Job Purpose :
To lead bancassurance partner relationship for the VRM vertical of the Non-Branch Banking space and achieve business objectives through cost efficiencies, meeting revenue targets and enhancing profitability. To strategize and direct efforts into Business development and Team Engagement thereby widening and strengthening the partnership contributing to overall business growth.

Job Context & Major Challenges:
Job Context:
Bancassurance is the insurance distribution model wherein the bank allows an insurance company to sell its products to the banks client base. ABSLI tied up with HDFC Bank in Apr 2017 to sell its insurance products through the Non-Branch Banking / Alternate Channels of Banking. With the advent of technology, banking has become omnipresent and omnichannel today. Banks today are focusing on building alternate channels to fulfil customers transactions, sell products and acquire current customers, rather than solely being dependant on the branch network, which leads to high real estate and licensing costs.



The customer base is bifurcated into various verticals based on the customer profile: 1)Private Banking Group 2)Non-Residents of India 3) VRM 4) COP 5) Prime sales operations therefore spans across HNI and Super HNI customers to Retail Banking via alternate Channel of the Bank Partner. Open Architecture model empowers the customers now to select their Life insurance plans from more than one insurer as per their choice at competitive prices. It also lowers chances of Mis selling, with the intervention of multiple regulators like Reserve Bank of India (RBI) and Insurance Regulatory and Development Authority of India (IRDAI).
Major Challenges:
Mindshare: In addition to ABSLI products, HDFC bank sells insurance of 2 other Life Insurance Companies- TATA AIA and HDFC Life. The bank sales force was accustomed to sell HDFC Life Products for 17 years, hence changing their mindset is a mammoth task. Similarly, TATA AIA come with equally solid brand

📌 Asm Nrvrm Hdfc Mumbai Goregaon (India)
🏢 Financial services
📍 India