Strategy Member DDM - HDFC Relationship

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

Sales Management & Development

• 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.
• Evaluate existing channel structure and support in identification of optimum Manpower requirement basis evolving business requirement
• 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
• Develop Initiative launch mailers for field communication. Develop presentations/ communication for SMT committee review
  
  

Prepare, monitor & control channel budgets and define business targets

• 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.
• 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.
• Support in finalization of the KPIs for all roles in Bancassurance across country with the help of Sales leadership.
• Publication of periodic dashboards and suggestions for corrective measures to the field force to cover up the gap on various business levers.
• Monitor compensation pay-outs every month to track influence on following parameters: a. Retention b. Productivity c. Earning potential
• 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

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

Sales Automation

• Evaluating ongoing processes & various tools, portals, communication triggers for sales team support.
• To identify and implement projects to cater to evolving needs of the channel.
• To drive critical IT initiatives
• To implement development of Analytics engine for the channel.