Job Purpose
Managing TPD sales activities in the designated market through various channel HDFC Banks to ensure that the business plan is met or exceeded. This will include regular engagement with the partners to deepen the relationship, driving the sales through team members to ensure that they meet their targets.
Job Context & Major Challenges
Job Context:/Job Challenges:While the current market sees more than 15 non-life players in the private space and 5 exclusive private players in the health insurance space trying to capture a sizable market share, the nationalised service provider (6) remains a strong competitor. In addition to this the business dynamics are such that the overall market on an annual basis which is to the tune of roughly 10,000 Crs sees close to 85 % of the business renewing with the existing service provider itself. This narrows down the opportunity of the fresh business actually being seriously fought in the market to approximately 1500 odd Crs. With the SME and the start-ups being the driving force of Indian economy, the opportunity to cater to these segments is immense and is increasing manifold year on year. The challenge here therefore remains as to how we capture a larger share of the opportunity by developing specific solutions to cater each segment of the business. Also by creating an inexpensive and standardized solution to increase the reach into the pockets of channel partners across the country to harness on their captive business and explore new opportunities with them.Market Opportunities – With the advent of medical advancements, lifestyle changes, change in Indian socio-economic scenario and Indian healthcare space, and the insurers are facing challenges to cater to the needs of this diverse clientele. Increasingly Indian customers have started considering health insurance partners as ententions of health advisers. In this scenario it becomes extremely important to understand their psyche and then provide tailored solutions with wellness benefits which would help them meet their end objectives and bring in profitable revenue source for the company.
- Gaining greater mindshare of partners in a multi-partner architecture. In the new open architecture, a partner gives access to limited channels or geography. This consequently leads to sharing of the same revenue pie and thereby reduced revenue from each partner
- Managing multiple relationships – and thereby managing differing partner expectations across a wide spectrum of customer segments and reach.
- Drive POS activation: With multiple products being available to a POS, and because of low ticket size it is important to ensure interest of POS among the wide spectrum of products available and achieve month on month activation.
Aditya Birla Health Insurance Co. Limited (ABHICL) was incorporated in 2015 as a 51:49 joint venture between Aditya Birla Capital Limited (ABCL) and MMI Strategic Investments (Pty) Ltd. ABHICL commenced its operations in October 2016.ABHICL has entered the competitive health insurance market with an aim to expand the category to wider customer segments, beyond the ones that health insurance companies traditionally have marketed to. As the 6th entrant in a category with well-established players, ABHICL is creating differentiation and equity for itself though the unique business proposition of “Health Insurance for All”, a one of a kind proposition in India at the moment. This is a philosophy that is being built through every single consumer touch point and into every single backend process of the company to ensure a customer’s experience of our proposition is continuous and seamless.
Key Result Areas
KRA (Accountabilities) (Max 1325 Characters)
Supporting Actions (Max 1325 Characters)
KRA1 Driving sales via HDFC Bank Telesales Continuous interaction with brokers and other intermediariesObtaining quote request from market & Delivering them on time to the client/partnersPeriodic tracking of business volumes and growth. Seek and ensure support from various stake holders to ensure achievement of business targets.KRA2 Partner engagement and Acquisitions Understand market dynamics and offering of other manufacturers to the channel partnersTake regular feedback from channel partners to help innovate products and provide solutions at an organizational levelPursue client specific requirement along with channel partners to support conversionKRA3 Maintaining Pipeline Managing a pipeline to achieve desired numbers ant to continuously updating the sameKRA4 P & L Managing Overall P&L of the portfolio and deliver planned business output in desired product mix and qualityWorking with product team to focus on conversions and retention of profitable clientsWeekly tracking of business growth. Seeking support from various stake holders towards closure of businessKRA5 Enable sales force to ensure productivity and retention Ensure communication of progression plans and incentives, thereby align expectations of team and incentivize team to perform at optimal levels. Objectives.KRA6 Renewal persistency Ensure communication of progression plans and incentives, thereby align expectations of team and incentivize team to perform at optimal levels. Objectives
