Business Development Manager - Insurance Broking

Business Development Manager with an Insurance Broking firm

Position : Business Development Manger

Minimum Years of Experience Required : 5 years Business Development role in insurance broking or general insurance company; proven track record of achievement in exceeding targets

Position reports to AVP/VP of the respective branch

Job Purpose Summary :

- Planning & Implementation of the marketing plans in lines of property, liability, employee benefits insurance programs, and specialty lines. This position also involves understanding the client's industry to provide them best solutions related to corporate Insurance program.

- Business Intelligence: Be the eyes and ears in the market and constantly be in touch with updates in the insurance industry.

- Conceptualize new initiatives for increasing sales and top of mind recall amongst potential corporate clients and to leverage Prudent's brand.

- Identify marketing opportunities by studying client's requirement; defining market, competitor's share, and competitor's strengths and weaknesses; forecasting projected business; establishing targeted market share.

- Creating a database or prospective clients. Maintaining constant touch with them by identifying key stakeholder and decision makers on corporate Insurance program.

- Sustain rapport with key accounts by making periodic visits; exploring specific needs; anticipate new opportunities.

- Update knowledge by participating in programs on Insurance mandated by IRDA; reading professional publications; maintaining personal networks; participating in professional organizations; attending training programs.

Key Responsibilities :

Technical :

- Understanding the prospect/client's business and risk exposures.

- Conducting Insurance Program reviews and identifying gaps.

- Assisting the prospect/client in filling up detailed risk questionnaires and explaining coverage terms to them.

- Sending the proposal form to insurance companies to procure quotations.

- Making comparison of the terms in the quotations received from the various insurance companies.

- Negotiating the terms and conditions received from the insurers to meet the client's requirements.

- Meeting the prospect/client with the recommendation of cover.

- Cross verification of the policy terms and conditions.

- Servicing Team on the account to ensure timely endorsement issuance, report issuance, and advocating on behalf of the client at the time of claim or any other requirements.

You should have excellent communication skills. You should be proactive and solution oriented and be ambitious to accelerate your career growth.

Skill Sets Required :

- Self-motivated, self-directed, mature, ambitious, intelligent, articulate and knowledgeable.

- Minimum experience of 5 years required.

- The candidates should have completed the IRDA-mandated 100 hours broker's training and have passed the examination.

- Proven ability to do consultative and concept selling

- Fluency in English communication skills, both written and oral, is a must.

- Ability to study and analyze an insurance contract, summarize coverage, and advise its suitability to a client

- Proficiency in Microsoft Office and ability to learn new software applications with ease.