ZSM - Bank of Maharashtra - West 1

Job Purpose

To manage the assigned Bancassurance partner relationship to achieve business objectives for Bank of Maharashtra Channel. The large Banca relation increases the complexity of the role since the partner has higher negotiating power owing to the larger business potential and multiple business channels from which business is sourced by BSLI. The role also ensures focus on various parameters like cost efficiencies, revenue and profitability within the legal and regulatory frameworks of banking and insurance.

Key Challenges for the role –

• RMs are having fungible Revenue targets from multiple product lines where Life Insurance is just one among them Therefore it is a challenge to capture the mindshare of the RMs to still sell Life Insurance as part of their overall Revenue target
• Regularly track external environment, including what the other partners are offering, the changing regulatory framework affecting banks business and accordingly align strategies.
• Constantly coming up with initiatives to grab the mindshare of the bank's sales force which involves training, engaging with the bankers, organising customer interactions and designing & fulfilment of attractive Rewards & Recognition programs which motivates them to sell..
• Ensuring strong relationship management with the Bank to ward off a potential tie up with Competition. This is extremely critical especially in light of Open Architecture where the Bank has a Tie-up with the other Insurance companies also.
• Working towards tying up with other Verticals such as Commercial Banking groups, NRI Group, Group Business etc which are not under the Vertical with which BSLI is tied up. This require totally different product suite for which close working with Actuarial team is required.
  
  

Accountability

• Drive the implementation of the channel strategy and delivery of business targets for the Banca relationship and ensure maximum market share and deeper brand penetration.
• Ensure achievement of desired levels of profitability and business quality for the relationship
• Relationship Management with key management of verticals within the bank to improve penetration