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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.
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1,712
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63,750+
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2,00,000+
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INR 5.50 Lakh Cr
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39 Million
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INR 1.78 Lakh CrCorporate Governance Policies
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Job Description
TM-Mgr-Policy Issuance-Thane
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Job Description
Job Purpose
Responsible for planning and coordinating all MIS related activities to facilitate policy issuance process. Job also involves doing adhoc analysis to highlight trends and update management with relevant information.
Job Context & Major Challenges
Aditya Birla Sun Life Insurance Co. launched its life insurance business in India in March of 2000 with a vision to create long term value along with market leadership, to help people mitigate risks of life, accident, health and enhance the financial future of customers, including enterprises.
BSLI is one of the leading players in the Private Life Insurance Industry in India today. Pioneers of the unique Unit Linked Life Insurance Solutions in India, they have been focused on investment Linked Insurance Products, supported with protection products to maintain leadership in product innovation.
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
Key Challenges for the role –
• Dynamic business & regulatory environment.
• High dependency & coordination with other functions for arriving at business solutions.
• Dependency on the availability of customer
• Ensuring system functionality with available technical compatibility. Liasoning with internal departments, and vendors to ensure seamless system functionality.
• Ensuring the vendor deliverables are as per agreement & influencing them to take on the volume of work as per business requirements.
• Maintaining harmony & seamlessness across different functions on which the team’s deliverables are dependent.t for all channels.
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• Maintaining 100% accuracy in Policy Financial transactions and updations of dispatch and delivery records of cheques and Policy documents in the system, as errors may result in to losses to the organisation.
Key Result Areas
| KRA (Accountabilities) (Max 1325 Characters) | Supporting Actions (Max 1325 Characters) | |
|---|---|---|
| KRA1 | Drive Issuance for eligible Policies | Extract data using SQL queries Analyse the trends and alert Sr management as and when deviation is observed in the process Coordinate with stakeholders for cross functional data analysis Identify the gaps and help build efficiencies Simplify processes using modern data analysis tools Coordinate with customer with all necessary support to get the policy issued within agreed TAT Coordinate with customer through call / email and influence to complete all requirements for issuance of the policy. Analyse past performance, interact closely with other functions and identify means of improving processes to meet customer expectations |
| KRA2 | Process Management | Coordinate with all internal departments to provide departments/verticals to ensure that customer queries are addressed with complete satisfaction Coordinate with internal department for smooth issuance of policy keeping in mind the risk & regulatory norms are not compromised. Identify, define and periodically review service standards in terms of quality, speed, costs, regulatory compliance and operational risks to achieve the aforementioned objectives. Ensure adherence to regulatory requirements and appreciate the implications on the function in coordination with Compliance. Seek appropriate process corrections for implementation. Record the risks in such deviations across the new business functions and authorise transactions as appropriate. Recommend process modifications to reduce exception handling to improve customer experience. Do root cause analysis of customer and sales force dissatisfaction, enable resources for resolution of such causes Conceptualize and roll out periodic MIS generation like, NB Monthly review dash board, NB review presentation etc. to facilitate sharing of performance highlights and improvement areas with internal and external customers and also to help in decision making for upgrades in New Business deliverables |
| KRA3 | Customer Assistance | Assist and update customer on the requirement to be completed with necessary details. Resolve all queries or cases within TAT and with appropriate resolution |
| KRA4 | Responsibilities | Responsible to facilitate the Issuance processes by generating various reports to drive the business Expertise in Data Analysis and give updates to management on various trends observed Highlight deficiencies Responsible for preparing adhoc reports as and when required Responsible for automation of reports which are regularly required Responsible for Vendor management and reconciling monthly billing activities and should be involved in SLA management Work closely with IT team and stakeholders in various projects involving process re-engineering Analyse the reasons of deviation in SLAs and suggesting improvements to make process moe efficient The role is also responsible for overseeing other operational activities directly or indirectly responsible for issuance of policies |
| KRA5 | Interact with internal & external customers and Lead project for process improvement as well as resolve and address customer queries and complaints. | 5. Participate and supervise year end capacity building activity with respect to Financial transaction and Printing & Dispatch unit, this includes, Planning, Budgeting, Training Execution and roll back of temporary yearend resources. Co-ordinate with branches, customers, Vendors other departments for resolving queries & complaints. 6. Close all complaints and resolve all queries within prescribed SLA/TATs 7. Carry out root cause analysis of issues raised by customers and sales force and enable resources for resolution of such causes. Scrutinizing & analysing the complaint data for identifying improvement opportunities. |
| KRA6 | Prepare daily MIS and actionable to be shared with the reporting manager with status on each actionable on a daily basis, as well enable and execute projects within Financial transaction team for improvements in processes, systems | 1. Collate data from system and prepare and roll out periodic MIS generation pertaining to Financial Processing for collation of Company MA / MBR reports, NB monthly review dashboard, presentation etc. to facilitate sharing of performance highlights and improvements areas with internal and external customers and also to help in decision making for upgrades in Dispatch deliverables. 2. Participate and collate data for internal audit and risk related activities for the entire financial transaction and Printing & Dispatch functions 3. Suggest projects in Financial Transaction and Printing & Dispatch functions based on past performance, feedback from clients for process enhancements and resource optimization. 4. Participate in preparation of business cases 5. Participate in the internal process for seeking approval of projects. |
| KRA7 | Plan resources for each activity as per the volumes forecasted and budget, and lead and manage (recruit, motivate and retain) the team to ensure performance efficiencies. | 1. To collate data as per traditional time taken for each process. 2. Align and alter resources comprising of people, space and systems to business projections and reduce wastage within Financial Transaction Processing and Printing & Dispatch functions 3. Enable team work, improvements in interpersonal relationships through close personal interaction with the team 4. Utilize the resources efficiently and effectively to ensure maximum productivity is achieved. 5. Effectively manage performance of the team members by proper coaching and counselling 6. Identify training needs of the team for their process improvement. 7. Ensure that the manpower & other resources are properly planned for smoother & accurate processing of the team 8. Align and alter resources comprising of people, space and system to business projection and reduce wastages. |
4 - 7 years
Under Graduate
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