Manager - Incentive & Commission Designing

About The Department?

The (Indian) International Financial Services Centre/s (IFSC) is a Special Economic Zone (SEZ) for financial services (banking, capital market, insurance and other allied services) regulated by the (Indian) International Financial Services Centres Authority (IFSCA). HDFC Re is in the process of establishing an IFSC Insurance Office (IIO), a branch in an unincorporated form at GIFT City, IFSC, India. Through this branch, HDFC Re plans to distribute non-INR denomination insurance products to retail clients across the world.

Please visit the website: https://www.hdfclifere.com/

Key Responsibilities:

1. Sales Contest Financial Structuring

• Design financially viable sales contest frameworks for channel partners and distributors, ensuring alignment with organizational budgets and ROI objectives.
• Define measurable performance indicators (e.g., new business sales, renewals, ticket size, NOPs) with clear financial implications and targets.
• Collaborate with Sales and Marketing to ensure contests are financially sustainable and contribute to profitable growth.

2. Sales Incentive Financial Planning

• Develop customized incentive schemes for sales employees with a focus on cost effectiveness and return on investment.
• Structure incentive plans to support financial goals such as new business growth, policy persistency, and portfolio profitability.
• Model and forecast incentive payouts to support financial planning and control.

3. Commission Administration & Financial Compliance

• Manage commission disbursements to brokers, channel partners, and corporate agents in strict adherence to contractual obligations and regulatory standards.
• Maintain accurate and updated commercial agreements, commission structures, and policy documentation to ensure financial compliance and transparency.

4. Monthly Calculations, Reporting & Budget Controls

• Perform monthly calculations of commissions and incentives based on issuance data from Operations, ensuring accuracy and audit readiness.
• Prepare detailed financial reports on payouts, variances, and performance against budget for senior management review and approvals.
• Track and reconcile budgeted vs. actual spends on commissions, incentives, and contest-related expenses.

5. Financial Reconciliation & Partner Management

• Conduct regular financial reconciliations with channel partners and agents to address and resolve payout discrepancies.
• Ensure integrity of financial data through transparent and well-documented communication with partners, contributing to long-term business relationships.
• Processing of commission and contest invoices along with relevant supporting
• Coordination between Partners and Finance team for tax related documents for invoice payouts.
• Coordinate with the Finance team for timely disbursement of partner payouts and accurate ledger entries.
• Maintain organized financial records and documentation to support internal and external audits.

Qualifications

• Bachelor’s degree in Business, Finance, Insurance, or related field. Preferably MBA, Finance
• 3-8 years of experience in sales incentive management, partner commissions, or agency compensation, with exposure to finance functions
• Strong understanding of insurance products, sales channels, commission structures, and regulatory requirements.
• Proficiency in Excel and experience with commission management or CRM/ERP software.
• Excellent analytical, communication, and interpersonal skills.
• Ability to balance sales motivation with financial controls and manage cross-functional collaboration.

Preferred Skills:

• Experience working with insurance agencies, brokers, and bancassurance partners.
• Knowledge of insurance commission structures and persistency metrics.
• Familiarity with insurance policy administration and underwriting processes.
• Strong problem-solving and negotiation abilities.

Work Environment:

• Dynamic and fast-paced insurance sales environment.
• Cross-functional collaboration with sales, underwriting, finance, and marketing teams.
• Opportunity to impact sales motivation and partner engagement across multiple channels.