AVP Business Acquisitions (Bancassurance)

Job Description:

JOB SUMMARY: Responsible for Acquisition of New accounts from Banks - mainly in PSU, Private, Payments, SFBs, RRBs, Coops etc.

Business Development:

• Building relationships with target list of banks in the Zone
• Pro-actively engage with target organizations to identify partnership opportunities
• Lead engagement activity for opportunities in the open architecture framework with competition Corporate Agents
• Market scanning, competition tracking, understanding of regulatory landscape
• Designing acquisition pitches, responding to Bank RFP and RFI documents, commercial structuring, compensation design, legal agreements etc

KEY RESPONSIBILITIES:

• Business Development- Mapping, prospecting and acquisition
• Responding to RFP/RFI/Tender documents independently
• Creating value proposition for prospects and designing pitch presentations, commercial proposals
• Publishing timely reports on prospect status
• Build visibility for the compnay in Rural space

Other Key Activities

• Work closely with the Product and Pricing team in designing an exclusive product for the Rural Partners
• Coordinating with internal teams for Partner on-boarding
• Design SLA with Business Partners and ensure adherence for new Accounts
• Adherence to internal policies and procedures

Competition Mapping

• Tracking competition strategies, understanding competition sales & acquisition strategies - type of sales models, compensation structure, support structure etc. in rural space
• Publishing periodic reports on the channel, Suggest improvements, if any
• Collate competition information on their fulfillment strategies for key accounts and help create the company counter strategies
• Ensure Compliance with IRDAI guidelines on new account acquisitions

MINIMUM SPECIFIC EXPERIENCE:

• MBA with 5-8  years of relevant  business  development experience  in  Life  insurance/General  insurance/Health insurance industry or into BFSI
• Strong understanding of Acquisitions and excellent market network in this space
• Experience in designing & selling complex solutions to target group of entities
• Good understanding of financial tools / complexities and acquisition process
• Analytical skills & process orientation
• Strong presentation & communication skills
• Strong relationship, networking & negotiation skills
• Ability to think creatively
• Project management & execution skills
• Desirable - knowledge of IRDA regulations
• Acquisition Process & Strategies
• Business Development & Lead Engagement

KEY RELATIONSHIPS (INTERNAL/EXTERNAL)

• Internal - Stakeholders, Bancassurance Team, Finance Team & Fulfillment teams
• Target prospects & Industry Participants