Job Purpose
To ensure sales target achievement in the given territory and with the partner bank. Effectively Liaison both internally and externally to achieve the desired results.
Job Context & Major Challenges
Job Context / Job Challenges
About the Health Insurance Industry –
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.
Opportunities – With the advent of medical advancements, lifestyle changes, change in Indian socio-economic scenario and Indian healthcare space the clients are facing challenges to cater to the needs of diverse workforce. Increasingly Indian clients have started considering group benefits as a lever to manage employee expectations, talent acquisition and retention. In this scenario it becomes extremely important to understand their psyche and then provide tailored solutions which would help them meet their end objectives and bring in profitable revenue source for the company.
Challenges –
Distribution: How to create specific distribution models to penetrate different market segments remains a challenge. Also how to motivate channel partners to place business with the company and activate and manage agent based distribution channel across the country
Long term and short term strategic plans to increase the market share and profitability in line with the company's business objectives.
Identifying new segments, structure offerings, and value enhancers apart from creating differentiators remains a big challenge for the company's growth. Meeting varied client's expectation in terms of solutions, pricing and operational support remains a challenge.
Build and further enhance relationships with key customers and partners alike.
Build the vertical in line with the leadership teams expectation of having the group benefits team contributing substantially to the bottom-line in years to come
Key Challenges for the role –
- Business Challenges: The strategy adopted by the market participants in order to actively and aggressively source business has a key impact on the market dynamics. While there have been service providers who have remained consistently focussed on the risk business, there have been other players who have adopted a very aggressive. Hence how we fare in the market also gets influenced by what strategy these participants pursue.
- Soft Insurance Market: Considering the soft insurance market in India, offering solutions to price sensitive clients may turn risky. Such clients may negotiate hard on the unique solution offered which eats away the cos profitability and may opt to place the business with other manufacturers. It is extremely important to design and customize the right solution for the right set of clients.
Key Result Areas
KRA (Accountabilities) (Max 1325 Characters)Supporting Actions (Max 1325 Characters)
KRA1 Build the team and its capability to ensure that opportunity in channel is tapped optimally. 1. Liason with the training team to ensure the team is adequately trained and updated on products and competition.
KRA2 Strengthen and build relationship with leaders from partner channel 1. Build relationship with the mapped Regional managers to strengthen the central relationship
KRA3 Achieve GWP targets with the assigned partner and territory. 1. Drive sales through partner bank channel – AU Finance Bank for business enhancement and ensure that Premium targets are met
KRA4 Ensure effective servicing to the channel partners. 1. Effectively liaison internally across various functions to ensure customer satisfaction taking care of training needs of the partner bank/s.
KRA5 Train, develop and motivate partner sales and service team members to achieve the functional goals 1. Train & develop partner sales and service teams to enable them to source new customers and thereby achieve the business numbers.
- Motivate and help partner employees to source more leads and close them in timely manner
- Improve the company's share of health policies sourced by the partner
KRA6 Market Intelligence 1. Observe, understand changes in products and distribution strategy of competition and communicate the same to seniors.
