Area Manager-Agency-Bihar

Job Purpose

The purpose of this job is ensure achievement of business targets and enhancement of profitability of the assigned area by providing effective leadership, planning resources, identifying & implementing sales strategies, monitoring people performance and market changes and ensuring timely operations support to ensure smooth functioning of the branches.
To ensure delivery of unique consumer value proposition by ensuring enabling framework for the area sales force along with Sales Training, Product, Operations, HR & Distribution, strategy team.

Job Context & Major Challenges

About the Health Insurance Industry –
While the current market sees more than 15 non-life players in the private space and 5 exclusive private players in the health insurance space trying to capture a sizable market share, the nationalised service provider (6) remains a strong competitor. In addition to this the business dynamics are such that the overall market on an annual basis which is to the tune of roughly 10,000 Crs sees close to 85 % of the business renewing with the existing service provider itself. This narrows down the opportunity of the fresh business actually being seriously fought in the market to approximately 1500 odd Crs. With the SME and the start-ups being the driving force of Indian economy, the opportunity to cater to these segments is immense and is increasing manifold year on year.
ABHICL’s vision has always been digital. The company has been successful in adopting paper-less approach right from identifying to on-boarding to delivering seamless experience of its customers & employees.

Challenges –
Distribution reach will be the key to future growth acceleration for insurance companies as existing geographies get saturated and the focus shifts to new under penetrated geographies.
Effective distribution reach into newer geographies, alternate distribution channels, innovative products, targeting new segments are the major challenges in this industry and will be the key drivers in the future.
While companies are planning to double their agency network over the next 2 years, the overall industry life agency workforce attrition rate ranges between 50-55% which is significantly high.
Hence the key challenge to recruit qualified insurance agents, especially in the semi-urban / rural markets and also to combat the increasing attrition rate particularly when new players are entering the market
Distribution reach will be the key to future growth acceleration for insurance companies as existing geographies get saturated and the focus shifts to new under penetrated geographies.
Identifying new segments, structure offerings, and value enhancers apart from creating differentiators’ remains a big challenge for the company’s growth. Meeting varied client’s expectation in terms of solutions, pricing and operational support remains a challenge.
Build and further enhance relationships with key customers and agents alike.
Build the areal in line with the leadership teams expectation of having the area team contributing substantially to the bottom-line in years to come
Key Challenges for the role –
Creating and enticing value proposition in the distributor and consumer segment for a completely new concept and product in the market.
Ensuring profitability and timely break-even in a cost driven market.
Unavailability of skilled man power (BM/BH/AM/Support) in small towns
Short gestation time to develop people because of fast business demand.
Managing Attrition at the frontline due to competition
Getting Infrastructure in place in small locations
Competition across the industry
Performing despite unethical market practices prevailing in the market
Interdependency on other departments directly impacting the business like Operations, R&R, Licensing Training, CD channel, etc.
Process and system challenges affecting overall productivity and timelines.
Market Forces / External factors which are beyond the organizational control affect performance e.g. Sensex. Recession etc.

Key Result Areas