The Bancassurance Department
within Axis Max Life Insurance plays a critical role in driving the distribution of life insurance products through our strategic partnership with Yes Bank. This department leverages Yes Bank s existing customer base and infrastructure to offer insurance solutions.
Bancassurance Department serves as a bridge between Axis Max Life Insurance Company and Yes Bank, ensuring that insurance products are effectively marketed and sold to a wide customer base, while maintaining high standards of customer service, compliance, and performance.
Below is a summary of the key functions typically performed by the Bancassurance Department
- Sales and Distribution Management
- Customer Relationship Management
- Compliance and Regulatory Oversight
Job Summary
Contribute to the development of the strategy and implementation of the Business Plan for the Bank partnership. Define directions and objectives considering both internal and external scenarios to maximize revenue and profitability from the relationship. Sustain a successful relationship with the partner, characterized by a high level of strategic alignment & tactical engagement in the life insurance business.
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Commensurate to the experience of the incumbent, the organization reserves the right to position the role at AVP/VP
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Key Responsibilities
- Participate in the development of the Business Plan, specifically contributing to the strategic outlook for the relationship. Define medium term business plans based on strategic directions and objectives taking into regulatory scenarios, banking trends in order to ensure that a long term plan exists to maximize the revenue and profitability from the relationship.
- Lead the deployment of business plan to the internal team as well as partnership. Lead the engagement with the partner. Develop measures and dashboards to measure the effectiveness of the relationship. Liaise with other functional and departmental heads (training, finance, HR) and negotiate availability of required resources and commitment to maximize customer service. Conduct monthly reviews by channel. Support team in discussing and finalizing remedial action, as required with partner in order to ensure that the relationship has the requisite capability to deliver business strategies and goals
- Allocate manpower resources to different teams / geographies. Approve training plans and negotiate availability with Bancassurance Training team. Seek approval of R&R programs developed by designated reportees from Department Heads. Counsel and mentor reportees. Lead the rating and normalization discussion involving skip level subordinates based on inputs received from HR in order to ensure that the assigned teams are capable and motivated to achieve targets
- Provide inputs to the training team on the nature of partnerships, protocols agreed, service level agreements etc. to develop appropriate training content. Approve the content developed by subordinates in coordination with the Training team in order to ensure the development of requisite skills and understanding in reporting teams
- Seek approval from Department heads on the design parameters and budgets of Sales promotions as proposed by subordinates and get it implemented. Approve and allocate budgets. Review performance and develop fresh guidelines based on learning s in order to assist the teams in meeting targets within stipulated profitability norms
- Validate product specifications proposed by subordinates. Review and seek approval on the business case for relationship specific products. Lead liaison with other functions like marketing in order to maximize revenue, profits and customer delight by providing customized products and services
- Interpret audit guidelines as applicable to partnership. Prepare audit framework and share with team and Auditors. Review audit results and support teams in closure of discrepancies in order to ensure that operations meet the required risk guideline (regulatory and internal)
- Negotiate and monitor costs and commissions. Set standards and guidelines for the team. Periodically review actual spends vs. standards and takes appropriate action in order to maintain expense ratios to ensure sustainability of operations.
- Manage UCB Banks and New Banks, by Relationship Building and enabling the Bank Management, including the CEO/Ins. Head to develop the Business and take the Partnership to higher levels of excellence.
- Manage New Bank Relationships
- Manage Service/Collection and Persistency of LVB Channel
Measure of Success
- Approval of the Mancom
- AFYP Objective vs. plan
- Partnership review scores
- Productivity Measures (Case Rate, Case Size, AFYP per FTE, Seller Activisation, Persistency etc.)
- Headcount vs. plan
- No. of training interventions vs. plan
- No of customized training programs
- No. of Sales Promotions
- Promotion wise success criteria
- Office Infrastructure as per the need at key locations
- No of products proposed
- No of products customized as per requirement
- New product sales VS the objective
- No. of discrepancies in Audits
- Opex to revenue ratio for the relationship
Key Relationships (Internal /External)
- SVP & Head Bancassurance & PD
- Business planning & Analytics Team
- HR and Sales Training Team
- Compliance Team
Key competencies/skills required
- Strong relationship, networking & negotiation skills
- Working with & through others
- Problem Solving & Decision Making
- Role Modeling Core Values
- Strategic Planning & Execution
- Analytical skills & process orientation
- Strong presentation & communication skills
In-depth understanding of the Bancassurance model
- Ability to think creatively
Desired qualification and experience
- Graduate/ Post Graduate in any discipline
- Good communication skills
- Age group Age group 38 - 45 years
- 12-15 years of experience in intensive Distribution operations, prior experience in Insurance essential
- Result Orientation, working with & Through Others, Innovation, Customer Centricity, Technical Expertise, Managerial Expertise, Problem Solving & Decision Making, Business Acumen, Role Modelling Core Values, Strategic Planning & Execution
Good communication skills
- Age group Age group 38 - 45 years
- 12-15 years of experience in intensive Distribution operations, prior experience in Insurance essential
- Result Orientation, working with & Through Others, Innovation, Customer Centricity, Technical Expertise, Managerial Expertise, Problem Solving & Decision Making, Business Acumen, Role Modelling Core Values, Strategic Planning & Execution
