I. Role purpose
Sales Manager – Exclusive Channel is responsible for overseeing nationwide business activities through the exclusive bancassurance channel, driving sales, and ensuring the achievement of business targets. Your role involves strategic planning, relationship management, salesforce development, and operational oversight to maximize the potential of the bancassurance channel. Acting as the primary liaison between the insurance company and the bank(s), ensuring seamless collaboration, smooth operations, and sustained business growth.
2. Key Accountabilities
Strategic Planning and Business Development:
Develop and execute a comprehensive bancassurance strategy aligned with the company’s overall business goals.
• Developing & implementing business plan for Exclusive Channel.
• Developing and maintaining effective relationship with appointed bank partners, lead the daily operational activities.
• Take charge in providing input information and proposing productive solution regarding team performance.
• Develop objectives and business plan for the channel aligned with company’s objectives and strategies.
• Identify new business opportunities within the bank’s customer base and design tailored insurance solutions to meet their needs.
• Analyze market trends, competitor activities, and customer preferences to refine the bancassurance strategy.
• Set ambitious yet achievable sales targets for the bancassurance channel and ensure they are met through effective planning and execution.
Sales and Revenue Generation:
• Drive the sales of insurance products through the bank’s network of branches, digital platforms, and other channels.
• Collaborate with the bank’s sales teams to promote insurance products and ensure they are effectively integrated into the bank’s offerings.
• Monitor sales performance metrics and take corrective actions to address any shortfalls.
• Develop and implement sales campaigns, incentives, and promotions to boost product uptake and achieve revenue targets.
Operational Management and Compliance:
• Lead the salesforces to ensure all assigned business parameters including KPIs are efficiently managed.
• Develop and execute business plan and strategies to ensure Exclusive Channel to meet Company’s assigned APE profitably.
• Develop and maintain relationships with key personnel at the bank partners including top management, especially branch levels.
• Ensure all aspects of the channels from sales to recruitment, operational management, profitability, product mix etc. are managed effectively.
• Ensure seamless operational processes between the insurance company and the bank, including policy issuance, premium collection, claims processing, and customer service.
• Monitor compliance with regulatory requirements, internal policies, and industry standards for both the insurance company and the bank.
• Address operational bottlenecks or inefficiencies that may impact the bancassurance channel’s performance.
• Collaborate with internal teams (e.g., IT, operations, legal) to streamline processes and enhance the overall customer experience.
Training and Development:
• Design and deliver training programs for bank staff to enhance their understanding of insurance products, sales techniques, and customer engagement strategies.
• Provide ongoing coaching and support to bank employees to improve their ability to sell insurance products confidently and effectively.
• Evaluate the effectiveness of training programs and make improvements as needed to ensure continuous skill development.
Relationship management
• Build and maintain strong, long- term relationships with key stakeholders at the bank, including senior management, branch managers, and relationship managers.
• Act as the primary liaison between the insurance company and the bank, ensuring clear communication and alignment on goals and expectations.
• Conduct regular meetings and business reviews with the bank to discuss performance, address challenges, and explore growth opportunities.
• Resolve any conflicts or issues that may arise between the insurance company and the bank promptly and professionally.
Performance Analysis and Reporting:
• Track and analyze key performance indicators (KPIs) such as sales volume, premium income, customer acquisition, and retention rates.
• Prepare detailed reports for senior management, highlighting achievements, challenges, and actionable insights to improve performance.
• Use data- driven insights to refine sales strategies, optimize product offerings, and identify new growth opportunities.
Product Development and Innovation:
• Work closely with the product development team to design insurance products that align with the bank’s customer profile and market demand.
• Provide feedback from the bancassurance channel to influence product design, pricing, and features.
• Stay updated on industry trends, customer preferences, and competitor offerings to drive innovation in the bancassurance portfolio.
Customer Experience and Retention:
• Ensure a high level of customer satisfaction by addressing customer complaints, feedback, and queries promptly and effectively.
• Collaborate with the bank to enhance the customer experience at every touchpoint, from product purchase to claims settlement.
• Implement initiatives to improve customer retention and loyalty, such as personalized communication, loyalty programs, and value- added services.
Team Leadership and Collaboration:
• Lead and mentor the bancassurance team, including relationship managers, sales support staff, and trainers, to ensure high performance and motivation.
• Foster a collaborative environment between the insurance company and the bank, encouraging teamwork and shared goals.
• Represent the bancassurance channel in cross- functional meetings and contribute to the company’s overall strategic direction.
