Job Purpose
To drive sales for procuring Group Term Life Insurance business from corporates including MNC's, Indian companies, segments of his/her specific region in the city. The role is the acquisitions of new clients in the Key Accounts and SME space and maintaining current customer base, thereby increasing the profitability of the group business. The role also involves lead generation activity with direct and indirect channels like DSF, ABFSG, etc.
Job Context & Major Challenges
Job Context: To drive sales for procuring Group Term Life Insurance business from corporates including MNC's, Indian companies, segments of his/her specific region in the city. The role is the acquisitions of new clients in the Key Accounts and SME space and maintaining current customer base, thereby increasing the profitability of the group business. The role also involves lead generation activity with direct and indirect channels like DSF, ABFSG, etc.
Job Challenges:
- Huge untapped potential but smaller ticket size with cut-throat competition.
- Client segment does not prefer diversifying its corpus between more than one insurer hence it becomes it is huge challenge for the sales team to change the mindset of prospective clients towards giving their fund management mandate
- Employee Benefit and retirement funding still not high on priority for prospects since business growth is more important hence parking fund separately delays time for decision making.
- Travelling to deeper areas within the allocated location and regions.
- Managing the huge base at given point of time since the conversion ratio is very low
- Since the decision making process is long appropriate meetings and precise discussions are challenge
- Continuous database building
Key Result Areas
KRA (Accountabilities) (Max 1325 Characters)
Supporting Actions (Max 1325 Characters)
KRA1
Ensure achievement of business goals for the vertical
- Planning and implementing for funds business to boost the customer base by acquisitions of new clients by development of new markets
- Ensure the Identification & mapping of right opportunities and working on them to build a case for investment with BSLI,
- To ensure pipeline and spread to target achievements
- Enhance relationship with existing customer base to increase contributions
KRA2
Ensure implementation of an effective sales pipeline for his/her respective segment and geography
- To track and maintain healthy business records, client information to build a long drawn sustainable client and prospect information base to be useful for sustainable cross-sell opportunities
- To ensure proper and build relationships with key influencers & decision makers, influencers etc
- Ensure adherence to sales management processes for business procurement and identifying priorities to achieve set goals
- Involve and report to RBM for the priority and important prospects/clients.
- Daily usage of the sales management systems and periodic review
KRA3
Define and ensure implementation of effective relationship management and market development initiatives for his/her respective segment and geography
- Ensure building of a business and client pipeline for achievement short term and long term goals.
- Define and implement initiatives for creation and expanding the market to various customer segments and clusters.
- Ensure initiatives are taken to expand and improve the existing client relationship by building an effective communication platform.
