Max Financial Services
Location
Bangalore | India
Job description
Job Description Job Code: Position Regional Manager- IMF/IM Reporting To Zonal Manager - IMF Department IMF & New Growth Initiatives Function IMF & New Growth Initiatives Location Band 3 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 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: Drive the strategy to setup and develop the IMF & IM Channel in the zone through managing a team of Channel Development Managers. Key Responsibilities/ Key Deliverables: . Understand the IMF regulation, value proposition & registration process . Develop and implement the IMF/IM acquisition plan o Identify potential sources for competition Agent and potential IMF/IM prospects o Evaluate and implement venue marketing/focus-group approaches to engage prospects o Coach and assist CDM's in meetings with key prospects o Measure conversion of leads through effective pitch of IMF value proposition . Ensure quality of IMF's/IM's in sync with desired profile . Ensure enablers for IMF/IM setup of agreed prospects o Liaise with Max One to enable multiple licensing o Empanel & coordinate with CA's for setting up the new firms o Oversee technology support to enrolled IMF's . Ensure seamless contracting of IMF's/IM's with Max Life . Manage performance of setup IMF's/IM's in steady state o Implement a performance management and rewards system to manage IMF/IM profitability o Provide marketing, training and operational support to IMF's/IM's Measures of Success: . IMF Acquisition . Revenue . IMF Activity & Retention . CDM Productivity . CDM Retention . Quality of
o Manage attrition of IMF's through revival or replacement . Build an effective and stable team of CDM's o Ensure timely recruitment of team o Alignment with support functions (working with & through others) o Contribute to developing talent pool and leadership pipeline o Training & development of team . Drive quality of business sourced from IMF's/IM's o Ensure right product mix and control key quality measures such as leakage and persistency . Manage compliance and financial risks Job Specifications: . Educational Background: Preferably a post graduate . Work Experience o At least 15 years of experience in Sales o Office Head profile of Agency in the current structure o At least 18 months in current role Knowledge & Skill Matrix: . Technical Skills . Behavioral Skills Additional Information (Optional): . Key Relationships . Nature of the Role . Presence . Commercial Aspect . Cross Functional Skills
Job Description Job Code: Position Regional Manager- IMF/IM Reporting To Zonal Manager - IMF Department IMF & New Growth Initiatives Function IMF & New Growth Initiatives Location Band 3 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 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: Drive the strategy to setup and develop the IMF & IM Channel in the zone through managing a team of Channel Development Managers. Key Responsibilities/ Key Deliverables: . Understand the IMF regulation, value proposition & registration process . Develop and implement the IMF/IM acquisition plan o Identify potential sources for competition Agent and potential IMF/IM prospects o Evaluate and implement venue marketing/focus-group approaches to engage prospects o Coach and assist CDM's in meetings with key prospects o Measure conversion of leads through effective pitch of IMF value proposition . Ensure quality of IMF's/IM's in sync with desired profile . Ensure enablers for IMF/IM setup of agreed prospects o Liaise with Max One to enable multiple licensing o Empanel & coordinate with CA's for setting up the new firms o Oversee technology support to enrolled IMF's . Ensure seamless contracting of IMF's/IM's with Max Life . Manage performance of setup IMF's/IM's in steady state o Implement a performance management and rewards system to manage IMF/IM profitability o Provide marketing, training and operational support to IMF's/IM's Measures of Success: . IMF Acquisition . Revenue . IMF Activity & Retention . CDM Productivity . CDM Retention . Quality of
o Manage attrition of IMF's through revival or replacement . Build an effective and stable team of CDM's o Ensure timely recruitment of team o Alignment with support functions (working with & through others) o Contribute to developing talent pool and leadership pipeline o Training & development of team . Drive quality of business sourced from IMF's/IM's o Ensure right product mix and control key quality measures such as leakage and persistency . Manage compliance and financial risks Job Specifications: . Educational Background: Preferably a post graduate . Work Experience o At least 15 years of experience in Sales o Office Head profile of Agency in the current structure o At least 18 months in current role Knowledge & Skill Matrix: . Technical Skills . Behavioral Skills Additional Information (Optional): . Key Relationships . Nature of the Role . Presence . Commercial Aspect . Cross Functional Skills
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