The Bancassurance Department within Axis Max Life Insurance plays a critical role in driving the distribution of life insurance products through our strategic partnership with Yes Bank. This department leverages Yes Bank’s existing customer base and infrastructure to offer insurance solutions.
Bancassurance Department serves as a bridge between Axis Max Life Insurance Company and Yes Bank, ensuring that insurance products are effectively marketed and sold to a wide customer base, while maintaining high standards of customer service, compliance, and performance.
Below is a summary of the key functions typically performed by the Bancassurance Department:
Sales and Distribution Management
Customer Relationship Management
Compliance and Regulatory Oversight
Job Summary
Contribute to the development of the strategy and implementation of the Business Plan for the Bank partnership. Define directions and objectives considering both internal and external scenarios to maximize revenue and profitability from the relationship. Sustain a successful relationship with the partner, characterized by a high level of strategic alignment & tactical engagement in the life insurance business.
**Commensurate to the experience of the incumbent, the organization reserves the right to position the role at AVP/VP**
Key Responsibilities
Participate in the development of the Business Plan, specifically contributing to the strategic outlook for the relationship. Define medium term business plans based on strategic directions and objectives taking into regulatory scenarios, banking trends in order to ensure that a long term plan exists to maximize the revenue and profitability from the relationship.
Lead the deployment of business plan to the internal team as well as partnership. Lead the engagement with the partner. Develop measures and dashboards to measure the effectiveness of the relationship. Liaise with other functional and departmental heads (training, finance, HR) and negotiate availability of required resources and commitment to maximize customer service. Conduct monthly reviews by channel. Support team in discussing and finalizing remedial action, as required with partner in order to ensure that the relationship has the requisite capability to deliver business strategies and goals
Allocate manpower resources to different teams / geographies. Approve training plans and negotiate availability with Bancassurance Training team. Seek approval of R&R programs developed by designated reportees from Department Heads. Counsel and mentor reportees. Lead the rating and normalization discussion involving skip level subordinates based on inputs received from HR in order to ensure that the assigned teams are capable and motivated to achieve targets
Provide inputs to the training team on the nature of partnerships, protocols agreed, service level agreements etc. to develop appropriate training content. Approve the content developed by subordinates in coordination with theTraining team in order toensure the development of requisite skills and understanding in reporting teams
Seek approval from Department heads on the design parameters and budgets of Sales promotions as proposed by subordinates and get it implemented. Approve and allocate budgets. Review performance and develop fresh guidelines based on learning’s in order to assist the teams in meeting targets within stipulated profitability norms
Validate product specifications proposed by subordinates. Review and seek approval on the business case for relationship specific products. Lead liaison with other functions like marketing in order to maximize revenue, profits and customer delight by providing customized products and services
Interpret audit guidelines as applicable to partnership. Prepare audit framework and share with team and Auditors. Review audit results and support teams in closure of discrepancies in order to ensure that operations meet the required risk guideline (regulatory and internal)
Negotiate and monitor costs and commissions. Set standards and guidelines for the team. Periodically review actual spends vs. standards and takes appropriate action in order to maintain expense ratios to ensure sustainability of operations.
Manage UCB Banks and New Banks, by Relationship Building and enabling the Bank Management, including the CEO/Ins. Head to develop the Business and take the Partnership to higher levels of excellence.
Manage New Bank Relationships
Manage Service/Collection and Persistency of LVB Channel
Measure of Success:
Approval of the Mancom
AFYP Objective vs. plan
Partnership review scores
Productivity Measures (Case Rate, Case Size, AFYP per FTE, Seller Activisation, Persistency etc.)
Headcount vs. plan
No. of training interventions vs. plan
No of customized training programs
No. of Sales Promotions
Promotion wise success criteria
Office Infrastructure as per the need at key locations
12-15 years of experience in intensive Distribution operations, prior experience in Insurance essential
Result Orientation, working with & Through Others, Innovation, Customer Centricity, Technical Expertise, Managerial Expertise, Problem Solving & Decision Making, Business Acumen, Role Modelling Core Values, Strategic Planning & Execution
About Axis Max Life Insurance
Axis Max Life Insurance Limited, formerly known as Max Life Insurance Company Ltd., is a Joint Venture between Max Financial Services Limited (“MFSL”) and Axis Bank Limited. Axis Max Life Insurance offers comprehensive protection and long-term savings life insurance solutions through its multi-channel distribution, including agency and third-party distribution partners. It has built its operations over two decades through a need-based sales process, a customer-centric approach to engagement and service delivery and trained human capital. As per the annual audited financials for FY2023-24, Axis Max Life Insurance has achieved a gross written premium of INR 29,529 Cr. For more information, please visit the company website at www.maxlifeinsurance.com.
#ComeAsYouAre LGBTQIA+ and PwD candidates of all ages are encouraged to apply
About Max Life Insurance:
Max Life Insurance Company Limited is a Joint Venture between Max Financial Services Limited and Axis Bank Limited. Max Financial Services Ltd. is a part of the Max Group, an Indian multi business corporation.
Max Life offers comprehensive protection and long-term savings life insurance solutions, through its multichannel distribution including agency and third party distribution partners. Max Life has built its
operations over almost two decades through need-based sales process, a customer-centric approach to engagement and service delivery and trained human capital.
As per public disclosures, during the financial year 2019-20, Max Life achieved gross written premium of Rs. 16,184 crore. As on 31st March 2020, the Company had Rs. 68,471 crore of assets under management (AUM) and a Sum Assured in Force of Rs. 913,660 crore.
A compassionate leader who demonstrates appreciation for diversity in thoughts and approach towards people as well initiatives, eliminates biases to promote meritocracy. A coach who inspires people to excel and sets a culture of high performance.
Collaboration
A boundary-less leader who is capable of identifying & leveraging expertise of team members for superlative outcomes, thus, delivers to the organization’s ask. A leader who addresses challenges with a solution oriented approach to create “win-win” partnerships within & outside teams through inspired cooperation and teamwork.
Customer Obession
A leader who embodies Customer and keeps him at the core of all deliverables. Proactively anticipate customer needs and implement strategies to provide best in class customer experience.
Growth Mindset
An ambitious leader who can sponsor game changing ideas and rally the team to turn them into a reality. A leader who challenges the status quo, takes bold & creative actions to manage complex issues & achieve high impact goals by pushing self and others and raise the bar on performance.
People Leadership
A people’s leader who inspires their teams to stretch themselves and achieve their true potential. A leader who create leaders by coaching, empowering & motivating them to deliver superior business outcomes.
"Max Life Insurance is an Equal Opportunity Employer and promotes inclusion and diversity."
Job Description
Job Title
Vice President - Business Planning & Analytics
Location
Gurugram 90 C
Department
Bancassurance
Function
Bancassurance - Business Planning & Analytics
Reporting to
Executive VP & Head
Band
3A
Function Summary
The Bancassurance Department within Axis Max Life Insurance plays a critical role in driving the distribution of life insurance products through our strategic partnership with Yes Bank. This department leverages Yes Bank’s existing customer base and infrastructure to offer insurance solutions.
Bancassurance Department serves as a bridge between Axis Max Life Insurance Company and Yes Bank, ensuring that insurance products are effectively marketed and sold to a wide customer base, while maintaining high standards of customer service, compliance, and performance.
Below is a summary of the key functions typically performed by the Bancassurance Department:
Sales and Distribution Management
Customer Relationship Management
Compliance and Regulatory Oversight
Job Summary
Contribute to the development of the strategy and implementation of the Business Plan for the Bank partnership. Define directions and objectives considering both internal and external scenarios to maximize revenue and profitability from the relationship. Sustain a successful relationship with the partner, characterized by a high level of strategic alignment & tactical engagement in the life insurance business.
**Commensurate to the experience of the incumbent, the organization reserves the right to position the role at AVP/VP**
Key Responsibilities
Participate in the development of the Business Plan, specifically contributing to the strategic outlook for the relationship. Define medium term business plans based on strategic directions and objectives taking into regulatory scenarios, banking trends in order to ensure that a long term plan exists to maximize the revenue and profitability from the relationship.
Lead the deployment of business plan to the internal team as well as partnership. Lead the engagement with the partner. Develop measures and dashboards to measure the effectiveness of the relationship. Liaise with other functional and departmental heads (training, finance, HR) and negotiate availability of required resources and commitment to maximize customer service. Conduct monthly reviews by channel. Support team in discussing and finalizing remedial action, as required with partner in order to ensure that the relationship has the requisite capability to deliver business strategies and goals
Allocate manpower resources to different teams / geographies. Approve training plans and negotiate availability with Bancassurance Training team. Seek approval of R&R programs developed by designated reportees from Department Heads. Counsel and mentor reportees. Lead the rating and normalization discussion involving skip level subordinates based on inputs received from HR in order to ensure that the assigned teams are capable and motivated to achieve targets
Provide inputs to the training team on the nature of partnerships, protocols agreed, service level agreements etc. to develop appropriate training content. Approve the content developed by subordinates in coordination with theTraining team in order toensure the development of requisite skills and understanding in reporting teams
Seek approval from Department heads on the design parameters and budgets of Sales promotions as proposed by subordinates and get it implemented. Approve and allocate budgets. Review performance and develop fresh guidelines based on learning’s in order to assist the teams in meeting targets within stipulated profitability norms
Validate product specifications proposed by subordinates. Review and seek approval on the business case for relationship specific products. Lead liaison with other functions like marketing in order to maximize revenue, profits and customer delight by providing customized products and services
Interpret audit guidelines as applicable to partnership. Prepare audit framework and share with team and Auditors. Review audit results and support teams in closure of discrepancies in order to ensure that operations meet the required risk guideline (regulatory and internal)
Negotiate and monitor costs and commissions. Set standards and guidelines for the team. Periodically review actual spends vs. standards and takes appropriate action in order to maintain expense ratios to ensure sustainability of operations.
Manage UCB Banks and New Banks, by Relationship Building and enabling the Bank Management, including the CEO/Ins. Head to develop the Business and take the Partnership to higher levels of excellence.
Manage New Bank Relationships
Manage Service/Collection and Persistency of LVB Channel
Measure of Success:
Approval of the Mancom
AFYP Objective vs. plan
Partnership review scores
Productivity Measures (Case Rate, Case Size, AFYP per FTE, Seller Activisation, Persistency etc.)
Headcount vs. plan
No. of training interventions vs. plan
No of customized training programs
No. of Sales Promotions
Promotion wise success criteria
Office Infrastructure as per the need at key locations
12-15 years of experience in intensive Distribution operations, prior experience in Insurance essential
Result Orientation, working with & Through Others, Innovation, Customer Centricity, Technical Expertise, Managerial Expertise, Problem Solving & Decision Making, Business Acumen, Role Modelling Core Values, Strategic Planning & Execution
About Axis Max Life Insurance
Axis Max Life Insurance Limited, formerly known as Max Life Insurance Company Ltd., is a Joint Venture between Max Financial Services Limited (“MFSL”) and Axis Bank Limited. Axis Max Life Insurance offers comprehensive protection and long-term savings life insurance solutions through its multi-channel distribution, including agency and third-party distribution partners. It has built its operations over two decades through a need-based sales process, a customer-centric approach to engagement and service delivery and trained human capital. As per the annual audited financials for FY2023-24, Axis Max Life Insurance has achieved a gross written premium of INR 29,529 Cr. For more information, please visit the company website at www.maxlifeinsurance.com.
#ComeAsYouAre LGBTQIA+ and PwD candidates of all ages are encouraged to apply
