Area Manager - IMF & New Growth Initiatives

Function SummaryIRDA 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 - Implement the strategy to setup and develop the IMF Channel- Setup and manage a pool of 10-15 Insurance Marketing Firms- Managing a revenue stream of around 2 cr and ensure right product mix Key Responsibilities/ Key Deliverables: -Understand the IMF regulation, value proposition& registration process-Independently implement the IMF acquisition plan in the territory•Identify potential leads and sources for prospective IMF’s, coordinate with HO for referred leads•Connect with prospects& organize seminars for IMF acquisition •Ensure conversion of leads through effective pitch of IMF value proposition-Ensure quality of IMF’s in sync with desired profile-Enable the setup of IMF of agreed prospects•Understand all regulatory requirements and manage the IMF registration process with IRDA•Oversee technology support to enrolled IMF’s-Ensure seamless contracting of IMF’s with Max Life-Manage performance of setup IMF’s in steady state•Develop understanding of products& coach IMF staff on product USP’s•Implement a performance management and rewards system •Drive IMF profitability through improving productivity of IMF’s sellers& controlling cost of sales•Provide marketing, training and operational support to IMF’s•Manage attrition of IMF’s through revival or replacement.Measures of Success: -IMF Acquisition-Revenue-IMF Activity& Retention-Quality of BusinessDesired qualification and experience•Educational Background: Preferably a graduate•Work Experience: At least 5-6 years of experience in Sales& Distribution, Key Account ManagementKNOWLEDGE / SKILLS / ABILITIES?Excellent Written, presentation& communication skills?Exceptional consultative& interpersonal skills?Stakeholder management?Full understanding / experience of handling partner?Experience in managing strategic initiative s/ programs/ trainings ?Coaching the Partner employees