1) Job Purpose: Write the purpose for which the job exists (in 2-3 lines)
The role is responsible for leading Agency Partner Channel in the area and build a sustainable model which will help
ABSLI build distribution strength, penetrate new markets, increase cost efficiencies and achieve business goals
2) Dimensions Mention quantitative or qualitative parameters that are relevant for the job and provide a better understanding of the scope and scale of the job.
Dimension Remarks
Manpower (Nos.) Direct: 5 Indirect number is variable
Annualised
Premium (in Cr) 15 – 25 Mn
Net Annualised
Advisor
Commission
(NAAC) (in Cr) 3 – 5 Mn
NOP 600 – 900
Fixed to Variable
Cost 70% : 30%
Persistency 75% 13th Month Persistency
3) 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
Organization Context –
Aditya Birla Sun Life Insurance Co. launched its life insurance business in India in March of 2000 with a vision to
create long term value along with market leadership, to help people mitigate risks of life, accident, health and
enhance the financial future of customers, including enterprises.
ABSLI is one of the leading players in the Private Life Insurance Industry in India today. Pioneers of the unique Unit
Linked Life Insurance Solutions in India, they have been focused on investment Linked Insurance Products,
supported with protection products to maintain leadership in product innovation.
About the Life Insurance Industry –
The size of the Indian life insurance industry is ? 4.2 trillion on a total-premium basis as of fiscal 2017. In terms of
total premium, the Indian life insurance industry is the 10th largest market in the world and the fifth largest in Asia
based on Swiss Re, sigma No 3/2017 report. The industry’s assets under management (AUM) grew at a compound
annual rate (CAGR) of 19% during fiscal 2001 to fiscal 2017 to ? 30 trillion. Total premium has grown at a
stupendous 17% CAGR during fiscal 2001 to fiscal 2017, after the privatization in 2000. (Source: CRISIL Report)
The Indian insurance sector is showing signs of revival and growth over the last 2-3 years after a period of
stagnation since 2010. New business premiums is stated to grow at a rate of 15% year on year which is higher than
the nominal GDP growth. This growth will be dependent on a strong growth in
The purpose of this job is to manage a team of Agency Managers ensure advisor recruitment as per plan and assist
3) 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
the Branch Head to make the branch a profit centre and to achieve annual business targets.-Ensure performance of
assigned Agency Managers with respect to recruitment of Advisors & achievement of business targets.-Manage
persistency and business health for the allotted branch so that functional goals are achieved-Relationship
Management Internal & External to drive performance.-Drive local sales promotion effort for to support team
members in achieving business targets-Ensure Risk Management as per company policy-Manage administrative
responsibilities of the branch in the absence of the Branch Head.-Team Management
4) Key Result Areas: Write the key results expected from the job and the supporting actions for each of these key result areas (For a majority of jobs typically there could be 4- 7 key result areas)
Key Result Areas Supporting Actions
Design, Implement and drive short and long term
strategy for APC channel in the area 1. Play a key role in the definition of the short and long term channel strategy in the area 2. Push the business plans in alignment to the strategy. 3. Put in place effective mechanisms to garner market intelligence and competitive practices 4. Define a detailed action plan towards the achievement of the premium, NAAC and NOP targets Ensure, through judicious expense management, that the expense gap for the branch is in line with the plan
Lead the branch towards a profitable and sustainable
business and ensure business quality 1. Ensure that the business activities are carried out as per the compliance & regulatory guidelines laid by the company 2. Put in place checks and balances to control the quality of business 3. Take corrective actions as and when any malpractice or market misconduct is found 4. Ensure effective practices and processes are put in place to achieve desired levels of business quality and health 5. Facilitate good business practices across vertical 6. Monitor productivity enhancement drives 7. Ensure completion of mandatory regulatory certifications for the entire channel as well as the conductance of planned and ad-hoc training programs for greater awareness where required Ensure achievement of persistency target through effective customer service
Drive Distribution Model towards increasing penetration
and building a sustainable distribution model 1. Constantly identify opportunities and drive penetration of the APC channel in the existing markets 2. Drive and build a sustainable and cost effective distribution model
Market development to ensure sustainability of the
business 1. Continuously evaluate business potential for existing locations and identify new locations for operations. 2. Ensure effective recruitment and training practices
are put in place for APC team including Part Time Employees 3. Partner with Training team to create training architecture and content and ensure effective training processes are in place. 4. Implementing Sales progression across the levels wherein people are assured of career enhancement on delivery of the expectations 5. Drive the creation of an effective incentive scheme to incentivise the sales force in a manner that’s commensurate to the business generated. 6. Ensure creation & fulfilment of effective contests and initiatives with the R&R team, including reviewing the impact of the contests and promotions. 7. Work with the Actuarial Team to create customized products for the channel.
5) Job Purpose of Direct Reports: Describe the job purpose of the direct report/s to the job (in 2-3 lines for each report)
MAPS /SMAPS – To create a team of agency partners and train them to recruit a right set of advisors for the
propagation of the business and the ideology
6) 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 Frequency Nature
Internal
Support Team
Training Team
HR Dept
Customer Service Team
Operations Team Monthly Monthly Monthly Weekly Daily Process related Training related Recruitment, Engagement and other issue Follow up regarding service issue Follow up regarding issuance
External
Client – prospect Daily Acquisition and service
7) Organizational Relationships: Provide the structure for a level above and below the position for which this job description is written. Use position titles in the structured and indicate all the reports of the position.
