Area Manager

Area Manager-Agency-Bihar - Bihar | Aditya Birla Health Insurance | Financial Services

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 KRA (Accountabilities) (Max 1325 Characters) Supporting Actions (Max 1325 Characters KRA1 Ensure budgeted capacitation at branches & achieve business targets assigned for the area through & with BM to meet the functional goals. Hire quality manpower BM

Assist & guide the Branch Managers in proper recruitment of the Front Line Sales Force

Ensure execution of an aggressive distribution creation strategy to acquire requisite number of productive agents from a crowded market to achieve targeted market penetration

Monitor the status of the budgeted capacity vis-à-vis the actual strength on board

Assist & guide on the profiles of the recruited candidates for insurance advisors

Carry out goal setting of each individual for month, quarter & year

Plan sales strategies by analyzing performance of various branches and deploying appropriate focus to enhance sales in all.

Create effective engagement interventions at the regional level to ensure high levels of activity & delivery

Conduct periodic reviews to monitor the key business levers and take corrective action where necessary

Review the progress of the Front Lines Sales team on the assigned goal sheet KRA2 Drive implementation of agency initiatives aimed at improving sales productivity across the assigned branches. Ensure daily adherence of sales process by way of effective planning and review.

Ensuring sales progression of the regional sales by reviewing and Motivating team for setting higher performance standards

Driving activities leading to maximum incentive earners at FLS & BM levels KRA3 Ensure Training & Development for the Sales Force in the assigned territory to enhance skill development. Identify the training need & collaborate with the training team to ensure that the timely training of the Agency Managers

Identifying the training need & timely preparation of the training program for the advisors

Fulfill the training needs of the Branch Managers in collaboration with the sales training team KRA4 Maintain relationship with the top advisors of the branches/area to enhance motivation levels. Regularly meet the top advisors of his branches/area.

Maintain good relations with the top performers/club members KRA5 Track attrition and renewal to achieve business health for the area. Mentor; motivate value adding the Sales forces.

Ensure a high percentile of premium through analysis and product mix.

Ensure profitability by implementing new cost optimization initiatives rolled out by the Regional Manager or above.

To ensure delivery of unique consumer value proposition by ensuring enabling framework for the area sales force KRA6 Ensure that business is done in ethical manner and customer's and organisation's objectives are met. Ensure that the business activities are carried out as per the compliance & regulatory guidelines laid by the company

Put in place checks and balances to control the quality of business

Take corrective actions as and when any malpractice is found KRA7 Identify business opportunities through market intelligence & penetrate in underdeveloped market to enhance distribution reach and profitability for the assigned territory. Gain market intelligence

Put in place strategies to tap potential market.

Ensure recruitment of advisors in the areas having unexploited potential

Enhance brand awareness in underdeveloped areas for future business KRA8 Maintain harmony with other departments for smooth functioning & better productivity of the area & organisation. Have regular meetings/discussions with training / underwriting/client services/HR/Compliance /Planning & Finance to understand their expectations & share requirements.

Partner with other departments to ensure sales support.

Manage and resolve escalations KRA9 Team Development Ensure skill enhancement of team members through continuous on the job training.

Coach and Develop team members

Develop a second line of leaders within the sales function

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