Business Development Manager

Job Classification

• REQ: 129045 - Refilwe Falatsi
• Closing Date:8 December 2023
• Division: Nedbank Insurance | Strategic Projects - Product Development
• Employment Equity Statement: Preference will be given to individuals from underrepresented groups.  

NB: This is not a sales role - Business Development Manager (Product Development)

Job Family

Career Stream

Leadership Pipeline

FAIS Affected

Job Purpose

To assist the Insurance Executive team (InExco) to manage the Nedbank Insurance's development of new products, enhancements of existing products and the decommissioning of existing products.  By collaboratively working with cross functional teams within Nedbank Insurance to achieve shared goals in the delivery of product and client solutions.

Job Responsibilities

• Put together a business case by compiling all relevant information; come up with findings and draft a proposal with appropriate recommendations and alternatives.
• Co-ordinating the preparation of a product concept through close collaboration with the product owner and relevant subject matter experts and come up with findings and draft a proposal with appropriate recommendations and alternatives.
• Re-evaluating client value propositions by redesigning customer servicing, product design/ enhancement and customer engagement.
• Sound knowledge of product development processes and product development committee charter.
• Build strong relationships with internal as well as external stakeholders by networking and regular communication.
• Build and maintain working relationships by networking; ongoing communication and sharing relevant information.
• Support business development initiatives by implementing the agreed Service Level Agreement with the regional distribution owners.
• Contribute to a culture conducive to the achievement of transformation goals by participating in Nedbank Culture building initiatives (e.g. staff surveys etc).
• Participate and support corporate responsibility initiatives for the achievement of business strategy (e.g.Green Strategy).
• Seek opportunities to improve business processes and systems by identifying and recommending effective ways to operate and adding value to Nedbank Insurance product development processes
• Create awareness and expand business opportunities by presenting initiatives to various internal forums.
• Regular feedback on progress of initiatives to various decision-making forums.
• Support implementation of projects by coordinating and project managing all activities and making suggestive recommendations.
• Gather information and unearth new business initiatives by identifying opportunities through market and competitor analysis; recommending innovative ideas for services or products.
• Minimise risks by adhering to regulations; policies and procedures and executing on governance.
• Identify business opportunities from existing and new channels by analysing available data; collaborating with other departments; engaging and meeting relevant stakeholders.
• Support the achievement of the business strategy; objectives and values by reviewing Nedbank and Business Unit Plans and ensuring delivered systems; process; services and solutions are aligned.
• Identify training courses and career progression for self through input and feedback from management.
• Ensure all personal development plan activities are completed within specified timeframe. Share knowledge and industry trends with team and stakeholders during formal and informal interaction.
• Obtain buy-in for developing new and/or enhanced processes (e.g. operational processes) that will improve the functioning of stakeholders' businesses by highlighting benefits in support of the implementation of recommendations.

People Specification

Essential Qualifications - NQF Level

Preferred Qualification

Post Graduate qualification in business management/ Insurance Qualification/ RE1 & RE5/ Knowledge of Project Management Principles.

Minimum Experience Level

• 2 years’ experience in the preparation of business cases or product concepts.
• Experience with working with Market data and Market analysis
• At least 3-5 years work experience within the Insurance industry
• Comprehensive understanding of how to launch a product and Design Thinking framework.
• Ability to influence cross functional teams without formal authority.

Technical / Professional Knowledge

Behavioural Competencies