Opening for HOD - Bancassurance for a Banking industry in Malad location

B. Key Purpose & Outcomes of the Job (Position   Summary) 

Purpose:

The key purpose of  the HOD – Bank Assurance is to strategically drive the sales of insurance products, ensure regulatory compliance, and enhance customer satisfaction. It involves collaborating with bank branches to achieve insurance sales targets and contribute to the bank's growth and profitability.

Key Outcomes:

1.     Achievement of Life and General Insurance sales targets, contributing to the bank's fee based income.

2.     Compliance with IRDA regulations to maintain the integrity of insurance operations.

3.     Strong relationships established with insurance companies and channel partners.

4.     Awareness for customers and bank staff on insurance products and procedures.

5.     Enhance customer satisfaction by delivering efficient insurance services.

C. Key Functions & Responsibilities

1.     Business Development and Target Achievement

• Strategically plan and execute initiatives to achieve the bank's Life and General Insurance sales targets through the Bancassurance Channel.
• Develop the annual Bancassurance Business Plan with well-defined strategies to maximize revenue.
• Formulate and execute innovative business strategies in collaboration with insurance partners and bank branches.
• Collaborate with bank branches to drive insurance business growth, closely monitor progress, and provide guidance for achieving set targets.

2.     Operations and Compliance

• Reconcile commission statements from insurance companies and prepare insurance business MIS for management review.
• Provide support to branches for pre and post-sales policy servicing while adhering to audit requirements.

3.     Audit and Regulatory Compliance

• Oversee adherence to IRDA regulatory guidelines in all insurance operations.
• Timely filing of required IRDA returns and renewal of Corporate Agent / Principal Officer / Specified Persons Licenses.
• Compile data for internal, statutory, and IRDA audits related to Bancassurance operations.
• Timely address and resolve Bancassurance operation-related issues and queries.

4.     Relationship Management:

• Cultivate strong relationships with insurance channel partners and negotiate favourable terms and commissions, aiming to increase the bank's fee based income Engage with prospective clients (individual and corporate customers) to promote insurance products.

5.     Training & Leadership

• Conduct comprehensive training sessions for bank staff on insurance products, effective sales techniques, and policy servicing processes.

D. Internal Relationships

Role – Department

Frequency of Interaction

Purpose of the Interaction

Accounts Department

On-going basis

Commission / GST / Payments to Insurance Companies / posting of Financial entries 

Audit Department

Periodically

Internal Department Audit / Statutory Audit / Any Regulatory Audit / Branch Audit Compliance pertaining to Insurance

Advances Department – HOD / Loans Officers

Occasionally

Borrowers Insurance needs and risk coverage’s / borrowers claim related queries

Legal Department

Occasionally

Insurance related Legal Matters / Insurance Companies MOU

Risk and Compliance Department

Occasionally

RBI related requirement pertaining to Insurance

Premises Department

Occasionally

Coordinating for Bank’s assets/ premises / vehicles for insurance coverage

Planning Department

Periodically

Reporting of Business figures and strategies

IT Department

Occasionally

Any IT related issues

46 Branches

Daily

Insurance Sales and Insurance service related issues

E. External Relationships:

 External Agency

Frequency of Interaction

Purpose of the Interaction

Insurance Regulatory and Development Authority of India (IRDAI)

Occasionally

Filing of Bank’s Insurance Returns / Insurance Licensing related / any other matters raised by the Authority

Insurance Channel Partners –

On-going basis

Business Development – Goal setting / target setting and achievement

Business Strategies

All insurance related matters from pre sales to post sales and policy servicing

Customer servicing

F. Key Skills/ Competencies  Required for the  job.

• Understanding of insurance products, regulatory guidelines, and market dynamics.
• Leadership and team management skills.
• Exceptional communication, presentation, and relationship-building capabilities.

G. Qualification /Experience  Required for the  job

·        Bachelor's degree in Commerce, Business, Finance, Marketing, or a related field. Master's degree is advantageous.

·        2 years of experience in insurance sales, business development, or related roles.

·        IRDA-approved Specified Person License is mandatory.