Standard Chartered Bank - Director - Product Lead - Life Insurance

JOB ROLE

Reporting to Director and Head Bancassurance Products & WM Proposition, The position is responsible for managing the Life Insurance Business for the Bank. The underlying objective is to achieve a sound profitable growth of revenue through management of the product parameters and relationships in order to provide the impetus to the sales channels in the achievement of sales and revenue targets.

Key responsibilities

Business Drivers

a) Drive product innovation with the life Insurance partner to design and launch market leading life Insurance products for distribution.

b) Design and implement process for sourcing Life Insurance policies both for face to face and digital platforms

c) Drive Global technology project for enhancing the Life Insurance business

d) Manage the Life insurance P&L and achieve Life Insurance volume and revenue budgets for the year.

e) Build and manage budget and other planning requirements of the business

f) Increase frontline activation

g) Increase penetration of Life Insurance products amongst SCB customers.

h) Implement digital initiatives of the bank - e-submissions, online DIY etc

i) Product development catering to chosen customer segments (HVS)

j) Process enhancement as part of continues improvement.

k) Business development initiatives to activate new channels and segments

l) Improve renewal persistency

m) Manage various reporting including financial reporting- s, Sales MIS, contest and Campaigns

n) Driving the training plan and train frontline on products and processes.

o) Work closely with Channels and Segments to integrate Life insurance process and products in relevant segments.

p) Manage the Business partnership with the Life insurance provider in India.

Raising Management Standards and Controls

a) Ongoing Monitoring of quality of sales in Life Insurance

b) Perform ongoing benchmarking exercise for Life products

c) Ensure timely implementation of local regulatory and Bank Group requirements

d) Ensure compliance to all regulatory norms and submission

e) Manage internal and external audits, inspections etc

f) Ensure compliance to Group Insurance Manual

g) Ensure compliance with Group Code of Conduct, norms pertaining to Mis-selling and all Group Policies and Standards.

- Adherence to KYC, AML practices & Key Control and Risk Standards.

- Maintain/improve current ratings in Group Audit

h) Monitor the Sales Quality Check calls and ensure that customer issues are resolved promptly

- Monitor compliance with risk monitoring systems like KRI, KCS, compliance etc.

KNOWLEDGE/SKILLS/EXPERIENCE

- Track record of successful implementation of product variants and innovative customer offerings.

- Demonstrated ability in business planning relating to sales, distribution and service.

- Strong communication and negotiation skills with the ability to influence outcomes.

- Ability to manage and implement change initiatives by taking ownership and working with all stakeholders

- Strong inter-personal skills and leadership ability, which encourages and promotes enthusiasm and team spirit.

- Manage a team of highly skilled professionals in insurance business

- Collaborate across various stakeholders in the bank to achieve common goals