Regional Sales Manager - Group Sales Bancassurance - Delhi

Industry Overview

The health insurance sector features over 15 private non-life insurers and 5 exclusive private health insurers competing for market share, with government providers maintaining a strong presence. Annually, the market size approximates 10,000 crore INR, of which about 85% is renewal business with existing providers, leaving a competitive new business opportunity nearing 1,500 crore INR. The growth of SMEs and startups in India presents vast opportunities, necessitating tailored and affordable products that can be effectively distributed through a wide range of channel partners nationwide.

Market Dynamics

Medical advancements, lifestyle transformations, and India's evolving socioeconomic landscape are reshaping customer expectations. Increasingly, consumers view health insurers as health advisors. This requires insurers to understand client needs deeply and offer customized solutions with wellness benefits that support consumer health and generate profitable revenue streams.

About Aditya Birla Health Insurance

Incorporated in 2015 as a joint venture (51:49) between Aditya Birla Capital Limited and MMI Strategic Investments (Pty) Ltd, Aditya Birla Health Insurance Co. Limited started operations in October 2016. As the sixth entrant in a competitive market, ABHICL differentiates itself through its unique "Health Insurance for All" philosophy that permeates its customer service and backend operations to ensure a seamless experience.

Its key offerings include:

• A comprehensive incentivized wellness program aimed at engaging health-conscious young customers with motivational rewards.
• A Chronic Care Management Program addressing needs from day one for customers with chronic lifestyle diseases like diabetes, asthma, high cholesterol, and hypertension.
• A role as both healthcare expense payer and enabler, fostering innovative product development and expanding consumer-relevant options.
• A fully digital, paperless operational approach from customer identification to onboarding and service delivery.

Role Challenges

• Attracting and retaining top talent in a competitive market.
• Expanding partner mindshare within a multi-partner framework where channels and geographies are limited, resulting in shared revenue pools.
• Managing diverse partner relationships to balance expectations across multiple customer segments and reach.
• Identifying process inefficiencies in channels and collaborating with bank and operations teams to reduce conversion losses.
• Driving month-on-month point-of-sale activations amid a crowded product landscape and typically low ticket sizes.

Key Responsibilities

• Leading sales growth via partner bank channels by building strong stakeholder relationships and aligning strategies to maximize revenue.
• Engaging partners continuously to stay attuned to market trends and implement timely initiatives.
• Gathering market intelligence on competitors’ offerings to inform product innovation and organizational solutions.
• Maintaining and managing a robust sales pipeline to achieve set targets.
• Overseeing the zone's P&L to deliver planned business outcomes with appropriate product mixes and quality standards.
• Collaborating with product teams to enhance conversion rates and client retention.
• Tracking weekly business performance and rallying support from stakeholders for deal closures.
• Empowering the sales force through training, clear communication of objectives and new initiatives, career progression plans, and fostering retention.
• Enhancing renewal persistency by understanding client needs and offering tailored solutions that build loyalty.
• Building and nurturing a high-performing sales team by recruiting top talent, providing coaching, and developing capabilities.