Posted By
Posted in
Banking & Finance
Job Code
804730
JOB SUMMARY
- Lead & manage all renewal income related initiatives for the Organization
- Devise engagement strategies with customers, Bank sales team, Partners to enhance renewal income.
- Facilitate inter-departmental Channel linkages for effective delivery.
- Identify current gaps in the process & facilitate decision making through data analytics
- Ensure delivery & track performance of listed initiatives under various projects.
- Keep close track on new developments in Industry & competition related to renewal income & conservation ratio
- Interaction with Zonal / Regional Sales teams/Retention managers and retain the customers of specified Lapse bucket
- Tele calling to at least 20 clients a day out of lapsed portfolio & Understand the reason for non reinstatement of the policies
- Interaction with the bank branches and retain the customers of specified Lapse bucket
- Redressing customers complaints and liaise with other team (Branch and Insurance partner) to give prompt solutions.
- IRDA certification of Branch sales Team
Detailed Responsibilities:
- Define and implement the end to end strategy for renewal collection through internal resources supplemented by outsourced partners with the following objectives:
- Maximise collection from the available portfolio and set industry benchmarks
- Rigorously monitor 13th month, 25th month, 37th month and so on and start demonstrating visible improvements in each of the persistency buckets
- Maximise collections within 30 days from due dt and 60 days from due date from current levels
- High level of collaboration with all stakeholders (across all channels and within operations)
- Clearly define ownership and monitoring process with each of the channels keeping in view the specificity of the channels and their operating models
- Regular reviews with channels and agree on actions that will result in improvement in renewal collection efficiency especially on the 13th month portfolio
Customer Behaviour, MIS and Analytics
- Introduce technology capability in the entire persistency & renewal management function to be able to channelize collection effort based on nature of portfolio (due, overdue, soft lapse, hard lapse etc)
- Create capability to drill down to the most granular level to understand portfolio behavior as well as create capability to analyse trends at various aggregated levels and parameters
- Ensuring availability of data and MIS with various stakeholders for them to drive collection efforts and maximize output
- Implement predictivity models (through vendors) to maximize collection with appropriate efforts by understanding in detail customer payment behavior and other relevant parameters that would have impact on renewals and persistency
- Understand the aspects that could have positive impact on persistency and ensure that our processes both and front and back end are geared up accordingly. For instance ECS/Autopay, policy delivery to customer, welcome calling %, PIVC dissonance, complaints being handled promptly etc would have impact on persistency
- Frame an orphan customer management strategy that involves ownership with respective distribution channels, branches, operations and other touchpoints and ensures that all our customers orphan as well as non-orphan receive consistent service and touchpoint experience
- Customer Loyalty
- Work with stakeholders to quickly put together a surrender retention model using partner operations or sales channels and conserve our portfolio
Other Qualities: Measures of Success
Execution measures:
- Achievement of Renewal Income target
- Successful completion of various improvement and strategic initiatives
Leadership measures:
- Ability to influence various stakeholders to ensure delivery
- Ability to analyze & provide strategic direction for action & decisioning
- Ability to create robust governance structure to deliver desired outcomes
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Posted By
Posted in
Banking & Finance
Job Code
804730
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