ASM

About the Health Insurance Industry
While the current market sees more than 15 nonlife 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 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 startups being the driving force of the Indian economy, the opportunity to cater to these segments is immense and is increasing manifold year on year. The challenge here therefore remains as to how we capture a larger share of the opportunity by developing specific solutions to cater to each segment of the business. Also, by creating an inexpensive and standardized solution to increase the reach into the pockets of channel partners across the country to harness their captive business and explore new opportunities with them.

Market Opportunities
With the advent of medical advancements, lifestyle changes, change in the Indian socioeconomic scenario, and the Indian healthcare space, insurers are facing challenges to cater to the needs of this diverse clientele. Increasingly, Indian customers have started considering health insurance partners as extensions of health advisers. In this scenario, it becomes extremely important to understand their psyche and then provide tailored solutions with wellness benefits which would help them meet their end objectives and bring in a profitable revenue source for the company.

About the Aditya Birla Health Insurance
Aditya Birla Health Insurance Co. Limited (ABHICL) was incorporated in 2015 as a 51:49 joint venture between Aditya Birla Capital Limited (ABCL) and MMI Strategic Investments (Pty) Ltd. ABHICL commenced its operations in October 2016.

ABHICL has entered the competitive health insurance market with an aim to expand the category to wider customer segments, beyond the ones that health insurance companies traditionally have marketed to. As the 6th entrant in a category with well-established players, ABHICL is creating differentiation and equity for itself through the unique business proposition of Health Insurance for All, a one-of-a-kind proposition in India at the moment. This is a philosophy that is being built through every single consumer touchpoint and into every single backend process of the company to ensure a customer’s experience of our proposition is continuous and seamless.

ABHI's unique offering to the market includes:

• A Comprehensive Incentivized Wellness Program that will attract the young and health-conscious and will motivate, guide, and reward them to stay healthy
• A Chronic Care Management Program to cater to the unmet needs of a growing Indian population suffering from chronic lifestyle conditions like Diabetes, Asthma, High Cholesterol, and Hypertension from Day 1
• ABHICL serves as an enabler and influencer of health and healthcare choices that customers make, in addition to being a payer of healthcare expenses. Thus, ABHICL would act like a much-needed catalyst to grow the prevalent health insurance landscape in India through product innovations and a wider choice of consumer-relevant products.
• ABHICL's vision has always been digital. The company has been successful in adopting a paperless approach right from identifying to onboarding to delivering a seamless experience for its customers and employees.

Key Challenges for the role

• Recruit and retain the best talent from market clutter
• Gaining greater mindshare of partners in a multipartner architecture. In the new open architecture, a partner gives access to limited channels or geography. This consequently leads to sharing of the same revenue pie and thereby reduced revenue from each partner
• Managing multiple relationships and thereby managing differing partner expectations across a wide spectrum of customer segments and reach.
• Identify the slippages in identified channels, and innovate processes in conjunction with the Bank and operations teams to ensure that conversion loss due to channel nuances is minimized
• Drive POS activation: With multiple products being available to a POS, and because of low ticket size, it is important to ensure interest of POS among the wide spectrum of products available and achieve month-on-month activation.

Key Result Areas
Supporting Actions
Driving sales via Various channels of Partner Bank

1. Identify and build relationships with key stakeholders to gain mindshare
2. Continuous interaction with key stakeholders to ensure understanding of market pulse and put in force the right initiative at the right time to maximize revenue
3. Drive channel strategy as per company directives to increase revenue growth in profitable segments / large clients

Partner engagement

1. Understand market dynamics and offerings of other manufacturers to the Bank
2. Take regular feedback from the Bank to help innovate products and provide solutions at an organizational level
3. Pursue client-specific requirements along with channel partners to support conversion

Maintaining Pipeline

1. Managing a pipeline to achieve desired numbers and continuously updating the same

P&L

1. Managing Overall P&L of the zone and deliver planned business output in desired product mix and quality
2. Working with the product team to focus on conversions and retention of profitable clients
3. Weekly tracking of business growth. Seeking support from various stakeholders towards closure of business

Enable sales force to ensure productivity and retention

1. Collaborate on the creation of appropriate progression plans
2. Collaborate on the creation of appropriate training plans
3. Ensure communication of objectives, new initiatives, and programs across all levels

Renewal persistency

1. Decoding clients’ requirements, pain points, and opportunity areas
2. Providing need-based solutions to clients to increase stickiness.
3. This would involve building strengthening relationships across the various stakeholders within the company, within the concerned partner for the account, as well as within the internal stakeholders in the company to ensure that the offering we propose meets their expectations.

Identify and develop a team of sales professionals for the Channel

1. Recruit the best talent from the available clutter
2. Coach and develop team members
3. Build people capability

Disclaimer: This job posting and location have been aggregated from external sources. Role details, content, and availability are subject to change. Applicants are advised to confirm the latest information directly on the company website before applying.