Deputy Area Manager - IMF & New Growth Initiatives
Deputy Area Manager - IMF & New Growth Initiatives
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Job Description
Job Description
Job Code:
Position
Deputy Area Manager
Reporting To
Regional Manager
Department
IMF
Function
IMF & New Growth Initiatives
CTC
3 .50 to 4.50 Lacs
Band
5B
About IMF Channel:
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 95licensed 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:
- Acquire annually 6 to 7 part time employees (Insurance Manager IM) and also manage a preallocated team of IM which will be mapped to them from the existing pool of IMs.
Key Responsibilities/ Key Deliverables:
- Understand the IM acquisition and also IMF regulation value proposition & registration process.
- Acquisition of 6 - 7 IMs in a year independently.
- Independently managing a pool of Insurance Managers mapped to them from existing pool in the beginning only.
- Post successful completion of 1 year the next level is CDM wherein the focus will be on IMF journey.
- Manage performance of IMs
- Develop understanding of products & coach IM staff on product USPs
- Implement performance management and rewards system in IMs.
- Provide marketing training and operational support to IMs
- Manage attrition of IMs through revival or replacement
- Drive quality of business sourced from IMs
- Ensure right product mix and control key quality measures such as leakage and persistency.
Measures of Success:
- Minimum 6 - 8 IM Acquisition in a year
- Achieving sales target through team of IMs
- IM Activity & Retention
- Quality of Business
- Create pipeline for IMFs
Job Specifications:
- Educational Background: Minimum a graduate
- Work Experience: At least 1-3 years of experience in recruiting business partners / Agents and achieving sales target through them.
- Good communication skill.
Job Description
Job Code:
Position
Deputy Area Manager
Reporting To
Regional Manager
Department
IMF
Function
IMF & New Growth Initiatives
CTC
3 .50 to 4.50 Lacs
Band
5B
About IMF Channel:
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 95licensed 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:
- Acquire annually 6 to 7 part time employees (Insurance Manager IM) and also manage a preallocated team of IM which will be mapped to them from the existing pool of IMs.
Key Responsibilities/ Key Deliverables:
- Understand the IM acquisition and also IMF regulation value proposition & registration process.
- Acquisition of 6 - 7 IMs in a year independently.
- Independently managing a pool of Insurance Managers mapped to them from existing pool in the beginning only.
- Post successful completion of 1 year the next level is CDM wherein the focus will be on IMF journey.
- Manage performance of IMs
- Develop understanding of products & coach IM staff on product USPs
- Implement performance management and rewards system in IMs.
- Provide marketing training and operational support to IMs
- Manage attrition of IMs through revival or replacement
- Drive quality of business sourced from IMs
- Ensure right product mix and control key quality measures such as leakage and persistency.
Measures of Success:
- Minimum 6 - 8 IM Acquisition in a year
- Achieving sales target through team of IMs
- IM Activity & Retention
- Quality of Business
- Create pipeline for IMFs
Job Specifications:
- Educational Background: Minimum a graduate
- Work Experience: At least 1-3 years of experience in recruiting business partners / Agents and achieving sales target through them.
- Good communication skill.
Required Experience:
Manager
Employment Type
Full Time
