HOD - Bancassurance

Job Description

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 banks growth and profitability.Key Outcomes:1. Achievement of Life and General Insurance sales targets, contributing to the banks 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 servicesKey Functions & Responsibilities 1. Business Development and Target AchievementStrategically plan and execute initiatives to achieve the banks 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 ComplianceReconcile 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 ComplianceOversee 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 banks fee based income Engage with prospective clients (individual and corporate customers) to promote insurance products.5. Training & LeadershipConduct comprehensive training sessions for bank staff on insurance products, effective sales techniques, and policy servicing processes.D. Internal RelationshipsRole Department Frequency of Interaction Purpose of the InteractionAccounts Department On-going basis Commission / GST / Payments to Insurance Companies / posting of Financial entriesAudit Department Periodically Internal Department Audit / Statutory Audit / Any Regulatory Audit / Branch Audit Compliance pertaining to InsuranceAdvances Department HOD / Loans Officers Occasionally Borrowers Insurance needs and risk coverages / borrowers claim related queriesLegal Department Occasionally Insurance related Legal Matters / Insurance Companies MOURisk and Compliance Department Occasionally RBI related requirement pertaining to InsurancePremises Department Occasionally Coordinating for Banks assets/ premises / vehicles for insurance coveragePlanning Department Periodically Reporting of Business figures and strategiesIT Department Occasionally Any IT related issues46 Branches Daily Insurance Sales and Insurance service related issuesE. External Relationships:External Agency Frequency of Interaction Purpose of the InteractionInsurance Regulatory and Development Authority of India (IRDAI) Occasionally Filing of Banks Insurance Returns / Insurance Licensing related / any other matters raised by the AuthorityInsurance Channel Partners On-going basis Business Development Goal setting / target setting and achievement Business StrategiesAll insurance related matters from pre sales to post sales and policy servicingCustomer servicingF. 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 Bachelors degree in Commerce, Business, Finance, Marketing, or a related field. Masters degree is advantageous. 2 years of experience in insurance sales, business development, or related roles. IRDA-approved Specified Person License is mandatory.

Keyskills :
bancassurancebankingauditregulatorycompliancerelationship managementinsurance productsbank assurance