Private Banking Manager HDFC Branch Banking

) Job PurposeTo build and maintain strong progressive partnership with the Bank’s RMs in the Private Banking Vertical of the assigned Region, by supporting and contributing to bank partner’s strategy, adhering to the bank’s norms and agreed guidelines, achieving best mindshare of the bank and being the preferred Partner, thereby achieving ABSLI’s business targets and promoting business growth. 2) Dimensions What are the areas (in quantitative terms) the job has an impact on?DimensionRemarks1.ManpowerNil 2. Business Impacta.FYP Targetsc.Persistency+0%d.MindshareIncremental Mindshare & being preferred partner3) Job Context & Major Challenges(What are the specific aspects of the job that provide a challenge to the jobholder in the context of the Unit/Zone?Job Context:Bancassurance is the insurance distribution model wherein the bank allows an insurance company to sell its products to the bank’s client base. ABSLI tied up with HDFC Bank in Apr 2017 to sell its insurance products through the Non-Branch Banking Channels. After a successful partnership in its year 1, HDFC Bank opened the partnership for the Retail Banking as well. This led to the increase in the scale of operations, as ABSLI now could sell their Life Insurance products through their wide spread HDFC branches PAN India, under the Open Architecture Model of Life Insurance. ABSLI became the 2nd Insurer in the relationship after HLIC. HDFC’s Private Banking division offers a range of financial investment products and provide customised solutions to create and manage the wealth of their HNW and Ultra HNW individuals, groups and establishments. Open Architecture model empowers the customers now to select their Life insurance plans from more than one insurer as per their choice at competitive prices. It also lowers chances of Mis selling, with the intervention of multiple regulators like Reserve Bank of India (RBI) and Insurance Regulatory and Development Authority of India (IRDAI). While the partnership with HDFC Branch Banking under the Open Architecture Model, brought huge business potential and fuelled the growth within ABSLI, it came with multiple challenges as well. Major Challenges: 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. 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. Also, Life insurance is just one of the products from the multiple other product ranges that Bank targets to sell during a financial Year. 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. 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. 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