Role: Product Head for General, Health & Credit insurance (MNC Bank)
Core Responsibilities:
- Product Management
- Business Planning
- Relationship Management with Insurance Companies
- Help in co - creation of new products along with Insurance partners, suitable for customers
- Handling Promotions/Sales Contests/Incentives
- Legal and Compliance Framework
- Driving General, Health and Credit Insurance Sales Through Various Channels (Retail Banking, Cards, Digital, etc)
- Handling, revamping and setting up Operational Processes
Financial/Budgetary:
- Achieve Revenue targets for the channel
- Ensure renewal retention rates for the portfolio
- Required revenue contribution through the digital channels
- Ensure productivity/workstation/per sales person for the channel
Individual Contributor (IC)/Managerial: Managerial
Key Deliverables:
Business Planning :
- Preparation of Strategy for the General & Health Insurance Business
- Sales & distribution strategy
- Product & Channel Mix
- Growing digital channel contribution to insurance business
- Relationship Management with Insurance Companies
- Manage the key partnerships with the Insurance Partners
- Work closely with the Product/underwriting/Claims/Operations/Marketing and Actuarial teams in developing products/processes that meet the specific needs of the bank's customer
Co-Creation of New Products for the bank :
- Ensure that the bank continually innovates on introducing new and best in class products to bank's customers
- Handling Promotions/Sales Contests/Incentives for Employees
- Execute sales incentive programs to drive sales
- Ensure adherence to bank's and IRDA regulations for all campaigns
Legal and Compliance Framework :
- Ensure that Processes are in line with the regulatory framework
- Work within the Regulatory framework to create distribution /sales models to drive Insurance sales
- Manage control and compliance process requirements for General, Health and Credit Insurance
Training :
- Create simple, effective and innovative training modules to train the entire sales force across businesses
- Liaise closely with the Insurance partners to ensure Training support for the sales force
- Driving General and Credit Insurance Sales Through Various Channels
- Drive Sales of General/Health Insurance through tele-calling channels & digital - set up new/manage existing channels
Operational Processes :
- Set up operational processes with the Insurance partners and in conjunction with the various business users to ensure seamless delivery of the products
- Set up systems to support these processes
- Resolve any customer queries and ensure customer satisfaction across businesses
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