Sales Manger-PBG, HDFC NBB

Job Context & Major Challenges: Write the specific aspects of the job that provide a challenge (internal and external) to the jobholder in the context of the Business/Unit/Function/Department/Section ((Max 3975 Characters)

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  Mindshare: In addition to ABSLI products, HDFC bank sells insurance of 2 other Life Insurance Companies- TATA AIA and HDFC Life. The bank sales force was accustomed to sell HDFC Life Products for 17 years, hence changing their mindset is a mammoth task. Similarly, TATA AIA come with equally strong brand recall and are aggressive to garner a higher market share. Bank will have targets for multiple financial products, hence the companies participating under open architecture, will have to compete to get a larger share of the LI pie that is available with the bank.


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  Adoption: Bancassurance with a third-party entail’s adoption of the Bank processes, technology and product demands. This lays a high pressure on our Sales work force in meeting the third-party requirements by navigating through internal systems and processes. Thus, there is a constant threat from the competition to deliver the same before and better than us.

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  Leakage: It is gap between policies logged and policies issued. Higher Leakages result into productivity loss and imply more costs. Therefore, key is to source right customers and ensure proper documentation to minimize leakages.


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  Geography: While the widespread bank branches PAN India, provide greater geographical reach through bank’s established network and infrastructure at a relatively lower cost, it also requires a huge Workforce’s presence on a regular basis to these branches, placed in Metro, Major cities, upcountry and rural branches. Resources available are always limited in order to control the fixed costs, hence widespread distribution remains a challenge.


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  Low penetration in Indian market: Insurance penetration continues to be lowest in India. The government of India has taken numerous steps to increase the penetration by launching various schemes. Indians have realised the importance of purchasing life insurance plans and hence people are now investing in the same. However, there is still a long journey to convert this Push product into a Pull Product.


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  IT and Operational Challenges: HDFC Bank mandates use of digital apps and no paperwork in logging in and issuance of policy.

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  Build effective relationship with the bank partner and become their first preferred insurer


• Create visibility and obtain credibility amongst the RMs of Private Banking, by presenting strong knowledge base of not only the Life insurance products but also all other financial products and offerings.


• Plan and achieve business targets in terms of premium, RM activisation and market share


• Implement activities / programs designed at the organisational level to build great visibility, promote branding and strengthen our relationship with the bank.


• Train and appraise RM on ABSLI products thereby creating a mind space and easy recall for them.


• Ensure right method of business acquisition and absolutely 0 % mis selling


• To execute the marketing and promotional campaign launched from time to time.


• Ensure persistency levels are maintained at the desired level and contribute to business profitability.


• Collaborate with the Branch Banking Team of ABSLI and elicit support for the PBG teams in the bank

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  Identify the need of the customers basis their portfolio and suggest the right ABSLI product.


• Engage with supervisors to advance the customer lead and ensure conversion


• Ensure smooth functioning of the internal cross functional Teams and help them to overcome any roadblocks in policy logging and issuance


• To handle escalations and grievances raised by the customers and / or Bank employees.


• Audit and maintain quality checks with respect to the process adherence

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  To be equipped with Bank’s product ranges and their key features along with the ABSLI products


• Build and strengthen market knowledge on various financial products and be able to help with comparison analysis to RM and Customers


• Nurture and maintain the relationship with the bank partner and ensure to achieve a greater share of the LI pie.



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  To assess and keep a check on the competitors’ products, processes, mindshare gain regularly and ensure ABSLI is a preferred insurer.


• Design differential strategies to gain mindshare and product mix basis the potential of the region and customer base being managed.

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  Ensure achievement of profitability and persistency targets for the relationship in the designated regions.


• Plan and Manage the renewals and ensure adequate focus is maintained on renewals


• Ensure Business Leakage is within allowable limits.


• Focus and Monitor Product Mix within the Region, to achieve Channel Targets

Relationships: Describe the nature and purpose of most important contacts or relationship (except superior/team members) with individuals, departments, organizations inside and outside of the organization, that job is required to interact with in order to deliver the job objectives

Relationship Type (Max 80 Characters)

Frequency

Nature (Max 1325 Characters)