Strategy Member DDM - HDFC Relationship

Aditya Birla Group; Goregaon; On-site; INR 1,200,000 - 1,800,000; Full time

Job summary

PeopleStrong is seeking a senior professional to conceptualize and drive Bancassurance Sales and Distribution strategy for a Bancassurance relationship in an Open Architecture. The role requires deep understanding of the bank’s core operations and business model to identify cross-sell opportunities and align with Insurance company objectives.

Responsibilities include budgeting, KPI finalization, dashboards and process improvements across the channel.

Qualifications

• Undergraduate qualification mentioned in the job ad.

Responsibilities

• Review sales processes and improvise based on evolving business needs.
• Evaluate channel structure and determine manpower requirements.
• Implement corrective actions based on MIS trends to improve productivity and persistency.
• Develop initiative launch mailers and presentations for SMT committee reviews.
• Prepare, monitor and control channel budgets and define business targets.
• Coordinate with sales leadership for budget planning and impact analysis.
• Analyze data to set targets across locations and vintages.
• Finalize KPIs for Bancassurance roles and publish dashboards.
• Monitor compensation payouts to track retention and productivity.
• Ensure compensation and career progression support retention and field force stability.
• Engage in relationship management and establish quality benchmarks for channel work.
• Evaluate tools and processes used by sales teams and implement improvements.
• Lead IT initiatives and analytics engine development for channel insights.

Skills

Under Graduate

Job description

DEPARTMENT-1 CDO - BSLI

DEPARTMENT-2 Distribution Devlpmnt & Mngnt

Country India

State Maharashtra

Skills

Skill

Under Graduate

CERTIFICATION

Job Description

Job Purpose :

The role is responsible for conceptualizing & driving BSLIs Sales and Distribution Strategy for Bancassurance Relationship in an Open Architecture. The role requires a very deep understanding of Bank’s core functioning and business model so that he should be able to identify the opportunities available for cross sell of Life Insurance. The role requirement also includes an in depth understanding of the Bancassurance channel so that aligning the bank on Insurance company’s objective should not be a challenge. The other key demand of the role will be doing business planning and numbers projection basis a deep analysis of the bank’s various business verticals, their business models, their existing customer base, relationship value of these customers, relationship vintage, number of resources deployed by the bank to cater to the need of these customers and the geography

Accountability:

1. To continuously review Sales processes and improvise them basis evolving business needs. This is to be done by regularly interacting with sales team and devise implementation of initiatives.

2. Evaluate existing channel structure and support in identification of optimum Manpower requirement basis evolving business requirement

3. Initiate and implement corrective action basis various underlying trends of the MISs to drive persistency/ maintain product mix in the channel/ increase incentive earners/ improve productivity for the channel

4. Develop Initiative launch mailers for field communication. Develop presentations/ communication for SMT committee review

Prepare, monitor & control channel budgets and define business targets

1. Liaison with the organization & sales leadership to understand evolving business requirements and support with budget planning activities for the year. Conduct Impact Analysis of existing & new initiatives on the budget & create provisions for the same.

2. Analysis of data basis past trends, market /regulatory conditions on various business parameters and benchmark competition performance basis locations/vintage/FLS behaviour/market condition to arrive at business targets.

3. Support in finalization of the KPIs for all roles in Bancassurance across country with the help of Sales leadership.

4. Publication of periodic dashboards and suggestions for corrective measures to the field force to cover up the gap on various business levers.

5. Monitor compensation pay-outs every month to track influence on following parameters: a. Retention b. Productivity c. Earning potential

6. Ensure the compensation and career progression is such which has long lasting impact on the field force and acts as a retention tool

Relationship Management

1. Create Quality benchmarks of performance so that bank values the BSLI way of working

1. Evaluating ongoing processes & various tools, portals, communication triggers for sales team support.

2. To identify and implement projects to cater to evolving needs of the channel.

3. To drive critical IT initiatives

4. To implement development of Analytics engine for the channel.