Managing TPD sales activities in the designated market through various channels like Brokers, Corporate Agents, and Banks to ensure that the business plan is met or exceeded. This will include regular engagement with the partners to deepen the relationship, driving the sales through team members to ensure that they meet their targets.
Job Context & Challenges:
About the Health Insurance Industry –
While the current market sees more than 15 non-life players in the private space and 5 exclusive private players in the health insurance space trying to capture a sizable market share, the nationalised service provider (6) remains a strong competitor. In addition to this the business dynamics are such that the overall market on an annual basis which is to the tune of roughly 10,000 Crs sees close to 85 % of the business renewing with the existing service provider itself.
About the Aditya Birla Health Insurance –
Aditya Birla Health Insurance Co. Limited (ABHICL) was incorporated in 2015 as a 51:49 joint venture between Aditya Birla Capital Limited (ABCL) and MMI Strategic Investments (Pty) Ltd. ABHICL commenced its operations in October 2016.
ABHICL has entered the competitive health insurance market with an aim to expand the category to wider customer segments, beyond the ones that health insurance companies traditionally have marketed to. As the 6th entrant in a category with well-established players, ABHICL is creating differentiation and equity for itself though the unique business proposition of “Health Insurance for All”, a one of a kind proposition in India at the moment. This is a philosophy that is being built through every single consumer touch point and into every single backend process of the company to ensure a customer’s experience of our proposition is continuous and seamless.
ABHI’s unique offering to market includes proposition includes -
A Comprehensive Incentivized Wellness Program that will attract the young and health conscious and will motivate, guide and reward them to stay healthy
A Chronic Care Management Program to cater to the unmet needs of a growing Indian population of those suffering from chronic lifestyle conditions like Diabetes, Asthma, High Cholesterol and Hypertension from Day 1
ABHICL serves as an enabler and influencer of health and healthcare choices that customers make, in addition to being a payer of healthcare expenses. Thus, ABHICL would act like a much needed catalyst to grow the prevalent health insurance landscape in India through product innovations and a wider choice of consumer relevant products.
ABHICL’s vision has always been digital. The company has been successful in adopting paper-less approach right from identifying to on-boarding to delivering seamless experience of its customers & employees.
Key Challenges for the role –
Gaining greater mindshare of partners in a multi-partner architecture. In the new open architecture, a partner gives access to limited channels or geography. This consequently leads to sharing of the same revenue pie and thereby reduced revenue from each partner
Managing multiple relationships – and thereby managing differing partner expectations across a wide spectrum of customer segments and reach.
Drive POS activation: With multiple products being available to a POS, and because of low ticket size it is important to ensure interest of POS among the wide spectrum of products available and achieve month on month activation.
Key Result Areas
Supporting Actions
Ensuring Partner Banks continue their partnership with ABHI despite pressures from competing Insurance Companies
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Continue to integrate both systems and processes of ABHI and Partner Bank so as to increase the ‘stickiness’ of relationship
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Provide top-of-the-line Sales support to facilitate ease and comfort in selling ABHI products.
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Provide superior Customer experience
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Ensure continuous engagement at all levels of management of partner Banks with ABHI.
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Closely monitor any perceived threats getting a foot-hold in the relationships and strategize effective steps to neutralize the same.
Plan & Strategize in terms of sales targets in sync with the targets of Partner Bank’s internal guidelines.
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Influence Partner Banks to align their Insurance revenue targets with ABHI’s targets.
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Planning the Product mix to reach the desired objective.
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Planning training needs and methods.
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Identify Customer segments and strategize the Sales process around it.
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Designing R&R programs to motivate Sales force
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Monthly meeting with Partner Banks Head Office Product team on ‘strategy for the month’.
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Monthly meetings with Line Supervisors for local-level strategies.
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Monthly meeting with ABHI team to clearly strategize priorities
Deliver Premium targets
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Prepare an overall Sales strategy that achieves both these objectives which inherently has an inverse relationship.
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Identify Client segments and tailor-make prompt strategies in consultation with the line function.
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Set benchmarks and monitor the progress on a daily basis.
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Implement Sales Management system that tracks activities of ABHI Sales force.
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Provide feedback on Insurance related activities at the ground to Partner Bank’s Line supervisors through MIS.
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Monthly review meetings with Regional heads of Partner Banks to discuss course-correction if any.
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Conduct RM Road shows regularly and address them to garner top-of-the-mind recall.
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Plan and Execute R&R Programmes for Partner Banks.
Ensure design and implementation of cutting edge Sales Management Practices to effectively manage expectations of a highly competitive and professional team of Partner Bankers.
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Collaborate on creation of appropriate training plans to enable better understanding of customer needs, our product offerings and its advantages – leading to quality sales call and higher volumes
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Collaborate on creation of Sales Incentives Plans to drive the teams to desired levels of productivity and achievement of GWP targets
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Collaborate on creation of appropriate progression plans
Running a Profit Center through effective management of spending.
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Discussion with Internal Planning and accounts team on budgets available on projected Sales and product mix.
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Adhering to IRDA, ABHI and Partner Banks compliances while planning expenses.
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Planning and strategising the ‘spending’ with Partner Banks Product team and line functions.
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Working out cost-benefit analysis for every planned spending.
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Put in place checks and balances to control the quality of business
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Conduct periodic reviews and audits.
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Introduce ‘strategic spending’, if required at specific instances to create momentum, in consultation with all stake holders.
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Managing the Partner Banks dedicated renewal team based out of Mumbai to ensure renewal of premium regularly
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Provide Partner Banks branch wise data to inform customers regarding renewal premium to be collected.
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Team up with Partner Banks product team to motivate through R&R programs for Service executives of Partner Banks, based out of branches in order to collect renewals every month.
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Plan and strategise with the Actuarial team to provide product features that disincentives surrenders and incentives for long term loyalty.
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Ensuring adequate focus is maintained by the sales team on renewals.
Business expansion within Partner Banks relationship in order to meet with ABHI’s ambition of reaching premier position in Health Insurance
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Strategizing with Partner Banks’s Pan India Client Acquisition team to meet the new Customers for ABHI products.
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Design and run R&R programs for Acquisition team for referring leads for ABHI.
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Identify the new opportunities and execute the action plan to have incremental business.
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Identify innovative methods working with the relationship to enhance penetration of the database horizontally.
