Business Development Executive (BDE)

Job Overview

This position entails leading profitable business growth within the assigned unit by effectively managing the designated sales force at Bajaj Allianz Life Insurance. The role aims to drive business through Agency Sales Officers (ASOs), Insurance Consultants, and Point of Sales Persons (PoSP), ensuring the location meets its monthly, quarterly, and annual targets.

Key Responsibilities

• Drive sales activities by coordinating with ASOs, Insurance Consultants, and PoSP to achieve business goals.
• Train and develop the sales team on company products, compensation plans, and market updates to enhance their capabilities.
• Create and implement strategies to improve business outcomes.
• Continuously recruit Insurance Consultants through ASO coordination and monitor recruitment against approved budgets.
• Build a robust and profitable distribution network involving ASOs, ICs, and PoSPs.
• Formulate and follow a roadmap for target achievement and expansion across parameters such as manpower, new business premium, product mix, persistency, and team development.
• Monitor and review sales strategies regularly, conduct team progress reviews, and recommend corrective actions to stay on track.
• Engage in daily call monitoring and joint field calls with ASOs to ensure smooth business operations.
• Coordinate with headquarters and regional departments to provide excellent customer support and service.
• Implement organizational process changes within the team and address customer complaints promptly.
• Set goals for team members based on business potential and capabilities and motivate them towards target achievement.
• Encourage team building efforts, including rewards and recognitions, and support career development and mandatory training completion.

Challenges

• Managing attrition and recruitment of ASOs effectively.
• Maintaining profitability amidst internal competition within BALIC and external competitors.
• Handling challenging product mix scenarios.

Key Decisions

• Recruitment of ASOs, Insurance Consultants, and PoSPs.
• Planning and strategizing branch operating plans for the regions.

Stakeholder Interaction

• Interacts daily with internal teams such as Senior Regional Heads, ASOs, Insurance Consultants, PoSPs, and Sales & Admin departments.
• Engages with external clients including customers, partners for relationship building and retention, as well as industry professionals for market insights.

Team Size & Reporting

Directly manages a team of 15 members with oversight over additional outsourced employees.

Qualifications & Experience

• Minimum education qualification: Graduate or Post Graduate degree.
• 3 to 5 years of team handling experience, preferably within the insurance or financial sector.
• Strong communication and leadership abilities required.
• Age should ideally be between 30 to 35 years.

Compensation

The monthly salary range is INR 30,000 to INR 75,000.