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Job Title
Private Wealth Manager – AXIS
Function
Sales
Department
AXIS Bank Relationship
Reporting To
(Title)
Circle Head – AXIS
Superior's Superior
(Title)
Zonal Head – AXIS
Unit
Aditya Birla Sun Life Insurance Ltd
Location
PAN India
Business
Aditya Birla Capital
Date
1
st
March 2024
1) Position purpose
Axis Bank's affluent business offers a range of financial investment products and provides customised solutions to create and oversee the wealth of their niche segment clients, who are NRI, HNW
[YP1]
and Ultra HNW individuals, groups and establishments. Hence it requires higher order knowledge of the financial industry and other financial products.
2) Dimensions
What are the areas (in quantitative terms) the job has an impact on?
Dimension
Remarks
1.
Manpower
Individual Contribution role
2.
Branch Spread
Retail
3) Position context & Key challenges
(What are the specific aspects of the job that deliver a challenge to the jobholder in the context of the Unit/Zone?
Position context:
Bancassurance
is the insurance distribution
model
wherein the bank allows an insurance company to sell its products to the bank's client base. ABSLI tied up with AXIS Bank in March 2024 to sell its insurance products through the Branch Banking.
Open Architecture
model empowers the clients 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).
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4) Principal Accountabilities
Accountability
Assisting Actions
Business Targets –
To reach Business Targets on focused Business parameters like premium, SP/branch activisation, product mix and Persistency thereby contributing to the overall Business Growth and profitability.
Work closely with AXIS Bank Burgundy Relationship Managers to deliver a bouquet of products and investments to their HNI and Ultra HNI client base.
Deliver sound financial, insurance and wealth-management services to protect client assets and grow the net worth of their respective portfolios.
Make sure quality of business and persistence.
Make sure to increase SP Activisation and selling of greater NOPs through the Group of FLS for greater distribution of ABSLI products
Make sure selling of right Product Mix as defined by the organisation to reach overall business growth and profits.
Identify and implement new business opportunities within the allocated area to enhance penetration
Implement activities / programs designed at the organisational level to build great visibility, promote branding, and strengthen our relationship with the bank.
Train and appraise the RM's on ABSLI products thereby creating a mind space and easy recall for them.
Make sure right method of business acquisition and absolutely 0 % mis selling
Pre and Post-Sales Back up and Service:
To deliver efficient and best in class, competitive products and services to both the Bank partner and clients
Deliver pre and post-sales back up.
Regularly review any client complaints, plug gaps & make sure reduction in complaints
Build effective relationship with the bank partner and become their first preferred insurer
Create visibility and obtain credibility amongst the RMs, by presenting a strong knowledge base of not only the Life insurance products but also all other financial products and offerings.
Plan and reach business targets in terms of premium, RM activation and market share
Establish efficient methods to respond to client queries and sustain persistency levels.
Partner relationship Management:
To build and strengthen the relationship with the partner bank and become their preferred partner
To be equipped with Bank's product ranges and their key features along with the ABSLI products
Pay regular visits to bank branches and meet bank partners.
Design differential strategies to gain mindshare and product mix basis the potential of the branch
Help the Bank branches to increase their overall LI pie
Liaison with our Regional and Zonal Training Group and make sure periodic product training and branding within the branch for bank staff
Design and launch various contests and appreciation platforms for the bank staff to reach higher engagement
Focus on Business Quality and Profitability
– Reach Business profitability by focusing on renewals, quality of business and overseeing costs
Make sure achievement of profitability and persistency targets for the relationship in the designated zones
Oversee expenses within allowable expense gap
Plan and oversee the renewals and make sure adequate focus is maintained by the sales Group on persistency
Make sure Business Leakage is within allowable limits.
Focus and Monitor Product Mix within the Circle, to reach Channel Targets
5) Position purpose of Direct Reports
To represent ABSLI at the designated branches and is tasked with sales performance, acquisition of new business and relationship management in the assigned area / branches.
6) Relationships (If Applicable)
Internal
Frequency
Nature
Retail Branch Banking Group
Training Group
Operations
HR
Daily
As and when required
Daily
Regularly
Discuss potential client base and deliver back up wherever required
Discuss training and counselling needs for the Cluster and co-create interventions
Collaborate for policy log in and issuance
Hire, Retain, Counsel Group Members on issues
External