Product Head - Life Insurance - Bank

Job Description :

Business Planning :

- Preparation of Strategy for Life Insurance Business for the bank

- Build and execute Sales and distribution strategy for life insurance

- Deliver insurance business goals of ANP, Revenue

- Drive Product Mix alignment across channels

- Drive portfolio persistency rates across insurance products / providers

Relationship Management with Insurance Companies :

- Manage the key partnerships with the banks- Insurance Partners

- Liaise with the Product / U/w / Claims / Operations / Marketing & Actuarial teams in developing products / processes that meet the specific needs of the customer

- Due diligence and partner onboarding of life insurance companies

- Market benchmarking on best practices on sales, service and processes

Team Management :

- Head a team of Insurance Product managers covering the life insurance business

- Work with the Insurance Specialist network for ensuring smooth and effective functioning

Development of new products :

- Ensure that the bank continually innovates on introducing new and best in class products to bank customers

- Work on product profitability with the insurer

Sales enablers for employees :

- Work on the sales planning aspect for designing effective SIP / SOP methodologies for the insurance business

- Oversee sales incentive programs to drive sales through all channels

Legal & Compliance framework - (in conjunction with the Principal Officer) :

- Manage the life insurance product programs

- Ensure that Processes are in line with the regulatory framework

- Ensure adherence to bank & IRDA regulations

- Work within the Regulatory framework to create distribution / sales models to drive Insurance sales

- Manage control and compliance process requirements for Life Insurance

- Assist in conducting the Business Insurance Committee in line with the bank policies

Training :

- Create simple, effective & 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 Life Insurance sales through various channels :

- Deliver instant life insurance through the Internet channel

- Drive Sales of Life Insurance through the various Bank channels

- Create tele-sales model for Life Insurance sales

- Deliver innovative and effective marketing campaigns for life insurance

Operational Processes :

- Oversight of operational processes with the Insurance partners and in conjunction with the various business users to ensure seamless delivery of the products

- Resolve any customer queries and ensure customer satisfaction across businesses leading to higher NPS scores

Interactions with the insurance company, sales teams, internal units and operations are an important part of the job.

Ideal Candidate :

- Minimum 10 years of experience

- Excellent communication & presentations skills

- Mix of sales & product experience (product experience is mandatory)

- Team management experience (team size to be handled : 3 to 8 direct reportees)

- Candidates from Tier 1 or Tier 2 institutes will be preferred

Preferred orgs: private banks, insurance companies, bank side running insurance business