AVP – Product Manager – LI

Hiring for A Leading Private Sector Bank

from 7 to 12 year(s) of Experience

Job Description

Job Purpose:

The purpose of the job is to ensure defined audit/compliance activities are tracked and closed in defined timeline. All regulatory submission are made on time.

Complaint Management Life Insurance- 50%

Ensuring monitoring of all complaints received through all mediums (HLIC, GRC,QIG,branch) through tracking in defined TATs whereby: 1.) Complaint shared with concerned channel (through mail or CRM for HLIC originations in within 3 hrs) 2.) Follow up, update and closure in 5 days time. In case of delays, update the relevant desk and management with reasons 3.) TAT for mail reverts on issues/support highlighted by channel is 24 hrs

Tracking/Monitoring of back end resources involved in complaint management by ensuring daily updates to channels on all complaints logged in CRM with all relevant fields as agreed

Define a process where refund TATs for all accepted complaints are tracked to ensure refund to customer in a defined TAT

  • Closure/update of all escalated complaints received from QIG (L1 pending complaints –CRM) and HLIC within a TAT of 1 day. Ensure that an analysis on all complaints is shared for monthly report by 5th of every month. Monthly analsis of complaints received to be shared by 15th for every month. Tracking and closure of staff action for all missale cases in close coordination with HR and the company The updated staff action file should be readily available at any given point in time with action defined as per malpractise matrix agreed. TAT for staff action closure is 7 days with all deviant cases to be highlighted to supervisor for further escalation to GHs 4.) Record Maintenance for regulatory and audit submissions: Ensure that record for all complaints received by Bank is maintained and updated daily that also includes origin of complaint, status, closure remarks, L2 review, bank communication to customer, staff action for missale cases etc. 5.) Ensure that complaint closure quality (RCA) is tracked closely by ensuring first understanding all the issues highlighted by the customer and then relating the closure comments with the complaint. Maintenance of all RCAs and process improvements undertaken for relevant complaints 6.) Close Monitoring of all cases converted after Aug'16 and May'13. To ensure that a complete analysis of complaints received is highlighted to management along with reasons and cancellations, if any, are approved by Sr Management before refunds 7.) Ensure that all denial cases are reported to committee as per process and within TATs 8.) Ensure that a weekly review is done with the vendor for all complaint management and quality tasks with documenting the actionable and timeline of closure for each actionable
Regulatory requirements and Submissions 30%

  • Ensuring bank is complaint with all IRDA and RBI related guidelines released on day to day basis as well as working in capacity of corporate agent of an insurance company.
  • Ensure that processes related to regulatory or board approvals/submissions are completed with zero deviation and within timelines.
  • Ensuring all related records as communication with regulatory bodies are maintained in file for record
Tracking of all new regulations/circulars released by regulators for updation to management

Product initiatives (process and systems) 5%
  • Min one initiative per month stated and agreed with Supervisor
  • Min one product initiative per quarter
Specific initiatives underatken for FY 18: Letter automation project, Utility for auit processes

Team Management in Grievance management (10%)
  • Ensuring team members in Complaint Management has a JD which is explained and signed off and are performing as per the JDs defined for them. Every team member need to have a TO DO list which needs to be reviewed in the beginning of the month and then on a weekly basis with task specific agenda
  • Day plan of each team member to be checked on a daily basis
  • Weekly activity sheet is prepared by all team members and after review submitted every Monday before 12.00
Guiding the team member on activities and initiatives

Operating Process – Product processes 5%
  • Ensuring 100% Compliance to process which must be reviewed with supervisor on a weekly basis
  • End of week monitoring (every week) by submitting weekly sheet by 12 PM every Monday
  • Day Planning (daily mailing to supervisor)
  • Update to-do list of all activities to be updated for a review every Friday
  • Timeline for revert of mail/queries from channel: 24 hrs
Back up for supervisor for all LI process related issues/queries received

Educational Qualifications & Certifications
  • Graduation: BA
  • Post-Graduation: MBA
  • Certifications:
  • IRDA Certification: III
Key Skills
  • Sales process knowledge
  • Banking Product & Process Knowledge
  • Insurance product and Regulatory Knowledge
  • Planning and Organizing Skills
  • Communication
Knowledge of Competition & Current trends in financial Industry.

Experience Required:

  • Minimum experience in years – 5-10 yrs
Exposure to Insurance Products (Preferred )

Major Stakeholders

  • Customers
  • Branch Banking Team
  • Operations
  • Insurers such as HLIC, Tata AIA, ABSLI
  • Audit Team
  • QIG
  • HR Teams
  • Channel Teams

Salary: Not Disclosed by Recruiter

Industry:Banking / Financial Services / Broking

Functional Area:Financial Services, Banking, Investments, Insurance

Role Category:Life Insurance/Financial Services

Role:Product Manager

Key Skills

Desired Candidate Profile

Please refer to the Job description above

Company Profile

RiverForest Connections Private Limited

A Leading Private Sector Bank
View Contact Details+

Recruiter Name:Prachi Singh

Contact Company:RiverForest Connections Private Limited