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Aditya Birla Capital Limited
Aditya Birla Capital Limited (“ABCL”) is a listed systemically important non-deposit taking Non-Banking Financial Company (NBFC) and the holding company of the financial services businesses. ABCL and its subsidiaries/JVs provides a comprehensive suite of financial solutions across Loans, Investments, Insurance, and Payments to serve the diverse needs of customers across their lifecycles. Powered by over 63,750 employees, the businesses of ABCL have a nationwide reach with over 1,712 branches and more than 200,000 agents/channel partners along with several bank partners.
Nationwide Branches
1,712
No. of Employees
63,750+
Agents/Channel Partners
2,00,000+
Aggregate Assets
INR 5.50 Lakh Cr
Active Customer Base
39 Million
Consolidated Lending Book
INR 1.78 Lakh CrCorporate Governance Policies
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Job Description
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Job Description
Job Purpose
The purpose of this job is ensure achievement of business targets and enhancement of profitability of the assigned branch by providing effective leadership, planning resources, monitoring people performance & market changes & ensuring timely operations support to ensure smooth functioning.
It also includes distribution building, retail development and recruitment of FLS and Advisors.
Job Context & Major Challenges
Job Context \ Job Challenges:
A Comprehensive Incentivized Wellness Program that will attract the young and health conscious and will motivate, guide and reward them to stay healthy
A Chronic Care Management Program to cater to the unmet needs of a growing Indian population of those suffering from chronic lifestyle conditions like Diabetes, Asthma, High Cholesterol and Hypertension from Day 1
ABHICL serves as an enabler and influencer of health and healthcare choices that customers make, in addition to being a payer of healthcare expenses. Thus, ABHICL would act like a much needed catalyst to grow the prevalent health insurance landscape in India through product innovations and a wider choice of consumer relevant products.
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: How we create specific distribution models to penetrate different market segments remains a challenge. Motivation to channel partners to place business with the co. Activate and manage agent based distribution channel across the country
Long term and short term strategic plans to increase the market share and profitability in line with the company’s business objectives.
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 vertical in line with the leadership teams expectation of having the group benefits team contributing substantially to the bottom-line in years to come
Key Challenges for the role –
As the business is quite manpower intensive, hiring & retaining the right resources given the limited availability of quality talent and stiff competition is a stiff challenge
Delay in completion of business during month end as it involves the long process to issue the policy (starting from policy receipting, scanning, completing requirement, medical follow ups and finally the completion).
Since health business is purely retail, maintaining daily rhythms and adding value every day to engage FLS/advisors so that they do required inputs as per the sales process is a challenge.
Considering FLS quality and delivery timelines, coaching, handholding and developing a new FLS takes lot of time and energy.
Infrastructure constraints
Driving a balanced business growth in order to achieve the sales goals in alignment with mandated/desired market conduct and quality of business.
Recurrent changes in regulatory environment and consequently changed product portfolios requiring strategic & tactical changes in selling techniques/pitch
Managing expectations of high performers: high performers expectation rises every year and to satisfy it, by getting innovative ideas is a biggest challenge
Driving high rates of YOY renewals in turbulent market conditions
Key Result Areas
| KRA (Accountabilities) (Max 1325 Characters) | Supporting Actions (Max 1325 Characters) | |
|---|---|---|
| KRA1 | Ensure budgeted capacitation of FLS & achieve assigned business target by ensuring performance of assigned FLS with respect to recruitment of Advisors & achievement of business targets. | Recruit quality resource Ensure performance standards of recruitment, activation, policies & premium are met by the assigned FLS Maintain the profitability of the branch Keep track on Advisors Contest and Clubs Keep track on various training needs. Sharing good sales practices. Mentor, coach, and handhold FLS by observing and demonstrating sales/recruitment calls. Maintain the Sales Report on Introduction and Issued Business Create effective engagement interventions at the branch level to ensure high levels of activity & delivery Conduct periodic reviews to monitor the key business levers and take corrective action where necessary Carry out goal setting exercise with his team enabling the FLS team to deliver the expected productivity & subsequently leading the team to progress to next progression level. |
| KRA2 | Drive implementation of agency initiatives aimed at improving sales productivity across all FLS. | Ensure daily adherence of sales process by way of effective planning and review. Ensuring sales progression of the FLS by reviewing and Motivating team for setting higher performance standards Driving activities leading to maximum FLS incentive earning. |
| KRA3 | Ensure renewal targets are met and business health for the allotted branch so that functional goals are achieved. | Manage sales force attrition as per bench mark. Maintain quality of business for better renewals. |
| KRA4 | Relationship Management (Internal & External) to drive performance. | Maintain healthy & cordial relation with team of Agency Managers as well as all concerned departments. Maintain one to one contact with all advisors. Ensure reaching of communication to the advisors of his team about new product, schemes, clubs, etc. (using FLS as key point of contact). Visit top advisors in regular intervals. |
| KRA5 | Drive local sales promotion effort for to support team members in achieving business targets | Anticipate sales promotion opportunities in the area of operation and devise innovative promotional activity. Driving various contests |
| KRA6 | Ensure Risk Management as per company policy. | Be responsible for the market conduct of the assigned agency managers and the advisors in their team Carrying out the business activities as per the compliance & regulatory environment. Ensure (by doing basic screening & basic sanity checks) the applications that healthy |
| KRA7 | Ensure compliance objectives and regulatory norms are achieved as per defined organizational guidelines. | Ensure communication of compliance norms to all concerned employees Develop deviation metrics and take appropriate actions for deviations |
| KRA8 | Identify and develop a team of sales professionals for the branch | Coach and Develop team members Build People capability Develop a second line of leaders within the Branch FLS Team |
2 - 5 years
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