Area Manager - IMF & New Growth Initiatives (149076)
Area Manager - IMF & New Growth Initiatives (149076)
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Job Description
About Max Life Insurance:
Max Life Insurance Company Limited is a Joint Venture between Max Financial Services Limited and Axis Bank Limited. Max Financial Services Ltd. is a part of the Max Group an Indian multi business corporation.
Max Life offers comprehensive protection and long-term savings life insurance solutions through its multichannel distribution including agency and third party distribution partners. Max Life has built its
operations over almost two decades through need-based sales process a customer-centric approach to engagement and service delivery and trained human capital.
As per public disclosures during the financial year 2019-20 Max Life achieved gross written premium of Rs. 16184 crore. As on 31st March 2020 the Company had Rs. 68471 crore of assets under management (AUM) and a Sum Assured in Force of Rs. 913660 crore.
For more information please visit the Companys website at
We Stand for:
Caring
A compassionate leader who demonstrates appreciation for diversity in thoughts and approach towards people as well initiatives eliminates biases to promote meritocracy. A coach who inspires people to excel and sets a culture of high performance.
Collaboration
A boundary-less leader who is capable of identifying & leveraging expertise of team members for superlative outcomes thus delivers to the organizations ask. A leader who addresses challenges with a solution oriented approach to create win-win partnerships within & outside teams through inspired cooperation and teamwork.
Customer Obession
A leader who embodies Customer and keeps him at the core of all deliverables. Proactively anticipate customer needs and implement strategies to provide best in class customer experience.
Growth Mindset
An ambitious leader who can sponsor game changing ideas and rally the team to turn them into a reality. A leader who challenges the status quo takes bold & creative actions to manage complex issues & achieve high impact goals by pushing self and others and raise the bar on performance.
People Leadership
A peoples leader who inspires their teams to stretch themselves and achieve their true potential. A leader who create leaders by coaching empowering & motivating them to deliver superior business outcomes.
Max Life Insurance is an Equal Opportunity Employer and promotes inclusion and diversity.
Job Description
Job Title
Area Manager - IMF & New Growth Initiatives
Location
Multiple Locations (PAN India)
Department
Agency
Function
Insurance Marketing Firm
Reporting to
Deputy Regional Manager - IMF & New Growth Initiatives
Band
4
Function Summary
IRDA Regulation on IMF was released on Jan 2015 where companies which are LLP / Pvt limited / cooperative societies were allowed to distribute financial products. IMFs are allowed to deals in Insurance of 6 companies (2LI 2GI 2 HI) mutual funds banking products post etc. Max life spotted this opportunity to attract established financial distributors from the market to engage and distribute max life products PEARL ACQUISITION. A dedicated team of 50 CDMs were recruited in two phases and trained to hire & farm these relationships. Currently we have 95 licensed IMFs on board and expected to touch 150 which are work in progress. The pool of IMF s primarily comprises of top Agents in Insurance Wealth Managers Loan DSA CA Ex - employees from financial services with an existing customer base customer base. Present IMF carries avg. 2500 customers and big turnover book. As a later part of Pearl acquisition strategy Insurance Managers is a career option provided to establish financial distributors who are not able to meet the requirements of forming an IMF. This has also proven to be an exciting opportunity. Insurance Manager is part time employee model which provides a platform to the pearl to associate with MLI and improve their earnings flexible working hours and better choices to their customers. IM will be different from an ADM/APC as he will not be recruiting and mentoring Agents and will only source business by penetrating into his existing client base. Avg book size with them is also 750 customers.
Job Summary:
- Implement the strategy to setup and develop the IMF Channel
- Setup and manage a pool of 10-15 Insurance Marketing Firms
- Managing a revenue stream of around 2 cr and ensure right product mix
Key Responsibilities/ Key Deliverables:
- Understand the IMF regulation value proposition & registration process
- Independently implement the IMF acquisition plan in the territory
- Identify potential leads and sources for prospective IMFs coordinate with HO for referred leads
- Connect with prospects & organize seminars for IMF acquisition
- Ensure conversion of leads through effective pitch of IMF value proposition
- Ensure quality of IMFs in sync with desired profile
- Enable the setup of IMF of agreed prospects
- Understand all regulatory requirements and manage the IMF registration process with IRDA
- Oversee technology support to enrolled IMFs
- Ensure seamless contracting of IMFs with Max Life
- Manage performance of setup IMFs in steady state
- Develop understanding of products & coach IMF staff on product USPs
- Implement a performance management and rewards system
- Drive IMF profitability through improving productivity of IMFs sellers & controlling cost of sales
- Provide marketing training and operational support to IMFs
- Manage attrition of IMFs through revival or replacement.
Measures of Success:
- IMF Acquisition
- Revenue
- IMF Activity & Retention
- Quality of Business
Required Experience:
Manager
Employment Type
Full Time
