Officer: Retentions Instant Life (FAIS)

Absa is seeking a dedicated individual to join their team in Johannesburg as a Retentions Officer, focusing on their Instant Life product. This role is crucial for maintaining the company's client base and ensuring policy continuity within the life insurance sector. The core of the position involves engaging with existing clients, understanding their needs, and implementing strategies to prevent policy lapses.

About the Role

This position is centered on client retention within the Absa Life segment. The successful candidate will play a vital part in safeguarding the company's existing business by actively working to keep policyholders engaged and committed to their insurance plans. A significant aspect of the role involves managing clients who may be experiencing financial difficulties, by negotiating and establishing payment arrangements to keep their policies active. This requires a compassionate yet firm approach, ensuring fairness to the customer while adhering to business objectives.

The role also demands excellent customer service skills, treating every client interaction with fairness and professionalism. You will be the first point of contact for policy queries, requiring you to provide clear explanations and resolve any uncertainties. Maintaining accurate and up-to-date client records is paramount to ensure all relevant information is captured and accessible.

Key responsibilities within this role include:

• **Customer Engagement:** Actively communicating with existing clients to understand their policy needs and concerns.
• **Policy Retention:** Employing persuasive techniques to encourage clients to maintain their life insurance policies with Absa Life.
• **Payment Arrangement Management:** Negotiating and monitoring "promises to pay" (PTPs) with clients, ensuring these agreements are honoured and policies remain in force.
• **Client Reinstatement:** Working to retain current policyholders and actively reducing the number of lost customers to stay within agreed-upon thresholds.
• **Product Adaptation:** Where clients struggle to afford their current premiums, the role involves identifying and offering suitable down-sell options to retain them as customers.
• **Query Resolution:** Competently and efficiently handling client queries and complaints in a manner that aligns with Absa's culture and values.
• **Reporting:** Compiling daily and month-to-date reports to track retention efforts and performance against individual targets.

What They're Looking For

To be considered for this vital role, candidates must possess specific qualifications and experience:

• **Regulatory Compliance:** A completed RE5 (Regulatory Examination for Representatives) is essential, along with 150 FAIS credits specifically in Life Insurance products. This demonstrates compliance with financial advisory and intermediary services regulations.
• **Industry Experience:** Proven experience within the Life Insurance industry, with a strong track record in retentions, is a prerequisite.
• **Interpersonal Skills:** The ability to build rapport with clients, listen empathetically, and communicate effectively is crucial for successful negotiation and retention.
• **Problem-Solving:** A knack for finding solutions to client challenges, particularly those relating to premium payments, is highly valued.
• **Attention to Detail:** Meticulous record-keeping and accurate data compilation are necessary for effective reporting and client management.
• **Educational Background:** A Further Education and Training Certificate (FETC) is required.

Absa Bank Limited is committed to an equal opportunity and affirmative action employment strategy. In line with the Employment Equity Act, preference will be given to candidates from designated groups whose appointment will contribute to achieving equitable demographic representation within the bank's workforce.

In South Africa, roles involving client retention and financial services often attract a competitive salary, typically ranging from R15,000 to R25,000 per month, depending on experience and specific product knowledge. Absa, as one of the country's major financial institutions, offers significant opportunities for career growth and development within their extensive network. This position is ideal for someone looking to build a career in client relationship management within the dynamic financial services sector.

Requirements:

• RE 5 with 150 FAIS credits in Life Insurance products
• Experience in Life Insurance and Retentions required.

Data

• Compiling Daily and Month-to-date reports

General

• Achieve individual retention targets