Job Description

Hi, Looking for someone with 10-12 yrs of experience into Underwriting and Placement for Commercial Insurance. Key Result Areas Supporting Actions Quotes and Placement Management for New Business & Renewals Keep abreast with the industry trends, insurance products, changes in regulatory guidelines, and ensure that the team is aware of the changes as well Gather market intelligence through one\'s network and relationships, and share the same with the team proactively Review processes and SOPs periodically, and ensure adherence for quality control Automation of end to end placement process including maker-checker at each stage Review Gap Analysis reports, and support the analysis process for large proposals to ensure valuable insights for the clients Review Industry Benchmarking for key large accounts as value addition to impress upon client Strategize placements portfolio in collaboration with the team on the basis of the type of deals being supported by the various insurers as per the market intelligence gathered Leverage relationship with insurance companies to get competitive quotes and technical terms in a timely manner Strong relationship with senior management at Insurers for their support on large deals. Visits to Insurers for quotes, technical discussion, product customization, rewards etc Oversee interaction with sales teams to get requisite information pertaining to the clients and share technical inputs, and respond to client queries in a timely manner Visits to Clients alongwith Sales Team for technical presentation of Gap Analysis, discussion on quotes, policies coverage and exclusions. Extending support to client for selection of Insurers and co-insurers for the portfolio Monitor accuracy and timely completion of quotes and placement activities by the team including the requisite documentation Review placement slips and Quote Comparison Reports (QCR), and share inputs with the team to ensure value-additions for the client and the insurer Lead negotiation and other critical aspects of quotes management with internal and external stakeholders (eg. insurers for the terms and pricing of the policy) Maintain a comprehensive database on quotes management and placement best practices across the industry, and use the same for benchmarking new business proposals Analyze client feedback received from sales team for cases where business was not won, and ensure learnings are shared with the team Customer Retention & Revenue generation Liaise with insurers for providing clarifications/ query resolution and leverage relationship by visiting their office to get competitive quotes in a timely manner To follow the standardized and efficient renewal processes to ensure quality control and efficient customer retention and new requirement leads and service delivery for all Aditya Birla Group customers Maintain a comprehensive database on quotes management and placement best practices across the industry, and use the same for benchmarking new business proposals To plan and execute training programs / sessions at Plant location and \'Know Your Policy Campaign\' for existing Units and newly acquired Units, build business momentum within Group stakeholders and present customized value proposition with the help of industry experts. To co-ordinate with the respective Businesses (Committee on Insurance Premium) team right from inception of renewal process to placement of the policy. Regular visit to senior management of respective businesses and give them comfort on policy servicing and keep them updated on their insurance portfolio from time to time. To share Technical Note / Quotes Comparison Reports along with useful insight for the client To ensure seamless process for renewals and new policies by smooth placement with insurers, issuance of risk held letter, policies and carry out policy scrutiny and ensuring right policy in the hand of ABG Customers Follow the set TATs for all documentation To constantly engage with the GI companies to maintain effective relationships To prepare Gap Analysis and Industry Benchmarking reports for businesses w.r.t policy coverages and industry practices. Key Stakeholder Relationship Management Build and maintain relationships with key stakeholders at the insurance companies to ensure competitive quotes are received in a timely manner, to gather market intelligence, and to ensure proper portfolio management for maximum yield in revenue. Strategic placement of business by giving comfort to Insurers and win their confidence Ensure the team continuously engages with different stakeholders in the sales team and at the insurance companies Negotiate highest rewards with insurers for corporate business for Non-Group System Development for Process Automation and Operations Management for Renewals, Issuances & Placements Identify manual processes that are prone to errors or require team members to handle large volume of data Collaborate with the IT team to share system requirements and functional specifications Ensure quality of the delivered system, and thorough testing before going live Ensure the team is adequately trained to independently use the new system Institute maker-checker processes to ensure data accuracy on the system Structure the system innovation in technological advancement and first in Industry on developing robust automated system with real time requirement gathering from clients, ensuring complete authenticity of the data, customized & professionally designed system to meet the clients requirement and elimination of errors to give comfort to Insurers for underwriting the risk Ensure optimum usage of the system by the team, and flag any system issues to the IT team To send periodic reports to HO for monthly renewal retention and new policies placed with premium and income achieved as per the target Periodical Tracking of renewals and publishing dashboard to monitor TATs for each and every renewal activities and monitor accuracy and timely completion of quotes and placement activities by the team including the requisite documentation Process Compliance, MIS & Reporting Ensure 100% process compliance to regulations and group policies to avoid professional indemnity claims Institute processes to check for errors in crucial activities (eg. preparation of RFQ, placement slip, QCR, and policy scrutiny) by introducing maker-checker at each stage of placement. Support ongoing internal statutory audits Monitor adherence to the set TATs Oversee generation and analysis of the monthly MIS Draw insights from the analysis and client feedback, and share the same with the Head - Group Corporate Solutions and CEO To ensure proper implementation and usage of AUM system for data capturing of Group transactions Share information and documentation with auditors, as required, and resolve queries and regularly update the process and SOP Team Management Build a strong and motivated team with specialized skill-sets to execute quotes management and placement related activities effectively and efficiently Define performance metrics, standards and cascade business goals within own team to drive alignment and achievement of team objectives Monitor attrition, drive engagement, identify top performers, and make succession plans through various interventions Ensure consistent training opportunities for team members and timely up skilling to drive superior performance

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