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Magma General Insurance

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Chennai, India Magma general Insuarnce Full time

Description: Business Development Manager - Emerging BrokersDepartment: Corporate Sales & Broking (Emerging Brokers Channel)Location: Chennai, Hyderabad, Mumbai, and KolkataGrade/Level: Assistant Manager / Deputy ManagerRole OverviewThe Business Development Manager Emerging Brokers will be responsible for driving business growth in the group health insurance segment, specifically focusing on small and medium enterprises (SMEs), microfinance institutions, and local broker networks.The role aims to strengthen Magma Insurances presence in the SME health space by leveraging new distribution partnerships and optimizing existing broker relationships.This position demands a proactive professional with deep market knowledge, strong business acumen, and the ability to engage and motivate partners.The incumbent will work closely with underwriting, claims, and product teams to deliver tailored health insurance solutions that meet market needs while ensuring profitability and compliance.Key Acquisition & Revenue Growth- Source and generate new business opportunities in the Group Health (GMC/GPA) segment from SME portfolios, local brokers, and emerging channels.- Develop and execute a structured business plan to achieve assigned sales targets and expand regional market share.- Analyze territory potential and identify new market segments or untapped opportunities.- Monitor performance metrics (premium volume, conversion rates, persistency) and ensure achievement of monthly and annual goals.Broker & Partner Management- Identify, recruit, and onboard SME brokers and agents to increase the business footprint.- Develop strong professional relationships with key brokers and intermediaries to drive consistent business inflow.- Organize broker engagement activities, training sessions, and product workshops to enhance partner productivity.- Ensure transparent communication, timely issue resolution, and effective coordination between brokers and internal teams.Channel Expansion & Development- Initiate innovative strategies to develop new distribution channels (including digital aggregators, referral networks, and non-traditional intermediaries).- Evaluate potential partners and establish alliances to expand market reach.- Collaborate with regional and zonal sales leadership to design channel-specific incentive structures and engagement models.- Drive cross-functional collaboration for seamless onboarding of new channels, ensuring adherence to compliance and operational standards.Internal Coordination & Process Management- Liaise with Underwriting, Claims, Operations, and Finance teams to ensure smooth policy issuance, claim processing, and partner payouts.- Track business quality parameters and ensure adherence to underwriting guidelines.- Ensure timely closure of documentation, renewals, and reconciliations.- Provide regular MIS reports, market intelligence, and competitor analysis to management.- Participate in internal strategy meetings and contribute insights on regional business performance.Relationship Building & Market Representation- Represent Magma Insurance in regional broker meets, seminars, and insurance industry forums.- Strengthen the organizations brand visibility and reputation among local intermediaries.- Maintain a high level of customer satisfaction through efficient service delivery and post-sales engagement.Qualifications & Graduate in any discipline (MBA or Postgraduate in Sales/Marketing/Insurance 45 years of relevant experience in the General Insurance industry.- Strong exposure to Group Health Insurance (GMC/GPA) or SME-focused business development.- Experience in managing brokers, agents, or small intermediary networks.Technical/Domain Expertise:- Understanding of insurance products, underwriting principles, and regulatory requirements.- Familiarity with digital sales platforms or alternative distribution models is an advantage.Core Competencies:- Excellent communication and negotiation skills.- Strong relationship management and stakeholder coordination abilities.- Analytical mindset with data-driven decision-making approach.- Self-motivated, target-oriented, and adaptable to a dynamic business environment.Reporting StructureReports To: National Sales Manager - MSME Channel (Initially)Later Reports To: Zonal Head - Emerging Brokers (post zonal structure implementation) (ref:iimjobs.com)