Area Manager Sourcing - HDFC Asset, Bangalore

Overview

As an Area Manager for HDFC Asset under Aditya Birla Capital in Bangalore, you are responsible for driving business growth and achieving sales targets within the assigned region by managing relationships with channel partners, primarily HDFC Bank, across all verticals. The role involves supervising a team of sales managers to ensure smooth operations and maximize business potential in life insurance.

Key Responsibilities

• Achieve assigned annualized premium targets ranging between 5 to 10 crores through focused regional sales efforts.
• Maintain and strengthen relationships with channel partners through continuous engagement and mapping of key decision makers to ensure alignment on business objectives.
• Oversee and ensure smooth sales processes including product updates, policy issuance, complaint handling, and adherence to compliance and regulatory requirements.
• Control expenses efficiently by securing budget commitments prior to spending and maintaining detailed trackers by sales manager.
• Recruit, develop, and retain a team of 4-5 sales managers and supervise an indirect team of 20-25 members to promote productivity and meet organizational goals.
• Monitor persistency and ensure premium and policy persistency targets of 80% with timely renewal follow-ups using regular MIS and communication protocols.
• Implement quality checks and action against non-compliant employees to maintain service standards and minimize customer complaints, aiming for zero complaints.
• Identify new business opportunities within the territory and coordinate with channel partners to increase product penetration by focusing on a strategic product mix of 50% traditional, 40% ULIP, and 10% term insurance.
• Collaborate with internal departments such as training, HR, customer and client service teams to streamline operations and address any issues promptly.
• Ensure placement of the right personnel in appropriate roles to maximize team efficiency, and fill vacancies within 15 days of occurrence.
• Support training initiatives by identifying needs and conducting product updates and comparative analyses for the bank leadership.

Challenges

• Managing dependability on HDFC Bank relationships, which may have competing priorities, requiring skillful alignment and negotiation.
• Balancing strict process adherence with expectations and dynamic needs of channel partners.

Additional Information

• Position reports to Vertical Head of HDFC Relationship; superior is Relationship Head HDFC.
• Focus on customer service excellence with zero tolerance for complaints, closely monitored by senior management.
• Manpower includes 4-5 direct reports and an indirect team of 20-25.
• Persistency targets focus on 13-month rolling premium and policy retention rates at 80%.
• Regular interaction frequency with internal teams ranges from daily to weekly depending on function.

Internal and External Relationships

Internal collaborations include TPD support, Training Manager, HR department, Customer Service, and Client Service. External interactions involve collaborating closely with Bancassurance partners and clients for business development and issue resolution.