JOB SUMMARY:

Responsible for partnering with Head - Business Development in co-creating the new account acquisition strategy for the zone with focus on Banks, Non Bank partners 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 Banks & select non bank institutions to identify partnership opportunities for bancassurance & group business

iii. Lead engagement activity for opportunities in the Open Architecture framework for Banks

iv. Mapping prospective accounts, building & sustaining relationships with key people in the prospective organisations

v. Designing acquisition pitches, responding to Bank RFP documents, compensation design, legal agreements etc

KEY RESPONSIBILITIES:

Business Development

- Mapping of Bank & Non Bank relationships, prospecting and acquisition 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

- Responding to complex RFP documents independently

- Creating value proposition for prospects and designing pitch presentations

- Create 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 the channel

- Suggest improvements if any

- Collate competition information on their fulfillment strategies for key accounts and help create MNYL counter strategies

- Ensure compliance with IRDA guidelines on new account acquisition

MINIMUM/SPECIFIC EXPERIENCE:

- MBA with 8 -10 years of relevant business development experience in life insurance industry

- 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 mobilised 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

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