Managing Executive: Life Insurance

Absa is seeking a visionary leader to spearhead its Life Insurance business as Managing Executive. This pivotal role, based in Johannesburg, demands a strategic thinker capable of navigating the dynamic South African financial services landscape and driving sustainable growth and innovation. The incumbent will be instrumental in shaping the future of Absa's life insurance offerings, ensuring they remain relevant, competitive, and customer-centric in an ever-evolving market.

Strategic Vision and Execution

The core responsibility of the Managing Executive will be to define and implement a robust strategy for the Life Insurance division. This involves setting clear objectives, establishing key performance indicators, and staying ahead of market trends, customer preferences, and regulatory shifts. A significant focus will be placed on achieving sustainable growth, enhancing profitability, and maximising shareholder value through judicious strategic choices, optimisation of the existing portfolio, and effective capital allocation.

Furthermore, the role requires disciplined execution of these strategies, with continuous monitoring of performance and the agility to make necessary adjustments. A strong emphasis will be placed on optimising the cost of service by reshaping the current business model to foster greater efficiency, scalability, and future readiness. Driving innovation through partnerships and digital transformation will be crucial for strengthening competitiveness and creating long-term value. The Managing Executive will also be expected to provide market intelligence, competitor analysis, and insights into global best practices to inform strategic decision-making.

Customer Focus and Proposition Development

A key element of this leadership position is owning the customer and value proposition strategy. This means ensuring that Absa's life insurance products and services are not only relevant and competitive but also offer sustainable value across all customer segments. The Managing Executive will lead the design and delivery of integrated and personalised customer experiences, leveraging insights from customer behaviour, market dynamics, and data analytics to identify emerging needs and shape future offerings. Building an organisational culture that prioritises customer outcomes and sustainable financial performance will be paramount.

Driving Growth, Innovation, and Digital Transformation

The role encompasses a mandate to drive substantial revenue growth, profitability, and shareholder value through strategic portfolio, product, and distribution initiatives. This will involve optimising portfolio performance by skilfully managing product mix, customer segments, pricing strategies, capital deployment, and risk-adjusted returns. Product innovation, particularly through a digital-first, customer-informed approach, will be encouraged. Identifying and capitalising on new growth avenues through market expansion, strategic alliances, and addressing emerging customer needs will be essential. A key objective is to increase the contribution of the Life Insurance business to the overall performance of Absa's retail and business banking segments.

In an increasingly digital world, embracing Artificial Intelligence (AI), data analytics, and digital transformation is non-negotiable. The Managing Executive will champion the use of data as a strategic asset to inform crucial decisions in pricing, risk assessment, product development, and growth strategies. Embedding digital-first ways of working will be critical for enhancing customer experience and operational efficiency. Leading business transformation initiatives to modernise the operating model, accelerate digital adoption, and ensure long-term organisational relevance and resilience are key expectations. The responsible and ethical governance, use, and risk management of data, AI, and emerging technologies, in line with regulatory and customer expectations, will be a core consideration.

Governance, Risk Management, and Talent Development

Upholding strong governance, risk management, and regulatory compliance is fundamental. The Managing Executive will provide executive oversight of risk, capital, compliance, and control frameworks, ensuring alignment with all regulatory requirements and safeguarding Absa's license to operate. Leading integrated governance and risk management across the entire Life Insurance portfolio falls under this remit.

Building strong, trust-based relationships with regulators, partners, and other key stakeholders is vital for effective oversight and strategic execution. The successful candidate will also focus on developing leadership capabilities and a future-fit workforce that aligns with strategic priorities. This includes driving succession planning, talent development, and performance management, while fostering an inclusive, high-performance culture that supports engagement and transformation.

This executive role requires a post-graduate qualification (NQF 8) in a relevant field such as Commerce, Finance, Actuarial Science, Insurance, Business Management, Risk Management, or Law. A minimum of 15 years of experience in Financial Services, with at least 7 years in senior executive positions, is essential. Deep expertise in Life Insurance regulation, governance, risk management, and capital management, along with a proven track record of engaging with regulators and strategic stakeholders across multiple markets, is critical.

In South Africa, executive roles within the financial services sector, particularly within established banking groups like Absa, typically command competitive remuneration packages. The specific salary would depend on individual experience, qualifications, and the precise scope of responsibilities. Such senior positions often present significant opportunities for career progression within the broader group or the financial services industry, potentially leading to even more expansive leadership roles.

Qualifications and Experience

• Post Graduate Qualification (NQF8) in Commerce; Finance, Actuarial Science, Insurance, Business Management, Risk Management, Law or related field.
• 15+ years of experience in Financial Services, including 7+ years in senior executive roles
• Expertise in Life Insurance regulation, governance and risk management
• Deep expertise in Life Insurance regulation and capital management

• Experience engaging with regulators, industry forums, and strategic stakeholders across multiple markets

Leadership Capabilities

• Shaping Strategy | Building Customer Value | Impacting Society | Leading Innovation (Technology and AI driven) | Delivering Results | Leading & Developing teams | Stakeholder Management | Building Partnerships

​Technical Capabilities

• Expertise in Life Insurance products, distribution, customer segments and market dynamics.
• Understanding of Life Insurance regulation, governance, compliance and risk management.
• Capital management, capital risk, underwriting, pricing principles and portfolio performance.
• Commercial acumen and ability to manage P&L, profitability and sustainable growth.

Education

Postgraduate Degrees and Professional Qualifications: 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