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The Commercial Lead, Insurance<\/i><\/b> role is responsible\nfor cascading the overarching WFS Insurance Product strategy and\noperationalizing this to propel new and existing product growth strategies\n(i.e., business volumes, ECM growth targets and Woolworths Sales targets)\npertaining to the Woolworths Financial Services (WFS) Insurance business, with\nthe aim of strengthening revenue yields and sustaining positive cashflows. In\naddition, the role is required to build and shape Insurance offerings that\naddress both existing customers\u2019 immediate needs and cater to other needs from\nan emerging customer base, to provide a compelling Customer Value Proposition\n(CVP). The role has elements of \u201crun\u201d and \u201cgrow\u201d factors across the full value\nchain (Sell, Serve and Claim) <\/span>of\ninsurance that includes new product Go\-To\-Market development, commercial and\noperational optimization for both new and existing product and ensuring the\nexecution of all regulatory and compliance elements are achieved.<\/span><\/span><\/span>
<\/p> Key areas of focus include:<\/span><\/span><\/span>
<\/p>- Strategic Contribution<\/span><\/span><\/span>
<\/span><\/li>- Revenue and Commercial Optimization<\/span><\/span><\/span>
<\/span><\/li>- Data\-driven Campaign/Project Management<\/span><\/span><\/span>
<\/span><\/li>- Pricing Management<\/span><\/span><\/span>
<\/span><\/li>- Partner and Stakeholder Relationships<\/span><\/span><\/span>
<\/span><\/li>- People Management<\/span><\/span><\/span>
<\/span><\/li>- Financial Acumen<\/span><\/span><\/span>
<\/span><\/li>- Product\ncompetitive and research<\/span><\/span><\/span>
<\/span><\/li><\/ul>KEY RESPONSIBILITIES<\/b>
<\/b><\/div><\/div>
Strategic Contribution<\/span><\/span><\/span><\/b>
<\/p>- Participate in the crafting of the Insurance\nstrategy relevant to the Commercial business, based on an understanding of the\nWoolworths Financial Services (WFS) context and aligned to WFS practices.<\/span><\/span><\/span>
<\/span><\/li>- Set frameworks for the presentation of nascent\nproduct concepts to customers in a way that will reliably capture customer\ninsights.<\/span><\/span><\/span>
<\/span><\/li>- Operationalize the product strategy for the\nInsurance business, positioning it as an accelerator of the established CVP,\nand a driver of value and revenue creation.<\/span><\/span><\/span>
<\/span><\/li>- Consider the critical shifts, touchpoints, and\ninterdependencies between the WFS Insurance business and other WFS business\nareas; identify and build the requisite Insurance capabilities to leverage\nefficiencies between businesses and associated CVPs.<\/span><\/span><\/span><\/span>
<\/li><\/ul><\/span><\/span><\/span><\/span>
<\/div>Revenue and Commercial Optimisation<\/span><\/span><\/span><\/b>
<\/p>- Identify and understand current Insurance customers\u2019 journeys,\npaying close attention to key successes and challenges, to enhance the customer\nexperience.<\/span><\/span><\/span>
<\/span><\/li>- Employ customer experience concepts and systems thinking to\nidentify what the target\-state customer journey entails and operationalize\nplans to progress towards it.<\/span><\/span><\/span>
<\/span><\/li>- Elevate research insights to focus the Insurance strategy on\ndistinct customer needs, preferences, and Insurance appetite, thereby elevating\nthe product portfolio\u2019s value proposition to WFS\u2019s existing and target customer\nbases to offer compelling and attractive offerings.<\/span><\/span><\/span>
<\/span><\/li>- Employ Cost Benefit Analysis techniques to gauge the comparative\nvalue and opportunities of pursuing various Insurance offerings.<\/span><\/span><\/span>
<\/span><\/li>- Build and manage the interactions between customers and the\nInsurance business to enhanced perceived value of the Insurance CVP.<\/span><\/span><\/span>
<\/span><\/li>- Create and implement operational plans to achieve the scalability\nrequirements of the Commercial business, driving process efficiencies within\nInsurance which have a positive impact on the Insurance income statement.<\/span><\/span><\/span>
<\/span><\/li>- Sustain WFS\u2019s existing customer base and build an expanded\ncustomer base through an indispensable value proposition, by enhancing the\nability to accurately forecast Insurance revenue.<\/span><\/span><\/span>
<\/span><\/li>- Recommend adjustments to current and new Insurance offerings as\nearly customer perceptions of both existing and new products shape the CVP.<\/span><\/span><\/span>
<\/span><\/li>- Quantify metrics and targets for success and leverage associated\nmarket intelligence to create tactics and value propositions that resonate with\nWFS customers.<\/span><\/span><\/span>
<\/span><\/li>- Assess value propositions and new Insurance offerings against\nWFS\u2019s risk appetite, identifying commercial opportunities that reside within\nthe risk threshold.<\/span><\/span><\/span>
<\/span><\/li>- Identify innovation opportunities for Insurance that offer the\nmaximum commercial potential and the highest propensity to increase or change\nprescribing customer behavior.<\/span><\/span><\/span>
<\/span><\/li>- Build and implement new offerings that are aligned to the CVP and\ndesign go\-to\-market strategies that will nudge customers towards investing into\ndiversified Insurance products.<\/span><\/span><\/span>
<\/span><\/li>- Leverage commercial levers, i.e., retention, sales,\nbalance protection) to drive profitability, revenue growth and increases in\ncustomer uptake year\-on year.<\/span><\/span><\/span><\/span>
<\/li><\/ul><\/div>
Data\-driven Campaign/Project\nManagement<\/span><\/span><\/b>
<\/p>- Utilize design thinking methodologies to guide\nthe delivery of a range of Insurance projects and products, clearly\narticulating customer touchpoints and customer journeys.<\/span><\/span><\/span>
<\/span><\/li>- Develop and embed business analytics as a capability to\ndeliver meaningful and valuable insights to drive strategic solutions.<\/span><\/span>
<\/span><\/li>- Identify and leverage common goals between planned\ninitiatives. Provide guidance to the business on ensuring integration between\nthe objectives and the coordination of timelines and impacts on other\nsub\-functional areas in the WFS business.<\/span><\/span>
<\/span><\/li>- Manage foreseeable risks by adequately capacitating the\ncampaign/project teams to identify risk and to drive efficient project and\nprogramme delivery.<\/span><\/span>
<\/span><\/li>- Integrate campaigns/projects across the Insurance business\n("grow the business" and "change the business"), in line\nwith capacity plans and business goals. Drive efficiencies and balance\npriorities.<\/span><\/span>
<\/span><\/li>- Review campaign/project plans and ensure that adequate\nplanning and execution mechanisms are in place for communication, stakeholder\nengagement and monitoring of impacts.<\/span><\/span>
<\/span><\/li>- Participate in the approval of project business cases to\ndetermine the accuracy of assumptions used for the financial calculations on\ncost and benefit.<\/span><\/span>
<\/span><\/li>- Manage the go\-to\-market practices for new products as well\nas their evolution into revenue generating and commercially viable products.<\/span><\/span>
<\/span><\/li><\/ul> <\/span><\/span><\/span><\/b>
<\/p>Pricing Management<\/span><\/span><\/span><\/b>
<\/p>- Develop pricing models that accurately reflect\nthe worth of Insurance offerings, considering the cost of their development\nand/or cost of leveraging Insurance products underwritten by other Third\nParties, as well as any other peripheral costs (i.e., marketing of products and\nservices).<\/span><\/span><\/span>
<\/span><\/li>- Evaluate pricing models and estimates; set\npolicies on pricing and clarify base pricing and any discounts that may be\noffered to front book customers to stimulate Insurance product uptake.<\/span><\/span><\/span>
<\/span><\/li>- Consider the Insurance CVP, and shape the\nmessage being portrayed to customers on a dynamic basis, by setting prices at a\nparticular level \- ensure that the pricing models employed are consistent with\nthe targeted customer segment.<\/span><\/span><\/span>
<\/span><\/li>- Monitor and evaluate the success of pricing\nframeworks, based on the uptake of Insurance offerings and other pertinent\nmetrics.<\/span><\/span><\/span>
<\/span><\/li>- Determine the accuracy of assumptions used for\nthe financial calculations on cost versus benefit.<\/span><\/span><\/span>
<\/span>
<\/li><\/ul>Partner and Stakeholder\nRelationships<\/span><\/span><\/span><\/b>
<\/p>
