HDFC Bank - Product Manager - Renewals - GI & HI (7-12 yrs)
Overall Renewals Business Objective
(25%) - Increase renewal & retention to bank customer base sold GI & SAHI, by leveraging across banking channels and customer interfaces to at least existing renewal rate PLUS 10%.
- Agreeing annual budgets for renewals in each channel at broad channel level and resource level as per their potential.
- Keeping the insurance co. partner in sync with agreed renewal numbers at channel level
- Submitting agreed renewal numbers at channel / insurance co. level to finance
- Keeping track of each channel and their systems for their achievement towards planned renewal numbers.
- Overachieving defined renewal targets.
Channel-wise Renewals Management
(10%) - Ensuring each channel agree renewal insurance premium mobilization as per their base
- Tracking channel-wise renewal performance with business analysis reports
- Facilitation with tools, training programs, certification drives, DYKs etc. to ensure renewal process easy.
- Visiting / meeting / con-call at various hierarchy level to strategize and achieve renewal 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 renewal plans
Regulatory Compliance on Renewals
(10%) - 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 for renewals business
- To periodically review the existing products and business process related to renewals to identify gaps and ensure compliance
Vendor / Insurer Coordination for Renewals
(10%) - Bringing clarity among insurance vendors about separate renewable sales plans, channels, distribution of products etc.
- To hold Weekly reviews with the vendor to discuss on the Business strategies & plans of renewals
- To highlight & represent the issues/support requirement of the Bank and ensure timely closure.
Product Innovation & Quality for Renewals & retention
(15%) - Benchmarking with competition on renewals & retention business, 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 on renewals and rollover
- Maintaining best in class renewal & retention rate for respective product portfolio and channel.
Systems & Processes and Mktg. for Renewals
(10%) - Ensuring process notes and systems approval, from related stakeholders, within the bank and insurers.
- Ongoing process support to channels.
- Designing and implementation of the renewal 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 and increasing renewal & retention.