Head - Bancassurance

The
Head of Bancassurance will provide strategic and operational leadership for the
organization’s Bancassurance business. The incumbent will build and scale
strategic banking partnerships, drive profitable growth, expand market reach,
and enhance channel productivity across retail, rural, agricultural, SME,
corporate, and specialty general insurance products.

The
role requires a seasoned leader with extensive banking and insurance networks,
a strong record of acquiring and developing significant Bancassurance
relationships, and the ability to build a sustainable, scalable, and
technology-enabled distribution business across India.

Key
Responsibilities

1.
Strategy and Business Growth

• Develop and execute the
  Bancassurance strategy in line with the organization’s growth and
  profitability objectives.
  
• Define the long-term
  vision, operating model, business plan, revenue forecast, and expansion
  roadmap for the channel.
  
• Identify opportunities
  to acquire, expand, and deepen relationships with public sector, private
  sector, foreign, regional rural, cooperative, and small finance banks.
  
• Build enterprise-level
  capabilities across technology, structure, people, processes, analytics,
  and governance to support scalable growth.
  
• Provide market
  intelligence and strategic recommendations to the executive leadership
  team.
  

2.
Strategic Partnerships

• Leverage industry
  relationships and professional networks to acquire new banking
  partnerships and strengthen existing alliances.
  
• Identify, evaluate,
  negotiate, and close large and strategically important Bancassurance
  partnerships.
  
• Lead commercial
  negotiations, partnership agreements, joint business plans, service
  models, and performance commitments.
  
• Develop customized
  propositions aligned with each partner’s customer segments, business
  priorities, and distribution strengths.
  
• Ensure effective
  onboarding, governance, development, and retention of banking
  relationships.
  
• Maintain a strong
  pipeline of prospective partners to support sustained channel growth.
  

3.
Revenue and Profitability

• Own the Bancassurance
  channel’s Gross Written Premium, revenue, market share, and profitability
  targets.
  
• Drive profitable growth
  across crop, motor, health, travel, personal accident, home, SME,
  commercial, corporate, and specialty insurance products.
  
• Develop annual operating
  plans and ensure disciplined execution against agreed targets.
  
• Increase customer
  acquisition, product penetration, cross-selling, and wallet share across
  partner banks.
  
• Monitor channel
  performance, portfolio quality, productivity, conversion ratios, renewals,
  and profitability, and implement corrective actions where required.
  

4.
Executive Relationship Management

• Build strong
  relationships with CXOs, business heads, distribution leaders, product
  teams, and senior stakeholders within partner institutions.
  
• Act as the executive
  sponsor for strategic Bancassurance relationships.
  
• Lead periodic governance
  reviews, joint business planning sessions, and performance discussions
  with banking partners.
  
• Establish effective
  engagement and escalation mechanisms to resolve strategic and operational
  issues.
  
• Drive partner
  satisfaction, engagement, and long-term retention.
  
• Represent the
  organization at relevant banking, insurance, and financial services
  forums.
  

5.
Distribution and Channel Excellence

• Design effective sales
  structures, coverage models, incentive programs, partner engagement
  initiatives, and productivity frameworks.
  
• Drive branch activation,
  relationship manager productivity, lead generation, conversion
  improvement, and customer penetration.
  
• Ensure the effective
  deployment of sales resources across partners, regions, and business
  segments.
  
• Develop differentiated
  distribution strategies based on partner type, customer profile,
  geography, and product potential.
  
• Provide strategic
  direction and performance support to zonal and regional teams.
  
• Establish consistent
  channel standards, operating rhythms, and review mechanisms across India.
  

6.
Product, Technology, and Process Development

• Collaborate with
  underwriting, actuarial, product, operations, marketing, technology,
  claims, and customer service teams to develop customized insurance
  solutions.
  
• Introduce
  customer-centric propositions for retail, rural, agricultural, SME,
  commercial, and corporate banking customers.
  
• Lead digital integration
  with partner banks across lead management, onboarding, underwriting,
  policy issuance, servicing, and reporting.
  
• Drive automation, data
  integration, and process simplification to improve scalability, customer
  experience, and operating efficiency.
  
• Ensure that product and
  process innovations deliver customer value and sustainable profitability.
  

7.
Team Leadership and Capability Building

• Build, mentor, and lead
  a high-performing national Bancassurance team comprising zonal, regional,
  relationship, sales, and support functions.
  
• Establish clear
  performance expectations, accountability, and leadership governance across
  the channel.
  
• Foster a culture of
  collaboration, customer-centricity, execution excellence, ethical conduct,
  and high performance.
  
• Develop succession plans
  and leadership pipelines for critical roles.
  
• Implement training and
  capability-building programs for internal teams, bank employees,
  relationship managers, and partner personnel.
  
• Strengthen product
  knowledge, consultative selling, regulatory awareness, and sales
  effectiveness across the distribution network.
  

8.
Compliance, Risk, and Governance

• Ensure compliance with
  IRDAI regulations, applicable banking and insurance guidelines, internal
  policies, and partner-bank requirements.
  
• Establish controls to
  monitor sales conduct, customer suitability, operational risk, portfolio
  quality, and service standards.
  
• Address audit
  observations, compliance gaps, and regulatory requirements within defined
  timelines.
  
• Promote transparency,
  customer protection, ethical conduct, and strong corporate governance.
  
• Identify emerging risks
  and implement appropriate preventive and corrective measures.
  

9.
Analytics and Executive Reporting

• Establish a robust
  management information and analytics framework for monitoring channel
  performance.
  
• Track premium growth,
  profitability, branch activation, relationship manager productivity,
  conversion ratios, product penetration, renewals, and partner-wise
  contribution.
  
• Conduct regular
  performance reviews across national, zonal, regional, and partner levels.
  
• Present business
  performance, risks, opportunities, and recommendations to the executive
  leadership team.
  
• Use data, competitor
  insights, and market intelligence to identify opportunities and improve
  decision-making.
  

Key
Deliverables

The
incumbent will be accountable for:

• Acquisition, onboarding,
  and development of strategic banking partnerships.
  
• Growth in Gross Written
  Premium, revenue, market share, and profitability.
  
• Increased product
  penetration, customer acquisition, cross-selling, and partner wallet
  share.
  
• Improved branch
  activation, relationship manager productivity, conversion ratios, and
  channel efficiency.
  
• Enhanced partner
  engagement, satisfaction, and retention.
  
• Development of
  customized, customer-centric, and digitally enabled insurance solutions.
  
• Creation of a strong
  national team and sustainable leadership pipeline.
  
• Effective compliance,
  risk management, governance, and closure of audit observations.
  

Candidate
Profile

Educational
Qualifications

• MBA or PGDM in
  Marketing, Sales, Finance, Strategy, or Business Management from a reputed
  institution.
  
• IRDAI certification, as
  applicable.
  
• Additional
  qualifications in insurance, banking, sales, strategy, or leadership will
  be preferred.
  

Experience

• Minimum 25 years of
  overall experience in insurance, banking, financial services,
  distribution, or Bancassurance.
  
• At least 15 years of
  leadership experience in Bancassurance partnerships or large
  institutional distribution businesses.
  
• Proven experience in
  acquiring, developing, and scaling strategic banking relationships.
  
• Strong exposure to
  general insurance products, distribution models, and partner-led sales
  ecosystems.
  
• Demonstrated success in
  delivering revenue growth, profitability, market expansion, and partner
  development.
  
• Experience managing
  large banking alliances and geographically dispersed sales teams.
  
• Ability to
  build multifunctional capabilities across technology, products, people,
  processes, analytics, and governance.