Vertical Head | Virtual Bancassurance HDFC

Position overview:
• Designation: Vertical Head - Virtual Bancassurance HDFC Channel
• Department: Compliance : Virtual Bancassurance HDFC Channel
• Location: Lower Parel, Mumbai

Role Summary:
• To liaison with the heads of tele verticals at the Bank and our zonal teams to ensure business numbers are achieved.
• To ensure achievement of vertical sales targets, optimal market coverage, realize any market segment objectives and ensure optimal market penetration in any specified segments.
• To plan resource allocation and be responsible for financial viability of the vertical.
• To device strategy with the Zonal Heads of Tata AIA to ensure the regional objectives of Partner are achieved.
• To ensure that the sales behavior, sales ethics and sales practices of the sales team comply with company standards and regulations
• To closely work with the channel head to design sales strategies and initiatives that will cause improvement of sales performance across business.

Key Result Areas/Key responsibilities:

Strategic Business Development

· The role holder will lead the relationship in the Tele vertical of HDFC bank at a national level. He shall have the overall responsibility for planning and executing the P&L for the vertical.

· It involves, managing all aspects of Sales & Distribution; delivering on sales numbers as per rolled out plan; exceed customer expectations (both for the partner & end customer) and service standards; implement business strategies to maximize profitability and provide guidance to the channel to build sustainable insurance sales models for the vertical.

· The job holder needs to drive the company's sales strategy through Regional Managers/Area

Business Development

· To establish and expand operations within all verticals

· Achieve pre-set business targets on ANP, case count, active branch, active sales staff and various KPIs for the Zone for managed vertical

· Ability to set high standards for self. Continuously improve own performance and meet or exceed objectives

· Provide support to Regional Sales Managers/ Area Managers

· To establish and build up solid healthy relationship and rapport with the senior management of the bank

· To Plan sales structures, recruitment and training requirements

· To establish appropriate systems and processes at the Zonal level

· To develop, agree and implement short term and long term plans to achieve sales volumes and desired product mix as set out in the business plans and financial models of the Bank partner

· Lead funnel management

Team Management

· Monitor the sales momentum of sales staff vertical level. Provide targeted coaching to uplift sales productivity.

· Conduct regular reviews of the Sales Teams and design their Development Plans accordingly

· Lead by example in all spheres and direction setting

· Review and track the growth of managers to ensure that they achieve their individual budget

· Maintain utmost levels of responsiveness to requirements from the Regional / Zonal / National Head

· To develop and operate cost effective yet motivating reward and remuneration structures for sales personnel

· To ensure high levels of retention, productivity and persistency

· develops networks and builds alliances with wide range of stakeholders to facilitate “win-win” situations

· leveraging existing relationships well and is mature in creating strong personal rapport and build long lasting relationship

Ensure Compliance

· Ensure compliance to internal sales process & other compliance standards

· Should be process & product champion who can share best practices & knowledge within the team

· Ensures adherence to policies and procedures to cultivate a compliance culture in the team

· Maintain and observe Company’s internal control standards, implement and observe the Company’s Compliance Policy, including the timely implementation of recommendations made by internal/external auditors and external regulators. Foster a compliance culture and implement the Compliance Policy by managing compliance risk and optimizing relations with regulators

MIS & Reporting

· Maintain required trackers & reports to be submitted to various stakeholders

Conduct Business Analytics and take corrective measures

Risk

Own-up’ the risk of the function by developing a risk aware culture through participation in measurement, analysis and mitigation of risks associated with the respective function. This includes development of risk response processes, participation in contingency and business continuity programs and reporting of emerging risks with potential impacts. Also respond to risks highlighted by employees through formal / informal mechanisms and advice on various risk management issues within the organization and provide feedback. Participate in implementing risk mitigation plan through optimum resource allocation, monitoring and reporting on status.

Skills requirement:
• Product/Subject matter expertise
• Team Management skills
• Mentoring skills
• Business perspective & planning
• Performance Management skills
• Finance / Insurance industry awareness
• Interviewing skills
• Self management
• Problem solving skills
• Peer level co-ordination and influencing skills

Qualification: PG/ MBA

Experience:

12 – 15 Sales years.

Life Insurance Background Preferred