Assistant Vice President - Strategic Alliances - Insurance

Position: AVP - Strategic Alliances

Business/Function: Alternate Channels/ Sales

Location: Mumbai

Qualification: MBA / Post Graduate

Experience: 10 years + with Team Handling Experience

Role Purpose (overall high level summary of the role)

- Lead alliances / bank tie up initiatives by strategizing and acquiring corporate agents for expanding retail and group business and assist in setting up distribution partnerships in West.

Ensuring the target achievement, expanding the market reach.

Principal Accountabilities: Key activities and decision making areas

1. Impact on the Business / Function [COMPLETE 3-4 AREAS]

- Acquisition of distribution partners for retail and group products

- Channelized through corporate agency, broker and master policyholder models.

- Initiation of business through the acquired business partner

2. Customers / Stakeholders [COMPLETE 3-4 AREAS]

- Top Management meetings with the corporate customers and targeted partners for distribution tie ups

- Liaison effectively with the channel partners and get support from the channel partner

- Liaison with internal stakeholders to ensure effective coordination

- Regular meetings with the prospects and channel partner at Middle and Senior levels

3. Leadership & Teamwork [COMPLETE 3-4 AREAS]

- Ensuring that there is complete understanding of the products, markets and regulatory guidelines

- Mentor, guide and provide support to the team

- Support the team in Senior Management meetings and lead by example

4. Operational Effectiveness & Control [COMPLETE 3-4 AREAS]

- Maintaining up to date MIS and reporting MOMs

- Keeping all processes within the compliance and regulatory framework

- Documentation for employee benefits clients servicing as per compliance frameworks

Major Challenges (The challenges inherent in the role that require a continual test of the role holder's abilities)

- Regulatory Challenges.

- Long gestation period- Since the time taken for convincing a client can be anywhere between 6 month to 2 yrs in certain cases, we have to ensure that there is constant client engagement during the process and we are aware of what is happening at the clients end

- Low payout which leads to no mind share from prospective partner

- Late start in acquisition of new partners

Role Context (The environment and operating conditions of the role including the extent of guidance and authority)

- Acquire and develop new business distribution partners

- Ensure that a robust pipeline of prospective partners in West is built and ensure that there is regular follow up with the clients. Since there are 23 other insurers operating in the market, will have to make sure that we as a team are present in all accounts where there is a business opportunity

- Competition mapping

Management & Leadership of Regulatory, Compliance & Operational Risk (Operational Risk / Control requirements)

- Report any operational risk or operational risk loss to the line manager and the Risk & Control team immediately if the jobholder becomes aware of emerging or inadequately controlled operational risk or identify an operational risk loss in accordance with Company's Risk policy.

Observation of Internal Controls (Compliance Policy / Control requirements)

- Maintain and observe Company's internal control standards, implement and observe the Company's Compliance Policy, including the timely implementation of recommendations made by internal/external auditors and external regulators. Foster a compliance culture and implement the Compliance Policy by managing compliance risk and optimising relations with regulators

Role Dimensions (e.g. Revenue targets etc. in INR- 000)