Kotak Life Insurance

3 weeks ago

Mumbai, India Kotak Life Insurance Full time

Position: Head - Sales Incentive

Designation: Vice President

Grade: L7A

Department: Human Resources

Location: Goregaon East IT Park, Mumbai

1. Sales Incentive Strategy & Design:

- Develop and execute holistic sales incentive frameworks across multiple distribution channels (agency, bancassurance, direct, digital).

- Align incentive schemes with organizational goals, revenue targets, persistency, and cross-sell objectives.

- Ensure all schemes are designed within approved budgets and deliver optimal ROI.

- Analyze sales trends and performance data to recommend plan modifications and enhancements.

- Benchmark against industry practices to ensure competitiveness and effectiveness.

2. Incentive Program Governance & Execution:

- Oversee accurate and timely calculation and disbursal of incentive payouts.

- Coordinate closely with Sales Support, Payroll, and Finance teams to ensure correct payout processing and accounting treatment.

- Define governance frameworks to ensure transparency, auditability, and adherence to internal policies and IRDAI guidelines.

- Manage all audits (internal, concurrent, statutory) for incentive payouts.

- Identify, manage, and mitigate risks associated with incentive programs

3. Stakeholder Collaboration:

- Partner with Sales, Finance, HR (Distribution), and Compliance to co-create and validate incentive designs.

- Provide senior sales leaders with data-driven insights, program diagnostics, and recommendations.

- Lead structured communication and training sessions to ensure field sales teams fully understand incentive structures.

4. Performance Analytics & Reporting:

- Monitor incentive effectiveness, sales productivity, and ROI of incentive spends.

- Build dashboards and executive reports highlighting incentive impact on business outcomes.

- Continuously refine incentive programs through data analysis, feedback loops, and scenario planning

5. People & Team Management:

- Lead, mentor, and develop a team of analysts and incentive specialists.

- Build advanced team capabilities in data modeling, scenario analysis, automation, and stakeholder management.

6. Tech Automation:

- Ideate, design, and drive automation of incentive processes for accuracy, scalability, and speed.

- Ensure timely updates of schemes on incentive management platforms.

- Partner with technology teams to integrate incentive platforms with sales MIS and payroll systems

Education: MBA in HR, Finance, or related discipline from a reputed institute.

Work experience in years:

- 10-15 years with strong exposure to sales incentives, compensation strategy, and performance management, preferably in insurance or financial services.

- Strong understanding of sales operations and incentive levers.

- Proficient in Excel, analytics tools, and incentive management software.

- Exceptional analytical, problem-solving, and stakeholder management skills.

Skills / experience required:

- Reports, analytics and MIS

- Strategic Thinking & Business Acumen

- Data modeling, analytics, scenario simulations, and incentive automation platforms

- Strong team management, stakeholder influence, and cross-functional collaboration

(ref:iimjobs.com)

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