Partner at Apricot Consulting
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VP/CVP - Field Operations & Customer Services - Bancassurance (12-20 yrs)
An Operations & Customer Services expert, leading all Bancassurance and distribution interfaces for Company's Operations and Customer Services functions
- Front ending all Operations, Customer Services and Compliance relationship management functions with Bancas.
- Span of control is 14 Banca Hubs with a total employee strength of 75 people supporting 3000 Banca branches
- Leading the change management of new processes across all Banks for the Company, especially the new system enhancements which enhance customer experience significantly, and realizing the increase in NPS scores and reduction in OpEx
- Front ending all HO processing for Renewals, Surrender retention, Policy Owner Servicing, Claims and Customer Services with the Banca Partners.
- Driving persistency measures and conservation ratio engaging with the distribution and bank teams, for renewal income.
Overall responsibility for fulfillment functions for Banca Partners including IT, Compliance & Marketing while coordinating with HO functions. Onboarding new Banca relationships with new business issuance and customer service operations, overseeing the integration process between the Bank and the Company. Lead the Service Excellence theme by providing best in class customer experience reflecting in Net Promoter Score for Purchase and Policy issuance for Banca Partners for Rs 2500 cr of new business issuance for the year
- Implementation of digitization initiatives - new customer onboarding through tool with an annual sale target of 2500 Cr
- Responsible for smooth issuance of new business by overseeing stage-wise processing of proposal forms, driving towards Insta Issuance and First time right, for the distribution team.
- Quality Assurance - responsible for best-in-class Net Promoter Scores of Banca (and overall Company) Purchase and Policy Issuance touchpoints.
- Support persistency and collection of renewal premium of Rs 6000 cr of all Bank channels. Responsible for Customer retention of all Banca Branch walk-ins surrendering their policies, preserving surrender payout
- Ensure Grievance reduction & retention of customers complaining of mis-selling. Partner with the Banks in reporting to two regulators - RBI and IRDAI - about our grievance resolution process and TCF initiatives from time to time.
- Ensure that claims ratio continues to best in the industry and CDR continues to be the lowest, along with the HO functions
Relationship Management and Governance
- Conduct Customer Council and coordinate design of Customer Centricity programs in the Banks, to reduce mis-selling and promote TCF
- Conducting monthly Functional Work Group meeting (FWG) for Bancas leading all QoB parameters for the banks
Compliance & Risk control
- Facilitating and coordinating with Banca Partners for RBI and Stat Audit closures
- Responsible for complete adherence to all regulatory & statuary policies like Anti Money laundering and company code of conduct, respectively. Set up audit process, facilitate reviews and ensure compliance by closing all findings, if any.
- Ensure adequate staffing levels in Banca Hubs, forecast manpower requirements in line with Business plans.
Ensure all performance related processes are completed on time and with desired quality, leading to talent engagement and retention. Talent engagement and retention of key talent.
Structured Capability/Competency building and enable succession planning
MEASURES OF SUCCESS
Customer Onboarding Tool:
P2A (paid to applied)
Seamless roll out of tool in Banca
Net Promoter Score - Purchase and Policy Issuance
Reduce Grievance Incidence Rate (mis-selling)
Ensure complaint reporting is identical between regulators
CDR: Reduce Incidence of Early Claims with Banca
Conduct of FWG (monthly) and Customer Council (quarterly)
Audit Rating for Banca Partners
Achieve OpEx targets o reduction
Key Relationships (Internal /External)
Internal: Bancas, Policy issuance & UW, Risk and Compliance team, IT
External: Customers, Relationship Managers
Key competencies/skills required
- Sound Knowledge of Bancassurance or Banking Operations Model & specifically operations processes
- Very Strong communication skills: Ability to express ideas clearly and persuasively
- Planning and Organization: Effectiveness in planning and organizing activities of himself and team members
- Intra organization skills: Ability to work together with all stakeholders involved; flexibility in taking feedback and modifying approach
- Sound People Management Skills
- Creativity: Ability to come up with imaginative and innovative solutions to business needs
- Energy: Ability to maintain a high activity level