JOB SPECIFICATION – MANAGING DIRECTOR
Workerslife Insurance Limited (Non Life Insurer) is a wholly owned subsidiary of the Workerslife Group of Companies - An employment opportunity as a Managing Director currently exists within Workerslife Group.
1. PURPOSE OF THE JOB
To provide executive leadership and prudent stewardship of a licensed non-life insurer, ensuring sustainable growth, sound underwriting practices, effective risk management, customer-centric outcomes, and compliance with all Prudential Authority (PA), Financial Sector Conduct Authority (FSCA), and legislative requirements.
The position carries accountability as a Key Person within a regulated insurance environment and requires the successful candidate to satisfy all applicable Fit and Proper requirements.
REPORTING LINE
The Managing Director reports directly to the Board of Directors of Workerslife Insurance Limited and is accountable for the overall strategic direction, financial performance, governance, regulatory compliance, risk management, and sustainability of the Company.
2. MINIMUM EXPERIENCE
The successful candidate should demonstrate substantial and proven experience within the South African short-term insurance industry.
- Minimum 20 years' experience in the South African short-term insurance industry.
- Proven experience across multiple aspects of the insurance value chain, including:
- Broker distribution;
- Underwriting;
- Claims management;
- Operations;
- Product development;
- Regulatory compliance;
- Business development.
- Minimum 10 years' experience in executive management positions within a regulated insurer.
- Minimum 5 years' experience as General Manager, Chief Operating Officer, Chief Executive Officer, Managing Director or equivalent executive role within a licensed short-term insurer.
- Proven experience engaging with the Prudential Authority and FSCA.
Advantageous
- Previous appointment as an approved Key Person of an insurer.
- Experience serving on governance committees or boards.
- Experience leading regulated insurance businesses through strategic growth and transformation initiatives.
MINIMUM QUALIFICATIONS
The successful candidate must possess:
Essential
- Bachelor's Degree in Insurance, Risk Management, Commerce, Finance, Accounting, Actuarial Science, Business Administration, Economics or Law.
- RE5 Representative Examination qualification.
- Valid driver's licence.
- Computer literacy and ability to operate within a modern insurance operating environment.
Preferred
- RE1 Regulatory Examination (Key Individual).
- Honours Degree or Postgraduate Qualification.
- MBA, MBL, CA(SA), FIA/FASSA or other recognised executive qualification.
- Institute of Directors South Africa (IoDSA) Director Development Programme or equivalent governance qualification.
3. COMPETENCIES
FIT AND PROPER REQUIREMENTS
The successful candidate must satisfy all applicable requirements under:
- Insurance Act, 2017.
- Financial Sector Regulation Act.
- Prudential Authority Joint Standards on Fitness, Propriety and Related Matters.
- FSCA Fit and Proper Requirements.
- Any other applicable regulatory requirements.
The candidate must demonstrate:
- Honesty, integrity and good standing.
- Appropriate qualifications and industry experience.
- Proven competence and leadership ability.
- Sound judgement and decision-making capability.
- No criminal, regulatory or professional disqualifications.
- Ability to obtain and maintain approval as a Key Person.
KEY COMPETENCIES
Strategic Leadership
The incumbent must demonstrate the ability to:
- Develop and execute strategic plans approved by the Board.
- Drive sustainable growth and profitability.
- Identify emerging risks and market opportunities.
- Lead organisational transformation initiatives.
- Promote innovation and operational excellence.
- Build and maintain a high-performance culture.
4. CONTENT OF THE JOB
Insurance Technical Expertise
The incumbent must possess extensive knowledge of:
- Short-term insurance products and operations.
- Underwriting disciplines.
- Claims management.
- Reinsurance structures and programmes.
- Broker and intermediary distribution models.
- Product pricing and profitability analysis.
- Product governance requirements.
- Solvency Assessment and Management (SAM).
- Insurance reserving principles.
- Regulatory reporting requirements.
Governance and Regulatory Management
The incumbent must demonstrate expertise in:
- King IV principles and practices.
- Insurance Act governance requirements.
- Risk management and internal control frameworks.
- Prudential standards.
- Treating Customers Fairly (TCF) requirements.
- Policyholder Protection Rules.
- Outsourcing governance requirements.
- Combined Assurance frameworks.
- Conduct risk management.
Financial and Capital Management
The incumbent must demonstrate the ability to:
- Manage financial sustainability.
- Oversee budgeting and forecasting processes.
- Drive underwriting profitability.
- Manage solvency and liquidity requirements.
- Monitor capital adequacy.
- Ensure effective expense management.
- Deliver sustainable shareholder value.
KEY RESPONSIBILITIES
Strategy and Business Growth
- Lead the development and implementation of the strategic plan.
- Translate strategic objectives into measurable business outcomes.
- Drive profitable and sustainable growth.
- Identify and pursue new market opportunities.
- Maintain strategic partnerships and industry relationships.
Regulatory Compliance
- Ensure compliance with all regulatory obligations.
- Maintain constructive relationships with the Prudential Authority and FSCA.
- Oversee submission of all regulatory returns and statutory reporting.
- Ensure continued compliance with Fit and Proper requirements.
Governance
- Promote ethical and responsible leadership.
- Maintain effective governance structures.
- Support Board and Committee effectiveness.
- Ensure implementation of Board resolutions.
- Foster a culture of accountability and compliance.
Risk Management
- Maintain effective risk management frameworks.
- Ensure annual ORSA and risk assessments are completed.
- Ensure appropriate internal controls are maintained.
- Promote prudent underwriting and sound risk selection practices.
Operational Leadership
- Ensure operational efficiency and service excellence.
- Build and retain high-performing teams.
- Oversee underwriting, claims and operational functions.
- Maintain strong stakeholder relationships.
Financial Performance
- Drive sustainable underwriting profitability.
- Ensure capital adequacy and solvency requirements are met.
- Manage resources responsibly.
- Deliver financial performance in line with Board-approved objectives and risk appetite.
PERSONAL ATTRIBUTES
The successful candidate will demonstrate:
- Exceptional integrity and professionalism.
- Strong leadership and influence.
- Sound commercial judgement.
- Strategic thinking ability.
- Strong communication and negotiation skills.
- High levels of accountability.
- Decisive decision-making.
- Resilience and adaptability.
- Commitment to customer outcomes and regulatory compliance.
BOARD RECOMMENDED APPOINTMENT CRITERIA
To strengthen Workerslife Insurance Limited's regulatory position, the Board will give preference to candidates who:
- Have more than 20 years' experience in the South African short-term insurance industry.
- Have progressed through broker, underwriting, operational and executive leadership roles.
- Hold RE5 and RE1 qualifications.
- Have previously served as an approved Key Person within a regulated insurer.
- Have direct experience interacting with the Prudential Authority and FSCA.
- Demonstrate a successful track record of managing a licensed insurer and achieving sustainable growth within regulatory parameters.
Send applications to [email protected] +27 (0) 12 305 7400 for the attention of HR Support. Closing date for application is the 07th of August 2026.
For further enquiries you may contact HR department at (012) 305 7400. For more information about Workerslife, please visit www.workerslife.co.za
Work Location: In person
