HDFC Bank - Product Manager - Social Security Schemes

Job Purpose : 

- The Government of India had launched the ambitious Social Security Schemes to provide financial security to vast population in the lower levels of socio-economic structure of the country.

- There are two micro insurance products which adequately fulfill the objective of inclusion and security. Briefly, these are

1. Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) - Life Insurance of Rs. 2 lakhs for Rs. 330 premium p.a

2. Pradhan Mantri Suraksha Bima Yojana (PMSBY) - Accidental death / disability insurance of up to Rs. 2 lakhs for Rs. 12 premium p.a

Government has entrusted banks to be the distribution and operations partners for the above mentioned products to provide end-to-end solutions to the subscribers. The Product Manager is accountable for business, operations, compliance and customer care parameters associated with both these products. From Bank's perspective, the incumbent is required to meet these objectives in most profitable and cost effective ways, with prudent use of technological solutions and efficient operational processes. The same is described in details below.

Job Responsibilities(JR) : Actionable

Business Initiatives - Channel Sales

- Branches - Allocate target to the branches and drive the same through interaction at all levels to ensure total ownership and involvement. Support and update on the drive through regular MISs.

- Alternate Channels : Drive acquisition from various channels like RBG, SLI, Assets as the insurance schemes can be attractive bundling product.

- Campaigns on Digital Channels - Promotional campaigns and enrollment drives to be run on Digital Channels like NetBanking, response e-mailer and SMS.

- New Digital Channels - With the ever evolving digital avenues, options to be explored for reaching out to larger and larger base for getting incremental enrollments.

- Incentives for SOs - Devise incentive schemes for SO of various channels to ensure a push for enrollments from them.

- Contests - Design contest for Branches, SOs to build momentum for the schemes and get a spurt in the activity. Drive branches to participate in the contests announced by Regulators

- Aggregators - Explore the opportunity to source business through external aggregators

Marketing and Visibility : 

- Branches - Create high visibility for the product in the branches through support of collaterals from the marketing team.

- Digital - Explore digital avenues like scroll on website, screen savers, ATM screens, Corporate micro sites, Social Media etc to highlight the products to ensure high recall

- Campaigns - Initiate campaigns like - Product of the Month-, - Did You Know- to popularize the scheme and the associated processes

Income Generation and Monitoring : 

- Generation - Ensure maximization of business numbers as income is directly proportional.

- Tracking - Closely monitor the incentive receivable from partner companies and the actual received and highlight if any gap is found.

- Accounting - Ensure that all the incentives received are appropriately accounted for and all the entries are done as advised by relevant teams

- Enhancement - Monitor performance in the quality parameters like renewal persistency as it is a source of income

- Reconciliations - Ensure timely reconciliations in both the products as enrollments missed out by system can be regularized to get incremental numbers. (Detailed separately)

- Monitor Costs - Collaborate with Marketing and Analytics to get a precise and most potential target base for business campaigns to derive maximum benefit at minimum cost.

Operational Excellence and Compliance : 

Reconciliations:

- Enrollments - Ensure enrollments through all sources are accounted for and processed.

- Forms tracking - Check for forms of all enrollments are received and updated at CPU.

- Debit of contribution - Track the debit of contribution / premium for all the enrollments

- Policy issuance - Ensure data for all the debited cases are given to insurance companies for policy issuance and is processed by them.

- Draft cases - Ensure all the draft applications in CSP are highlighted to branches regularly for completion to avoid any complaints from customer for scheme not initiated.

Critical Parameters : 

- Cancellations - Analyze trends of cancellation numbers and highlight any adverse observation. Ensure cancellations are refunded in shortest TAT.

- Persistency - Identify customers whose premium debit is not successful and contact them for correction.

- Branch Activation - Ensure branch Activation with minimum enrollments as per guidelines of Regulators.

Claims and Complaints monitoring : 

- Claims - Review the claims processing in insurance products to ensure smooth and time bound settlement in co-ordination with insurance company, operations and branches

- Reporting - Ensure all claims are reported to DFS as per guidelines.

- Updates to claimant - Ensure all the additional requirements are informed to the claimant adequately as per process defined with insurance companies.

Complaints and Queries : 

- TAT - Ensure all the complaints and queries are attended and resolved within TAT

- Analysis - Study the nature of complaints to find root cause and highlight to BTG / Operations for any system / process related gaps which have lead to the complaint

- Portal Complaints - Ensure all the grievances on DFS website are resolved and updated on daily basis.

Technological / System Enhancements : 

- Product features - Understand various new product features and facilities introduced by DFS and initiate CSP enhancement requirement with BTG.

- Interaction - Participate in discussion with BTG, IT and Operations to explain the requirement and clarify queries to get a buy-in from all stake holders for implementation.

- Process Improvement - Identify system enhancements which can refine the process, User/ customer experience and initiate development