09_11_27 Pd For Senior Account Executive

Position Description (PD) Guide for completion – http://commnet.cba/cbr/PER/PER00002.htm

Date January 2010

1 Position details (Position, Manager, MOR information) Position title

Position number

Senior Account Executive Position level

Position grade (Levels 1 and 2 only)

Level MC

TBC

Department name

Department ID

Business Unit

Market Development and Distribution

010085

Wealth Management CommInsure

Manager’s position title

Position number

Executive Manager Business Relationships

LM to include

MOR position title Head of Wholesale Risk MOR name

Telephone number

Email address

TBC

TBC

[email protected]

2 Business Unit Context – how the Business Unit achieves the Bank’s vision Business Unit Context: Wealth Management (WM) is responsible for the manufacturing and sales of investment and insurance products and services. WM also provides strategic and operational support for all distribution of investment and insurance products and is responsible for the management of all Commonwealth Bank property. CommInsure is a division of Wealth Management offering a range of life insurance, superannuation, retirement income, investment and general insurance products. CommInsure conducts business through a number of legal entities including: Colonial Mutual Life Assurance Society Limited and Colonial Insurance Limited. Department Context: Market Development and Distribution is broken down into various teams as follows: Customer and Channel Solutions team concentrates on Promotion and Brand, developing our Brand and Culture. Retail Advice is responsible for the Distribution and relationship management of our retail risk channel. Wholesale Risk is responsible for the Sales-Business Relationship Management of the Wholesale Risk Portfolio. Non advice is responsible for the distribution and management of non advice products through the Bank and direct channels

3 Position Purpose – how this position adds value to the Bank

The Senior Account Executive is responsible the development and ongoing execution of a thorough Key Account Management Plan. The purpose of this role is to maximise retention of existing business by maintaining and developing strong business relationships with existing key clients. This includes effective transition management and implementation of new business with respect to industry, corporate and master fund sectors, and existing funds that undergo a benefit design change. 4 Work of the position Business Outcomes  Undertake any other tasks assigned by your manager that can be competently and safely performed.  Ensure productivity and internal quality measures are in place and actively managed.  Provide training to the CommInsure team on regulatory and governance matters in accordance with WM and CommInsure policies. People Outcomes  Consistently display behaviours that encourage productive working relationships and a strong performance culture.  Pro-active development of skills to perform current duties competently and for future career progression. Active participation in performance feedback and career development. Additional outcomes specific to the role:  Manage the Tender process to ensure we offer our most competitive offer within company policy.  Direct management of Senior Business Relationship Managers and Business Relationship Managers.  Regular discussions with client base to ensure a high level of client focus.  Keep up to date with Industry and Market trends by attending and gaining industry exposure at seminars and conferences.  Reporting on activities, results and client feedback.  Management of regular team meetings and direct report interaction as well as engaging in team member performance feedback.  Contribution and development of appropriate business planning.  Point for major escalations that could affect the business relationship. Undertake any task assigned by your manager that you have the capability to perform safely and in accordance with all relevant internal Bank policies and external legislative requirements.

5 Authorities and accountabilities of the position CommInsure Accountabilities  Work within the corporate and HR policies standards, systems and protocols which have been designed to support you in your role.  Accountable for complying with the Bank’s OHS policies and instructions, reporting any hazard or safety issues to the departmental manager and guarding against risk to themselves and others at the workplace.  Accountable for exhibiting appropriate team member behaviours.  Accountable for own work as a member of the team.  Actively contributes to the team.  Operate within the various policies that exist within the organisation. Additional Accountabilities specific to this role include: • Maximising retention & growth of existing business. • Take ownership of new business installations ensuring a smooth transition of information from Business • Be responsible for timely re-rating of existing business • To manage Senior Business Relationship Managers and Business Relationship Managers. • Act as the senior contact or business conduit between all Wholesale Risk business units inclusive of • Actuarial, Claims, Underwriting, Product and Administration • Manage company expenditure appropriately. 6 Requirements (Specific to the role) Client Support

• • • • •

Create and execute retention strategy for the maintenance and enhancement of key accounts for the creation of mutual value. Ensure that the relationship is supported by appropriate resources across CommInsure. Coordinate Client Calling Program; inclusive of MD, GM, BDM and Internal operations staff. Accountable for all interactions with key accounts to ensure the relationship is appropriately serviced. Manage the end to end installation of new business and existing accounts to deliver a seamless transition plan.

Strategic Advice • Provide strategic advice to key accounts to assist them in the management of their insurance arrangements • Engage other experts within the CommInsure business to provide strategic advice on insurance matters. • Gather competitor data and look for opportunities to upgrade existing benefit design. Business Growth • Function as the key contact for CommInsure stakeholders. • Establish structures for CommInsure stakeholders and/or elsewhere within the business unit to deliver to our partner’s needs. • Develop and negotiate changes to insurance arrangements in a way which optimises CommInsure’s business principles, risk management and profit goals. • Implement innovative strategies for business growth jointly with the business partner. • Coordinate bi-annual health check. Look for cross sell opportunities to maximise retention. • Ensure that key accounts grow both their top and bottom lines. Client Servicing • Develop Key Account Management Plans to ensure that customer satisfaction is maximised. • Be the escalation point for all service concerns. This would include all underwriting, claims and service issues. • Ensure agreed internal service standards are maintained. • Lead internal key account management meetings and be accountable for actions • Anticipate client requirements and take action internally to ensure that their needs are satisfied. • Take action to ensure that operational parts of the business are appropriately servicing our clients. Service Elements • Own the delivery of insurance services, including: • Support to marketing teams • Provision of financial analysis • Product benchmarking and pricing analysis

• • • •

Administration reviews Client training on insurance matters, processes and systems Technology/Online services Provision of other services where they will add value to both parties

Inherent • Maintenance of a current non-restricted driver licence for the State or Territory in which the person is to be based. • Sufficient level of mobility to facilitate entering premises and climbing stairs up to a minimum of four levels above ground floor. Essential  Ability to develop and maintain exceptional client relationships in a professional manner.  Skills to secure new business opportunities.  Expertise to identify new business opportunities from various sources.  Extensive knowledge of the Group Insurance market and products including an overall understanding of the Superannuation Market.  Compliant with legislative Requirements (eg. FSRA).  Strong negotiation skills.  Sound capacity to use initiative and back own judgement.  Exceptional organisational and time management skills.  Ability to perform under pressure and respond to client deadlines.  Strong organisational and co-ordination skills with excellent attention to detail.  Sound verbal and written communication skills.

7 Competencies Competency

Required proficiency

Commercial Acumen

Strong

Customer Focused

Strong

Relationship Management

Strong

Team Engagement

Strong

8 Authorisation Manager’s signature

MOR’s signature

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