Bancassurance Sales Officer

Role & responsibilities

Key Responsibilities1. Sales & Business Development

• Target Achievement:

  Achieve monthly, quarterly, and annual sales targets for life, health, and general insurance products.

• Lead Generation & Conversion:

  Utilize bank customer databases, walk-ins, and referrals from bank staff to identify potential customers and close sales.

• HNI/NRI Focus:

  Pitch customized, high-value insurance solutions to High-Net-Worth Individuals (HNI) and NRI customers.

• Joint Calls:

  Conduct joint calls with Bank Relationship Managers (RMs) or Branch Managers (BMs) to convert potential leads.

• Credit Life Integration:

  Drive Credit Life Insurance by integrating insurance with loan products (mortgages, personal loans).

2. Relationship Management

• Stakeholder Management:

  Build and maintain strong, trust-based relationships with Bank Branch Managers, Relationship Managers, and frontline staff.

• Motivation & Engagement:

  Motivate branch employees to prioritize insurance cross-selling by conducting morning huddles and recognizing top performers.

• Conflict Resolution:

  Resolve operational or sales-related issues between the bank staff and the insurance company.

3. Training & Support

• Product Knowledge:

  Conduct regular product training sessions, workshops, and refresher courses for bank staff to ensure they are well-versed with insurance products and processes.

• Sales Support:

  Provide on-the-spot support to bank staff regarding product features, sales techniques, and compliance requirements.

4. Operations & Compliance

• Document Accuracy:

  Ensure 100% accurate documentation and compliance with IRDAI guidelines, KYC norms, and internal company policies.

• After-Sales Service:

  Provide seamless post-sales support, including policy issuance and renewals.

• MIS Reporting:

  Maintain and report daily/weekly/monthly sales performance (MIS) to the Area/Regional Manager.

5. Key Performance Indicators (KPIs)

• Number of policies logged in/issued (Volume).
• Premium Income generated (Weighted Received Premium - WRP).
• Active Bank Branch Activation percentage.
• Persistency Ratio (Retention of policies).
• Lead conversion rate.

Preferred candidate profile

Life insurance , investment Banking, BFSI Insurance, Nbfc Insurance, wealth management & Investment Service etc.