Assistant Vice President, Business Development (Employee Benefits)

SINGAPORE LIFE LTD.; Singapore; On-site; SGD 80,000 - 120,000; Full time

Job summary

A leading financial services company in Singapore seeks a skilled Business Development Manager to enhance its Employee Benefits division. This role requires capturing corporate accounts, leading tenders, and developing strategic relationships. Ideal candidates will have significant B2B sales experience and a strong understanding of the corporate market.

Qualifications

• Minimum 6–8 years of B2B sales or business development experience.
• Strong track record in major account management and/or tender-based sales.
• Background in insurance, employee benefits, healthcare, or corporate solutions preferred.

Responsibilities

• Develop and execute business development strategies.
• Identify and win major direct business opportunities.
• Lead end-to-end tender processes including RFP responses.

Skills

Sales Acumen

Negotiation

Relationship Management

Job description

Singlife is a leading homegrown financial services company, offering consumers a better way to financial freedom. Through innovative, technology-enabled solutions and a wide range of products and services, Singlife provides consumers control over their financial wellbeing at every stage of their lives.

In addition to a comprehensive suite of insurance plans, employee benefits, partnerships with financial adviser channels and bancassurance, Singlife offers investment and advisory solutions through its GROW with Singlife platform. It also offers the Singlife Account, a mobile-first insurance savings plan.

Singlife is the exclusive insurance provider for the Ministry of Defence, Ministry of Home Affairs and Public Officers Group Insurance Scheme. Singlife is also an official signatory of the United Nations Principles for Sustainable Insurance and the United Nations-supported Principles for Responsible Investment, affirming its commitment to finding a better way to sustainability.

The merger of Aviva Singapore and Singlife was announced in September 2020 and created one of the largest homegrown financial services companies in Singapore in a deal valued at S$3.2 billion. It was the largest insurance deal in Singapore at the time.

Singlife was subsequently acquired by Sumitomo Life in March 2024, one of Japan’s leading life insurers, which valued Singlife at S$4.6 billion, making the transaction one of the largest insurance deals in Southeast Asia.

Our Employee Benefits (EB) division is at the forefront of helping companies design total rewards solutions that go beyond insurance — covering flexible benefits, wellness, engagement, and more — to drive employee satisfaction and business performance.

We are seeking a highly skilled Business Development Manager (Direct Channel) who will play a critical role in building and expanding Singlife’s Employee Benefits business by:

• Capturing direct corporate accounts — from small SMEs (2+ employees) to large enterprises and multinationals.
• Leading major tenders and complex sales negotiations to secure large-scale, high-value employee benefits contracts.
• Strengthening Singlife’s market position as the preferred EB partner for companies of all sizes.

This role will require both hunter and strategic account management skills, with the ability to navigate long sales cycles, multi-stakeholder environments, and highly competitive tenders.

Key Responsibilities

New Business Acquisition

• Develop and execute business development strategies for both SME and large corporate segments.
• Identify, qualify, and win major direct business opportunities, including participating in large EB tenders (both public and private sectors).
• Build and manage a robust pipeline across all market tiers, ensuring a balance of small, medium, and large accounts.

Strategic Account Development

• Develop relationships with key decision-makers (HR, finance, procurement, C-suite) in large corporates and multinational companies.
• Understand complex client needs and tailor Singlife’s EB offerings, including insurance, flexible benefits, and wellness solutions, to deliver customized proposals.
• Act as the key point of contact for large accounts, ensuring exceptional client service and identifying upsell or cross-sell opportunities.

Tender Management

• Lead end-to-end tender processes, including RFP/RFQ response, bid strategy, pricing alignment, proposal preparation, and presentation.
• Collaborate with internal stakeholders (product, actuarial, underwriting, operations, marketing) to ensure timely, competitive, and compelling tender submissions.
• Analyze competitor landscape and market dynamics to sharpen Singlife’s value proposition in major bids.

Market & Business Insights

• Provide market feedback and client insights to guide product innovation and enhancements.
• Stay abreast of industry trends, regulatory updates, and best practices in employee benefits.

Performance Management

• Deliver against assigned sales targets, including volume, premium, and profitability goals.
• Maintain accurate sales reporting, pipeline tracking, and forecasting using CRM tools.

Requirements:

• Minimum 6–8 years of B2B sales or business development experience, with a strong track record in major account management and/or tender-based sales.
• Background in insurance, employee benefits, healthcare, HR technology, or corporate solutions is strongly preferred.
• Proven ability to win large accounts and manage complex, multi-stakeholder deals.
• Solid understanding of Singapore’s corporate market, including public sector tendering processes and MNC procurement dynamics.
• Exceptional consultative selling, negotiation, and relationship management skills.
• Strong project management skills to coordinate cross-functional teams during tenders and large deals.
• Highly self-motivated, results-driven, and able to thrive in a fast-paced, competitive environment.
• Excellent communication, presentation, and proposal-writing skills.

Competency Area:

Sales Acumen - Proven history of hitting or exceeding B2B sales targets; ability to tell compelling stories of past deals closed, especially with large or complex clients.

Tender Management - Experience in leading large tenders, preparing RFP responses, navigating procurement processes, and coordinating cross-functional teams.

Market Understanding - Awareness of Singapore’s corporate landscape, EB trends, competitor positioning, and regulatory environment.

Solution Selling - Ability to understand client pain points and design tailored, value-driven EB proposals beyond price alone.

Communication & Influence - Strong presentation, negotiation, and persuasion skills, especially when pitching to large accounts or in competitive bid situations.

Growth Potential - Future leadership potential, adaptability, and a growth mindset to help scale the direct channel into a core part of Singlife’s EB business.

Key Performance Indicators (KPIs):

1. New Business Premium (NBP): Annual NBP target achieved (split by SME, mid-market, and large corporate segments).

• Tender Win Rate: % of major tenders participated vs. tenders won (target win rate to be set based on past data, e.g., >30%).

1. Large Account Acquisition: Number and value of new large corporate or multinational accounts onboarded.
2. Sales Pipeline Health: Value and mix of active opportunities across different sales stages, ensuring a healthy short-, mid-, and long-term pipeline.
3. Revenue Contribution by Segment: Balanced contribution across SME, mid-market, and large corporate accounts to meet diversification goals.
4. Client Satisfaction (Large Accounts): Post-sale client satisfaction score or Net Promoter Score (NPS), particularly for high-value accounts.
5. Internal Collaboration & Delivery: On-time and quality delivery of tender submissions, proposals, and internal handovers, as assessed through internal stakeholder feedback.

Key Stakeholders

• Product & Pricing Teams
• Underwriting & Actuarial
• Marketing & Digital Marketing
• Operations & Client Servicing
• Legal & Compliance (for tender contracts)
• Senior Leadership (for large strategic deals)

If you find yourself able to demonstrate the criteria above, apply with us now. We look forward to your application.