HDFC Bank - Channel Manager - Business Development - Retail Assets & Motor Insurance

Job Purpose : 

Establishing HDFC Bank's Gen. & Health Bancassurance business in All Retail Assets & Motor channels best in the industry by setting highest standards in terms of income & premium mobilization, channel penetration, complying regulatory guidelines, product innovation and digital approach to business.

Job Responsibilities(JR) Actionable : 

Overall Business Objective : 

(25%) - All Retail Assets & Motor Channels - Increase penetration to bank customer base, by leveraging across banking channels and customer interfaces

- Agreeing annual budgets for each channel at broad channel level and resource level as per their potential.

- Keeping the insurance co. partner in sync with agreed numbers at channel level

- Submitting agreed numbers at channel / insurance co. level to finance

- Keeping track of each channel and their resource for their achievement towards planned numbers.

- Overachieving defined targets and ensuring maximum no. of resources achieve their monthly and annually planned targets

Channel Management: 

(15%) - All Assets Channels - Ensuring each channel agree insurance premium mobilization as per their potential

- Tracking channel performance with business analysis reports

- Facilitation with tools, training programs, certification drives, DYKs etc. to ensure sales process easy.

- Visiting / meeting / con-call at various hierarchy level to strategize and achieve business numbers at channel level.

- Ensure adequate support/identify support gaps is given to channels from the Vendor/support teams to enable them deliver their plans

Regulatory Compliance & Audit : 

(15%) - All Assets Channels:

- To ensure Bank meets the Audit, Compliance & Regulatory requirements that specified from time to time

- To ensure timely & accurate submissions to the regulator during half-yearly submissions or any other ad-hoc requirements

- To ensure adequate level of IRDA certification across all channels

- To periodically review the existing products and business process to identify gaps and ensure compliance

- To monitor all complaints received through all mediums & ensuring through investigation and timely closure.

- Timely guidance for investigation & closure of complaints

Vendor Coordination : 

(15%) - All Assets Channels - Distribution tie-up with health n gen. insurance vendors as per requirement, bank's potential and capability of the insurance co.

- Bringing clarity among insurance vendors about sales plans, channels allocation, distribution of products etc.

- To hold Weekly reviews with the vendor to discuss on the Business strategies & plans

- To highlight & represent the issues/support requirement of the Bank and ensure timely closure

Product Innovation & Quality : 

(20%) - All Assets Channels - Benchmarking with competition, market share and enabling product USPs, in collaboration with insurer, as per requirements - Monitoring feedback and implementation of reverts for enhancements.

- Monitoring of business leakages with insurer and channels

- Maintaining best in class persistency / renewal rate for respective product portfolio and channel.

Systems & Processes and Marketing.

(10%) - All Assets Channels - Ensuring process notes, and approval from board and related stakeholders, within the bank. Ongoing process support to channels.

- Designing and implementation of the sales process, for each channel, in collaboration with the insurer.

- Smooth interdepartmental integration process with each business channel and with support channels like operations and technology.

- Collaboration with technology teams to enable sale thru net-banking channel

- New business sourcing/ increase penetration, thru various digital & STP platforms

- Centralized customer campaigns, basis analytical inputs