TM-Mgr-Policy Issuance-Thane

Job Purpose Responsible for planning and coordinating all MIS related activities to facilitate policy issuance process. Job also involves doing adhoc analysis to highlight trends and update management with relevant information. Job Context & Major Challenges Aditya Birla Sun Life Insurance Co. launched its life insurance business in India in March of 2000 with a vision to create long term value along with market leadership, to help people mitigate risks of life, accident, health and enhance the financial future of customers, including enterprises. BSLI is one of the leading players in the Private Life Insurance Industry in India today. Pioneers of the unique Unit Linked Life Insurance Solutions in India, they have been focused on investment Linked Insurance Products, supported with protection products to maintain leadership in product innovation. 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 Key Challenges for the role Dynamic business & regulatory environment. High dependency & coordination with other functions for arriving at business solutions. Dependency on the availability of customer Ensuring system functionality with available technical compatibility. Liasoning with internal departments, and vendors to ensure seamless system functionality. Ensuring the vendor deliverables are as per agreement & influencing them to take on the volume of work as per business requirements. Maintaining harmony & seamlessness across different functions on which the teams deliverables are dependent.t for all channels. Maintaining 100% accuracy in Policy Financial transactions and updations of dispatch and delivery records of cheques and Policy documents in the system, as errors may result in to losses to the organisation. Key Result Areas KRA (Accountabilities) (Max 1325 Characters) Supporting Actions (Max 1325 Characters) KRA1 Drive Issuance for eligible Policies Extract data using SQL queries Analyse the trends and alert Sr management as and when deviation is observed in the process Coordinate with stakeholders for cross functional data analysis Identify the gaps and help build efficiencies Simplify processes using modern data analysis tools Coordinate with customer with all necessary support to get the policy issued within agreed TAT Coordinate with customer through call / email and influence to complete all requirements for issuance of the policy. Analyse past performance, interact closely with other functions and identify means of improving processes to meet customer expectations KRA2 Process Management Coordinate with all internal departments to provide departments/verticals to ensure that customer queries are addressed with complete satisfaction Coordinate with internal department for smooth issuance of policy keeping in mind the risk & regulatory norms are not compromised. Identify, define and periodically review service standards in terms of quality, speed, costs, regulatory compliance and operational risks to achieve the aforementioned objectives. Ensure adherence to regulatory requirements and appreciate the implications on the function in coordination with Compliance. Seek appropriate process corrections for implementation. Record the risks in such deviations across the new business functions and authorise transactions as appropriate. Recommend process modifications to reduce exception handling to improve customer experience. Do root cause analysis of customer and sales force dissatisfaction, enable resources for resolution of such causes Conceptualize and roll out periodic MIS generation like, NB Monthly review dash board, NB review presentation etc. to facilitate sharing of performance highlights and improvement areas with internal and external customers and also to help in decision making for upgrades in New Business deliverables KRA3 Customer Assistance Assist and update customer on the requirement to be comp .