Senior Manager - Surrender Retention - Insurance

Senior Manager Surrender Retention

Location : Delhi/NCR

Education : Any

Experience : 7-11 years

CTC : Max 13 lacs fixed

KRA :

The jobholder will be responsible for executing a two pronged surrender retention strategy (reactive and proactive) - to retain customer initiated surrender requests and curtail future surrender requests / payouts. The role requires extensive cross functional liasoning within the Company and with the partner banks.

The incumbent is expected to possess excellent analytical, diagnostic and project management skills as well as significant practical experience of developing strategies and executing them. The jobholder will have to handle all three channels at a national level for Surrender Retention.

Key primary responsibilities include :

Reactive measures :

- Responsible for managing a centralized calling team aimed at retaining customer initiated surrender requests to meet the defined functional and individual goals. The jobholder will have to collaborate with Sales, Business Development, Policy Servicing, Hub Operations and partner banks (HO, Circle /Region, branch staff and LBS / RM) to ensure optimization of retention efforts across all relevant customer touch points.

- Continually refine surrender request and payout processes to allow for adequate time for retention efforts while adhering to the regulatory and internal TATs and also ensure a hassle-free experience for the customers. The said process re-engineering will require the person to work very closely with the Policy Servicing, IT and Change Delivery functions.

- To be abreast with the external environment (market fluctuations, industry and cross industry trends, etc.) which may influence customers- behavior and consequently deploy various strategic and tactical measures to constantly align with changing dynamics.

- Create enabling content such as retention script (focusing on enhanced probing, objection handling & closure skills), messaging on fund performance, re-enforcing the merits of staying invested and secured for long term - in collaboration with Investment, Products, Sales Training and Marketing functions.

- Regular monitoring, reviewing and reporting of the end to end surrender retention efforts to analyze performance trends aimed at optimizing efficiency and use of resources.

Proactive measures :

- The person will be responsible for segmenting customers basis propensity to surrender, deploy predictive analytics to preempt future surrenders and plan a comprehensive range of proactive interventions at critical surrender trigger points to limit future surrender requests.

- Use statistical techniques and data mining to analyze current and historical trends, service requests and other consumer behavior patterns while working closely with the Business Planning team.

- Capture relationship between various factors including customers' interactions with type of relationship with banks, life stage, product type, etc. to simulate customer behavior / reactions to a set of future scenarios. Develop an action plan to minimize future surrender through optimally timed, personalized interventions.

- Work closely with the Sales, Sales Training and Business Development teams to sensitize all customer facing staff across and Banks through targeted communication and training programs.

- Call out top-priority customers to reinforce the importance of staying invested and secured.

- Design customer segment specific communications in collaboration with Sales Training and Marketing to proactively reach out to customers prior to critical milestones like end of PPT and lock-in.

If feel interested kindly revert immediately with updated CV in word format & following details :

Current CTC:

Expected CTC:

Notice Period:

Vanita Duggal
Consultant
Experis, ManpowerGroup