Cluster Manager - Insurance Business Development

Job Overview

The role focuses on generating insurance business via assigned relationship or channel partners within a defined area or zone. The Cluster Manager persuades these partners to encourage their customers to invest in Birla Sunlife Insurance products, ensuring comprehensive pre- and post-sale support for both partners and clients through a dedicated team. The objective is not only to meet sales targets but also to sustain consistent business growth each quarter.

Key Metrics and Accountability

• Manpower managed ranges between 10-11 staff members across various branches.
• Business impact targets include annualized premium between 5 to 10 crore INR per individual target.
• Total responsibility for sales target achievement in the vertical, impacting overall relationship top-line.
• Aim for zero customer complaints, emphasizing high service quality.
• Maintain 80% premium and policy persistency, targeting sustained renewal rates over a 13-month rolling period.

Challenges

• Volatility in the market due to the predominance of unit-linked policies sold by BSLI.
• Dependence on HDFC's branch banking model which may have competing priorities requiring effective alignment.
• Balancing organizational processes with channel partners' expectations.

Principal Responsibilities

• Achieve premium and revenue targets to support company growth.
• Engage continuously with multiple branch heads of partner banks.
• Identify and communicate with all key decision-makers, keeping regional heads informed.
• Utilize organizational rewards and recognition programs to motivate partners.
• Develop innovative branch activities to enhance customer engagement and penetration.
• Ensure smooth sales and operational processes, including training on process changes and policy updates.
• Manage sales and complaint handling processes without disruption.
• Develop product knowledge across insurance and banking products to effectively serve bank customers.
• Build and maintain relationships at all levels within partner organizations to achieve desired outcomes.
• Create new business opportunities by leveraging the allocated relationships to maximize top-line productivity.
• Focus on a product mix of 50% traditional, 40% unit-linked, and 10% term insurance with at least 15% business exceeding competitor benchmarks.
• Conduct frequent reviews aiming for 40% activation rate with cases averaging 50,000 ATS.
• Identify and address training needs for internal and channel teams to enhance sales capability.
• Regularly scrutinize business and provide updates to superiors.
• Connect with customers via welcome calls and resolve queries promptly to ensure timely renewals.

Internal Collaboration

• Daily and as-needed coordination with support executives, trainers, HR, issuance coordinators, and client service teams for recruitment, training, policy issuance, and servicing.

External Interaction

• Daily communication with relationship partners to drive business development and ensure a smooth operational flow.