brokers' Support staff (Business Analysts) with regards to maintenance of systems and equipment and provision of other services
- Complete all the required compliance exams in the specified timeframes (e.g. Anti-Money Laundering, Sanctions, BCM, Basic Financial Crime Concepts)
- Provide monthly feedback to the branch and Regional Leader, if a Bank Broker, regarding non-interest income (seat cost) and cross selling opportunities
- Segment the client base according to profile, income potential and commission income
- Develop a business development strategy/plan and discuss with Regional Leader
- Develop a business development strategy/plan and discuss with Regional Leader
- Attend all the required training to attain accreditation to market the various products (product provider)
- Attend all the requisite internal training (i.e. Broker Academy, FAIS-related programs/courses)
- Attain the required FAIS credits to achieve Fit and Proper status
- Ensure that Fit and Proper status is maintained (honesty, integrity, financial solvency
Further Education and Training Certificate (FETC): 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
