job description - Head, Channel Economics And Remuneration
- Predict, drive, and measure the success probabilities of products across various distribution channels.
- Develop and implement competitive and profitable remuneration and incentive structures for Advisors.
- Make informed, data-led decisions to reach and grow its client base and achieve its strategic objectives.
- To take accountability for departmental performance through business planning, goals, metrics, and partnerships.
- Deliver and gain approval for the distribution channel economics and remuneration strategy and business plan for Sanlam Retail Mass (RM). Develop and embed metrics and clear performance measurements along the distribution channel value chain.
- Support the Executive with input and subject matter expertise relating to distribution channel economics and remuneration during the development and delivery of the Distribution strategy for Sanlam RM.
- Work with the Executive to deliver and gain approval for distribution channel economics and remuneration initiatives and projects that will support the strategic and business objectives.
- Prepare, propose, manage, and deliver the annual distribution channel economics and remuneration budget.
- Further enable the profitability targets per channel by identifying, setting up, and managing partnerships with external vendors and service providers.
- Ensure continuous monitoring of performance against budget and be accountable for budget control for the department. Motivate recommendations/requests for further budget or deviation from the budget where appropriate.
- Remain up to date with advancements and developments in technology, best practice, and legal/statutory requirements relating to profitability, economics, and remuneration. Facilitate the adoption of best practices to optimize departmental performance.
- Work with product owners and provide subject matter expertise during the development of product profitability objectives and targets. Ensure alignment of objectives and targets of products across all levels of distribution.
- Drive the formulation and implementation of Advisor remuneration and incentive models per distribution channel, aligned to the business objectives to drive key business outcomes, within the allocated budget.
- Ensure equivalence of reward principles is adhered to.
- Drive the measurement of advisor performance per distribution channel, in line with incentive models and indexes. Ensure models are updated with relevant data.
- Compile and deliver monthly and annual Exco and Managerial reporting.
- Be the custodian for channel economics and remuneration support and subject matter expertise to the Distribution community and other business stakeholders.
What will make you successful in this role?
- At least 8 -10 years of distribution channel experience in the insurance industry:
- Experience in engaging with key business and external partners across all levels (especially at senior levels)
- Data analytics/metric / model development
- Experience in working/ applying commercial, business, and financial principles
- Previous leadership experience (previous supervisory experience ideal)
- Previous report writing experience
- Project management experience
Qualification and Experience
- Qualified Actuary (passed all subjects) with more than 5 years of related experience.
Knowledge and Skills
- Actuarial Problem Solving
- Actuarial Negotiation
- Business knowledge and analysis
- Risk Management
- Business insight - Contributing strategically
- Financial acumen - Contributing strategically
- Develops talent - Contributing strategically
- Builds effective teams - Contributing strategically
- Cultivates innovation - Contributing strategically
- Customer focus - Contributing strategically
- Drives results - Contributing strategically
- Collaborates - Contributing strategically
- Being resilient - Contributing strategically
We are a leading financial services institution in Nigeria, having successfully transformed the Nigeria Insurance space and distinguishing itself by delivering exceptional services.