12/03 Arpit Bajaj
HR at HDFC Bank

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HDFC Bank - Product Manager - Renewals - GI & HI (7-12 yrs)

Mumbai Job Code: 674566

Job Responsibilities-

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.

Women-friendly workplace:

Maternity and Paternity Benefits

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