Senior Manager- HDFC Operations
Aditya Birla Capital
Remote
To ensure best in class customer experience to HDFC Bank customer and Sales by managing Key relationship & ensuring end to end superior Service delivery.
Job Context & Major Challenges
Aditya Birla Sun Life Insurance Co. launched its life insurance business in India in March of 2000 with a vision to create long term value along with market leadership, to help people mitigate risks of life, accident, health and enhance the financial future of customers, including enterprises.
ABSLI is one of the leading players in the Private Life Insurance Industry in India today. Pioneers of the unique Unit Linked Life Insurance Solutions in India, they have been focused on investment Linked Insurance Products, supported with protection products to maintain leadership in product innovation.
HDFC Bank is operating from more than 5000 branches whereas BSLI is present only in 450 locations. This role calls for using methods and practise to support influence & engage by overcoming this geographical gap distance and spread of the partner branches and provide seamless service.
Distance also adds pressure to cost and therefore any error by sales on account of lack of knowledge, ignorance or sheer casual mistake may result into rework resulting in major impact on the turnaround time (TAT’s), cost and customer experience.
The service level agreements with the bank calls for zero tolerance for errors / slippages or failures on the stringent service level agreements laid down by the partner.
Dynamic environment in terms of regulation, technology, products, and operational processes adds on to the pressure of effective change management, training, education and awareness of teams which are not under the direct control and are spread far and wide.
Managing constantly evolving Bank expectations
Ability to influence, engage & be responsive given the distance from stakeholders.
Open architecture in Bancassurance space & limited variation in product has resulted in increased competition with operational efficiency, convenience and experience becoming the key drivers for differentiating and comparing performance. Challenge is to beat the expectation of partner, exceed delivery by competition and that too consistently without having any direct control but only through effective engagement and influencing
Key Result Areas
KRA (Accountabilities) (Max 1325 Characters)Supporting Actions (Max 1325 Characters)
KRA1 Effective engagement and building a strong relationship with partner at Zonal Level Understand partner requirements and facilitate changes / delivery as per partner requirements
Prioritize and facilitate fastest response time.
Identify gaps & gather insights to improve the overall operational delivery framework
Ensure effective escalation management with complete, comprehensive and timely resolution
Report and highlight key achievements and accomplishments through regular communication and reviews with the zonal leadership teams of sales and partner.
Drive changes seamlessly through effective handholding & communication across the geography.
Regular seek feedback on areas of improvement and participate with the sales leadership in developing competitive advantage at the local level.
Stay updated with the latest information and also ensure cascading of any new developments to all relevant stakeholders in shortest time resulting in complete awareness & participation.
KRA2 Agreement Escalate & report negative practices resulting in breach of code of conduct or SLA’s.
Identify trends, patterns, insights based on data, feedback, voice of customers impacting the SLA’s
Highlight and introduce necessary corrective and preventive measures
Ensure Zero defect and also facilitate first time right approach through effective engagement with sales hierarchy, facilitate changes in operational, product, regulatory & technology aspects.
Ensure highest audit scores & performance in any internal & external audit program.
KRA3 Risk Mitigation Mitigate risks arising out of transactions in geographically scattered branches
Monitoring transactions for accuracy, timely banking and prevention of frauds.
Review audit reports and implement a suitable governance and surveillance framework to minimize exposure to financial risks.
Analyze MIS' of branches and regions to isolate deviations. Determine the magnitude and seriousness of deviations and take corrective action to prevent financial loss
Prevent Fraudulent / Fake Policies from issuance by Branches by controlling the document verification and reporting to Compliance & UW
Drive initiatives launched by functional teams to achieve cost reduction and/or other such financial goals
Identify & report fraudulent claims by providing proof / information to Claims team and get involved with the investigation as much required and sought.
Drive initiatives to avoid and financial leakages at New business stage & renewal stage
KRA4 Ensuring effective coordination for issuance of business introduced in the zone and policy servicing Improve input accuracy from sales and take remedial steps to achieve set targets on accuracy and TATs
Collaboration with colleagues in the sales hierarchy and process owners in Head Office / Vendors for issuance/ policy servicing
Promote harmonious working relationships with sales teams, across the sales hierarchy, in the zone.
Manage exceptions sought by sales teams/customers, keeping business objectives & controls in mind.
Analyze the input output ratio at each stage in the New Business pipeline to minimize policy leakage
Plan and implement smooth rollout of process changes due to new product launches, regulatory and internal process changes.
KRA5 Effective Complaint Management Resolving escalated grievances by engaging with the bank, sales & customers in collaboration with relevant functions.
Monitor accuracy with respect to customer service requests/ claims to ensure adherence to overall turnaround time leading to customer / partner satisfaction.
Deploy all means to ensure speedy fulfilment of all pending requirements to ensure faster closure of service requests and service recovery.
Regularly engage with customers to obtain feedback & insights
KRA6 Revenue conservation & sustainability at zonal level Drive functional initiatives to improve persistency, reduction of leakage, customer retention and driving Net promoter score of both customers & partner.
Ensuring Customer is retained in case of surrender and freelook
Proactively identify and report sustainability related risk and drive corrective and preventive measures for surrender.
Facilitate customer advocacy initiative
Regular meetings with customers / sales hierarchy & Bank branch teams to obtain insights for further improvement and enhancement of experience.