Director- Partnership Distribution

Prudential’s purpose is to be partners for every life and protectors for every future. Our purpose encourages everything we do by creating a culture in which diversity is celebrated and inclusion assured, for our people, customers, and partners. We provide a platform for our people to do their best work and make an impact to the business, and we support our people’s career ambitions. We pledge to make Prudential a place where you can Connect, Grow, and Succeed.

At Prudential Health India (PHI), we are on a mission to make Indians healthier, while bridging the health protection gap. This is a Zero to One team undertaking a greenfield health insurance deployment in India committed to building journeys that will truly empathize with the customer and offer a differentiated, bespoke experience.

To partner us in this mission, we are looking for a talented…

Job Description: Head of Distribution - Banca and CA Partnerships

As Head of Distribution for Banca and CA partnerships, your key responsibilities include.

• Partnership strategy and business planning:
  • Develop the overall strategy and business plan for Banca and CA channels (E.g. NBFCs etc.) aligning to overall PHI distribution strategy.
  • Enable to re-imagine the traditional partnership distribution channel to build a future-ready distribution capability that strives to improve partner/customer experience, optimize acquisition costs and increase conversions and penetration.
• Partnership setup and management:
  • Collaborate with relevant teams in the organization to identify and evaluate partnership opportunities from time to time aligning to overall distribution strategy.
  • Design commercial arrangement to incentivize the right behaviors to achieve sustainable win-win outcome for both Pru and the partner in liaison with other relevant teams.
  • Finalize and setup partnerships across banks, NBFCs and other corporate agents and collaborate closely with tech, experience and product teams to build the right customer and distributor propositions.
• Achieve partnership sales plan.
  • In partnership with partners, achieve sales plan for new customer acquisition, retention, business mix and overall revenue targets.
  • Achieve branch/point of sale/web portal activation and expansion targets and Financial Service Consultants (FSC) activation targets.
  • Work closely with partners, tech, experience, and product teams to understand customer needs and pain points carefully to curate appropriate protection/prevention solutions and customer journeys.
  • Develop and execute incentive programmes for partner staff and FSCs.
  • Maintain good working relationships with existing partners and accelerate growth of existing partnerships.
  • Build a high-quality team of FSCs supporting our partners in their locations and assist in sales process.
  • Relationship management with the leaders & senior management of partners and build a progressive partnership with the partners.
  • Oversee partnership performance, and renewals from time to time.
• Drive technology adoption:
  • Leverage technology to design partnership onboarding and management at scale with minimal setup time and resource requirements.
  • Leverage technology to drive a frictionless customer experience for partners and their customers in areas of policy purchase, issuance and servicing.
  • Work closely with the partners to build intelligent data driven lead generation models to increase conversion rates
• People Management:
  • Recruit, train, and lead a high-performing team, who oversees the partnership and ground level sales force management.
  • Alignment with cross functional key stakeholders in areas like Product, technology, and operations etc.
• Operations:
  • Oversee day-to-day operations, ensuring efficiency and compliance with industry regulations.
  • Ensure compliance with IRDAI regulations governing the insurance industry in areas of commission management and Expenses of Management (EoM).
  • Establish and monitor key performance indicators (KPIs) for the overall partnership channel to measure the channels success.
• New Initiatives:
  • Evaluate and onboard new age partnerships, e.g.: fin-tech or Insurtech partnerships from time to time and tap into new customer segments, products traditionally unserved by Insurance Industry.

You could be the right candidate if you

• Overall 15+ years of experience driving partnerships at scale within the insurance industry.
• Previous track record of setting up large scale partnerships with Banks or NBFCs and successfully managing them for insurance companies
• Proven track record of successfully driving business growth and achieving strategic objectives.
• Strong knowledge of insurance operations, regulations, and market trends.
• Excellent leadership, communication, and interpersonal skills.
• Educational qualifications: Any Bachelor's degree; MBA or industry certifications a plus.
• Excellent communication skill
• Should be IRDA certified.

This could be the gig for you if you…

• Are passionate about consumer behavior and culture; enjoy spending time with customers to understand what they really want. Have an attentive ear listen to new ideas.
• Thrive in environments that celebrate co-creation and collaboration
• Have built best in class processes from a scratch
• Are passionate about leveraging digital tools to transform customer experience
• Like to work in a culture where everyone can see what others are doing
• Take help from others when stuck and encourage others when there are setbacks
• Take full responsibility for your team’s contribution output while thinking wing to wing across the organization; to solve for the customer

What can make you extra special

• It’s great if you have already read books like Blue Ocean strategy, Measure what matters & Zero to One. Before you saw them mentioned here
• You have real stories to tell about how your team and you challenged convention and took the path less travelled.
• We are keen to listen to your story; doesn’t matter if you tell these stories with a sigh or with excitement. We respect both versions. Truly.

Location: Mumbai/Bengaluru

Prudential is an equal opportunity employer. We provide equality of opportunity of benefits for all who apply and who perform work for our organisation irrespective of sex, race, age, ethnic origin, educational, social and cultural background, marital status, pregnancy and maternity, religion or belief, disability or part-time / fixed-term work, or any other status protected by applicable law. We encourage the same standards from our recruitment and third-party suppliers taking into account the context of grade, job and location. We also allow for reasonable adjustments to support people with individual physical or mental health requirements.