IndusInd Bank - Service Manager - Bancassurance

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