Zonal Sales Manager - Bank of Maharashtra Channel - Maharashtra

Job Overview

The role is responsible for managing the Bancassurance partnership with Bank of Maharashtra to fulfill business goals. Due to the significant size and influence of this partner, the position involves handling complex negotiations and multiple business streams under regulatory banking and insurance guidelines. Emphasis is placed on cost efficiency, revenue growth, and profitability.

Challenges

• Revenue targets for Relationship Managers (RMs) come from various products; however, Life Insurance represents only a part, making it difficult to prioritize Life Insurance sales.
• Keeping abreast of external market conditions, competitor offerings, and evolving banking regulations to adapt strategies accordingly.
• Developing initiatives to capture bank sales teams’ attention, including tailored training, engaging bankers, customer interactions, and crafting compelling rewards and recognition programs that encourage sales.
• Maintaining strong relations with bank management to prevent competitor partnerships, especially considering the open architecture allowing multiple insurance tie-ups.
• Expanding collaboration to additional bank verticals (Commercial Banking, NRI groups, Group Business) requiring different insurance products, necessitating partnership with the actuarial team for product development.

Responsibilities

• Lead execution of channel strategies to meet business goals and enhance market share and brand presence within the Bancassurance channel.
• Ensure business quality standards and target profitability levels are achieved for the partnership.
• Build and nurture relationships with key vertical leaders within the bank to improve product penetration.