JOB SUMMARY: Responsible for partnering with Head – Business Development in co-creating the new account acquisition strategy for the assigned territory with focus on Banks, Non Bank Financial Institutions, Large format retail organizations, digital platforms/aggregators and other innovative channels. This will include: i. Building relationships with target list of banks select non bank institutions in the assigned geography ii. Proactively engage with target organizations to identify partnership opportunities for corporate agency group business iii.
Lead engagement activity for opportunities in the Open Architecture framework with competition corporate agents iv. Mapping prospective accounts, building sustaining relationships with key people in the prospective organizations v. Market scanning, competition tracking, understanding of regulatory landscape vi. Designing acquisition pitches, responding to Bank RFP documents, commercial structuring, compensation design, legal agreements etc KEY RESPONSIBILITIES: Business Development Mapping of Bank Non Bank relationships, prospecting and acquisition of new partnerships for Max Life Identifying new distribution models Creating and maintaining database of prospects Qualifying prospects basis business potential and support required Building relationships with key personnel in prospects and competition accounts Understanding in depth business models for life insurance in Banks/other target organisations Responding to complex RFP documents independently Creating value proposition for prospects and designing pitch presentations Independently creating pitch presentations Commercial Proposals Business modeling sales process design Publishing timely reports on prospect status Build visibility for MLI in the Bancassurance Space Other key activities Front ending all licensing, agreements and set up formalities along with central BD team Design SLA with business partners and ensure adherence for new accounts Adherence to internal policies procedures Competition Mapping Tracking competition strategies in the Third party space including banks Understanding competition acquisition strategies – type of sales models, compensation models, support structures etc Publishing periodic reports on market developments Suggest improvements if any required in internal processes basis benchmarking Collate competition information on their fulfillment strategies for key accounts and help create Max life counter strategies Ensure compliance with IRDA guidelines on new account acquisition MINIMUM/SPECIFIC EXPERIENCE: MBA with 8 -10 years of relevant business development/strategic alliances experience in life insurance industry Strong knowledge of markets managed with relationships with key decision makers influencers Proven track record of signing up new partnerships In-depth understanding of IRDAI other applicable regulations Understanding of commercial aspects of deal structuring Experience in designing selling complex solutions to Banks and Corporate Agents Good understanding of financial tools / complexities and acquisition process Analytical skills process orientation Strong presentation communication skills Strong relationship, networking negotiation skills In-depth understanding of the Bancassurance model Ability to think creatively Project management execution skills Desirable – knowledge of MS Project MEASURE OF SUCCESS : Number of new partners acquired New business mobilized through acquired relationships in Year 1 Quality of relationships built Quality of input activities like prospecting, presentations, RFP documents etc Market coverage, mapping of key prospects, relationships with key personnel Feedback from key stakeholders Quality frequency of management reports Adherence to time frames for sign up and launch of new relationships KEY RELATIONSHIPS (INTERNAL /EXTERNAL) Banks and Corporate Agents MLI Distribution channel heads MLI Finance Team
