Job Description
PositionNRM VP - SIB
Incumbent
DepartmentStrategic AlliancesFunctionReporting toEVP Head - Business Development, Strategic AlliancesBand3ALocationJOB SUMMARY:
Contribute to the development of the strategy and implementation of the Business Plan for the Bank partnerships. Define directions and objectives considering both internal and external scenarios to maximize revenue and profitability from the relationships. Sustain a successful relationship with the partner, characterized by a high level of strategic alignment tactical engagement in the life insurance business.
KEY RESPONSIBILITIES:
Relationship Management
Engagement with the key stakeholders of the Banks at the HO and in their zones, regions etc to build the business plans, key priorities and objectives of the relationships.
Create and align the leadership of the Banks on the annual and long-term business plan, operating model
maximize the revenue and profitability from relationships
Achievement of sales and profitability plan for the relationship
Achieving monthly, quarterly and annual sales plan
Meeting product mix as agreed to ensure VNB targets are met
Building the team and People management
Completing the modules to ensure the last mile support to the relationships
Hiring, inducting, and deploying staff at the bank branches in consultation with the Bank central teams. Hiring of supervisory staff and their enablement
Creating the PMS and Compensation philosophy along with the HR teams
Creating the learning strategy for the team along with the Training Team
Lead the deployment of business plan to the internal team as well as partnership. Lead the engagement with the partner. Develop measures and dashboards to measure the effectiveness of the relationship. Liaise with other functional and departmental heads (training, finance, HR) and negotiate availability of required resources and commitment to maximize customer service. Conduct monthly reviews by channel. Support team in discussing and finalizing remedial action, as required with partner to ensure that the relationship has the requisite capability to deliver business strategies and goals
Allocate manpower resources to different teams / geographies. Approve training plans and negotiate availability with the Bancassurance Training team. Seek approval of RR programs developed by designated reportees from Department Heads. Counsel and mentor reportees. Lead the rating and normalization discussion involving skip level subordinates based on inputs received from HR to ensure that the assigned teams are capable and motivated to achieve targets
Provide inputs to the training team on the nature of partnerships, protocols agreed, service level agreements etc. to develop appropriate training content. Approve the content developed by subordinates in coordination with the Training team to ensure the development of requisite skills and understanding in reporting teams
Seek approval from Department heads on the design parameters and budgets of Sales promotions as proposed by subordinates and get it implemented. Approve and allocate budgets. Review performance and develop fresh guidelines based on learning to assist the teams in meeting targets within stipulated profitability norms
Validate product specifications proposed by subordinates. Review and seek approval on the business case for relationship specific products. Lead liaison with other functions like marketing to maximize revenue, profits and customer satisfaction by providing customized products and services
Interpret audit guidelines as applicable to partnership. Prepare audit framework and share with team and Auditors. Review audit results and support teams in closure of discrepancies to ensure that operations meet the required risk guidelines (regulatory and internal)
Negotiate and monitor costs and commissions. Set standards and guidelines for the team. Periodically review actual spends vs. standards and takes appropriate action in order to maintain expense ratios to ensure sustainability of operations.
Manage the Bank by Relationship Building and enabling Bank Management, including the CEO/Ins. Head to develop the Business and take the Partnership to higher levels of excellence.
DESIRED QUALIFICATIONS and EXPERIENCE:
- 12-15 years of experience in intensive Bancassurance experience
- Fluent in Hindi English
- Result Orientation, working with Through Others, Innovation, Customer Centricity, Technical Expertise, Managerial Expertise, Problem Solving Decision Making, Business Acumen, Role Modelling Core Values, Strategic Planning Execution
Measure of Success:
Approval of Mancom
AFYP Objective vs. plan
Partnership review scores
Productivity Measures (Case Rate, Case Size, AFYP per FTE, Seller Activisation, Persistency etc.)
Headcount vs. plan
No. of training interventions vs. plan
No. of Sales Promotions
Promotion wise success criteria
New product sales VS the objective
No. of discrepancies in Audits
Opex to revenue ratio for the relationship
Key Relationships (Internal /External)
SVP Head - Business Development, Strategic Alliances
Business planning Analytics Team
HR and Sales Training Team
Compliance Team
SIB Management
Key competencies/skills required
Result Orientation
Strong relationship, networking negotiation skills
Working with through others
Problem Solving Decision Making
Role Modeling Core Values
Strategic Planning Execution
Analytical skills process orientation
Strong presentation communication skills
In-depth understanding of the Bancassurance model
Ability to think creatively
