WFS Commercial Lead Insurance

The Commercial Lead, Insurance role is responsible
for cascading the overarching WFS Insurance Product strategy and
operationalizing this to propel new and existing product growth strategies
(i.e., business volumes, ECM growth targets and Woolworths Sales targets)
pertaining to the Woolworths Financial Services (WFS) Insurance business, with
the aim of strengthening revenue yields and sustaining positive cashflows. In
addition, the role is required to build and shape Insurance offerings that
address both existing customers’ immediate needs and cater to other needs from
an emerging customer base, to provide a compelling Customer Value Proposition
(CVP). The role has elements of “run” and “grow” factors across the full value
chain (Sell, Serve and Claim) of
insurance that includes new product Go -To -Market development, commercial and
operational optimization for both new and existing product and ensuring the
execution of all regulatory and compliance elements are achieved.

 Key areas of focus include:

• Strategic Contribution
  
• Revenue and Commercial Optimization
  
• Data -driven Campaign/Project Management
  
• Pricing Management
  
• Partner and Stakeholder Relationships
  
• People Management
  
• Financial Acumen
  
• Product
  competitive and research
  
  

Strategic Contribution

• Participate in the crafting of the Insurance
  strategy relevant to the Commercial business, based on an understanding of the
  Woolworths Financial Services (WFS) context and aligned to WFS practices.
  
• Set frameworks for the presentation of nascent
  product concepts to customers in a way that will reliably capture customer
  insights.
  
• Operationalize the product strategy for the
  Insurance business, positioning it as an accelerator of the established CVP,
  and a driver of value and revenue creation.
  
• Consider the critical shifts, touchpoints, and
  interdependencies between the WFS Insurance business and other WFS business
  areas; identify and build the requisite Insurance capabilities to leverage
  efficiencies between businesses and associated CVPs.
  

Revenue and Commercial Optimisation

• Identify and understand current Insurance customers’ journeys,
  paying close attention to key successes and challenges, to enhance the customer
  experience.
  
• Employ customer experience concepts and systems thinking to
  identify what the target -state customer journey entails and operationalize
  plans to progress towards it.
  
• Elevate research insights to focus the Insurance strategy on
  distinct customer needs, preferences, and Insurance appetite, thereby elevating
  the product portfolio’s value proposition to WFS’s existing and target customer
  bases to offer compelling and attractive offerings.
  
• Employ Cost Benefit Analysis techniques to gauge the comparative
  value and opportunities of pursuing various Insurance offerings.
  
• Build and manage the interactions between customers and the
  Insurance business to enhanced perceived value of the Insurance CVP.
  
• Create and implement operational plans to achieve the scalability
  requirements of the Commercial business, driving process efficiencies within
  Insurance which have a positive impact on the Insurance income statement.
  
• Sustain WFS’s existing customer base and build an expanded
  customer base through an indispensable value proposition, by enhancing the
  ability to accurately forecast Insurance revenue.
  
• Recommend adjustments to current and new Insurance offerings as
  early customer perceptions of both existing and new products shape the CVP.
  
• Quantify metrics and targets for success and leverage associated
  market intelligence to create tactics and value propositions that resonate with
  WFS customers.
  
• Assess value propositions and new Insurance offerings against
  WFS’s risk appetite, identifying commercial opportunities that reside within
  the risk threshold.
  
• Identify innovation opportunities for Insurance that offer the
  maximum commercial potential and the highest propensity to increase or change
  prescribing customer behavior.
  
• Build and implement new offerings that are aligned to the CVP and
  design go -to -market strategies that will nudge customers towards investing into
  diversified Insurance products.
  
• Leverage commercial levers, i.e., retention, sales,
  balance protection) to drive profitability, revenue growth and increases in
  customer uptake year -on year.
  

Data -driven Campaign/Project
Management

• Utilize design thinking methodologies to guide
  the delivery of a range of Insurance projects and products, clearly
  articulating customer touchpoints and customer journeys.
  
• Develop and embed business analytics as a capability to
  deliver meaningful and valuable insights to drive strategic solutions.
  
• Identify and leverage common goals between planned
  initiatives. Provide guidance to the business on ensuring integration between
  the objectives and the coordination of timelines and impacts on other
  sub -functional areas in the WFS business.
  
• Manage foreseeable risks by adequately capacitating the
  campaign/project teams to identify risk and to drive efficient project and
  programme delivery.
  
• Integrate campaigns/projects across the Insurance business
  ("grow the business" and "change the business"), in line
  with capacity plans and business goals. Drive efficiencies and balance
  priorities.
  
• Review campaign/project plans and ensure that adequate
  planning and execution mechanisms are in place for communication, stakeholder
  engagement and monitoring of impacts.
  
• Participate in the approval of project business cases to
  determine the accuracy of assumptions used for the financial calculations on
  cost and benefit.
  
• Manage the go -to -market practices for new products as well
  as their evolution into revenue generating and commercially viable products.
  

Pricing Management

• Develop pricing models that accurately reflect
  the worth of Insurance offerings, considering the cost of their development
  and/or cost of leveraging Insurance products underwritten by other Third
  Parties, as well as any other peripheral costs (i.e., marketing of products and
  services).
  
• Evaluate pricing models and estimates; set
  policies on pricing and clarify base pricing and any discounts that may be
  offered to front book customers to stimulate Insurance product uptake.
  
• Consider the Insurance CVP, and shape the
  message being portrayed to customers on a dynamic basis, by setting prices at a
  particular level - ensure that the pricing models employed are consistent with
  the targeted customer segment.
  
• Monitor and evaluate the success of pricing
  frameworks, based on the uptake of Insurance offerings and other pertinent
  metrics.
  
• Determine the accuracy of assumptions used for
  the financial calculations on cost versus benefit.
  
  

Partner and Stakeholder
Relationships

• Leverage strategic external partnerships to
  bolster capabilities in the commercialization of Insurance products (i.e.,
  either from the Insurance market and/or with FSI Insurance partners).
  
• Manage existing strategic vendors and associated
  engagements (i.e., Third Parties involved in the Insurance value chain,
  technological/digital partners, financial institutions, and providers of
  Insurance products to the benefit of WFS.
  
• Lead the management and integration of Insurance
  into external WFS’s partners and internally across the Insurance product
  landscape to initiate new engagement opportunities and strengthen existing
  synergies.  
  
• Establish relationships with key stakeholders to
  enable decisions regarding solutions that are practical and viable from a
  commercial perspective; effectively aligning the product solution to the
  developed strategy.
  
• Understand the systemic nature of stakeholder
  engagement, which recognizes the individual components as well as critical key
  integration points relating to products, customers, associated growth
  opportunities and complementary WFS sub -functional partnerships, to effectively
  realize both “grow” and “run” strategic ambitions.
  
  

People Management

• Lead the Team according to WFS's leadership
  principles and values, including employee lifecycle from recruitment through to
  exit, performance management, training and development, discipline and
  grievance management, retention, and reward and people administration, to
  ensure a high -performance culture.
  
• Define best practices relating to the
  commercialization of the Insurance business; guide the wider Insurance
  community as a subject matter expert to develop a common understanding across
  WFS.
  

Financial Acumen

• Prepare the Commercial budget as a component of
  the Insurance budget and manage financial performance against the budget to
  identify cost -saving opportunities.
  
• Maintain and apply a broad understanding of
  financial management principles to ensure decisions are fiscally sound and
  responsible.
  
• Monitor the overall performance of the
  Commercial business and recommend adjustments in the allocation of finances
  based on progress against goals.
  

Requirements

• Postgraduate Qualification (minimum Honours) in Finance.
  
• FAIS Accreditation across Life and Short -Term
  product categories for RE1 Rep and RE5 Key Individual are preferred
  

EXPERIENCE REQUIRED

• 8 - 10
  years of experience working in a Financial Services organisation, with specific
  reference to Insurance, of which at least 3 - 5 years’ experience should be
  within a Senior Leadership capacity.
  
• Proven
  experience in scaling offerings (in an Insurance environment) to enhance
  revenue generation.