Manager – Persistency

From 4 to 9 year(s) of experience
₹ Not Disclosed by Recruiter

Job Description

Roles and Responsibilities

About HDFC Life:


HDFC Life, one of India’s leading private life insurance companies, offers a range of individual and group insurance solutions. HDFC Life continues to have one of the widest reaches among new insurance companies with about 380+ branches in India touching customers in over 900 cities and towns. Our long-stated strategy of balanced product mix, diversified distribution, continuous product innovation and re-imagining insurance through effective use of technology has enabled us to continue our journey despite the ever-changing external environment.


Purpose of the Job:


Persistency department has the responsibility of retaining business.

The broader objectives they follow are as below:

  • To help customers enjoy their risk cover continuity and/or other benefits in the policy through timely premium payment thereby helping HDFC Life to maintain healthy profitability.
  • To arrest loss of revenue by encouraging customer to stay invested for the full term of the policy.
  • To assist Quick Payout of unclaimed amount (DT, TX, Maturity etc) in order to ensure that customers who had not claimed their money, get it at the earliest
  • We offer multiple options to its customers for easy renewal payment, including online payment through Credit Card, Debit Card and payment wallets, payment through Inbound IVR, Point-of-Sale machines ,NEFT/eCMS and offline facilities to pay the premium at HDFC Life branches and numerous other partner branches including HDFC Bank , Axis Bank , drop boxes etc. Around 88% of all collections by premium is collected by auto-debit and online modes.

Setting up a framework for risk and controls by evaluating and reviewing processes in Persistency function, to achieve objective of exemplary audits and zero complaints.


Identifying areas of audit, conduct audit and recommend corrective and preventive measures. To groom, develop and manage a high quality team to meet the said objective


Duties & Responsibilities:


Design and establish quality framework In alignment with the department quality goals.

  • To scan regulations and regulatory requirements to as to put controls. Responsible for validating e score points.
  • To ensure CAPA is reviewed and closed with effective controls which ensures mitigation of future risks thereby delivering solution to errors through in- depth data analysis
  • Create a compendium of risks and potential risk exposures. Make recommendations for improvement in terms of process, performance and work output.
  • Ensure significant controls on observations arising out of RCSA / Concurrent/ SDA and internal audit are tracked and closed as per agreed timelines.
  • Ensure picking up quality improvement projects and external award opportunities for department.
  • To ensure BPM is updated with existing processes and the due processes are completed within defined timeframe.
  • To ensure BCP is in place for all the call centers and existing processes.
  • Share observations, emerging insights and develop a dashboard calendar and presenting the same to leadership.
  • Audit of monthly bills received from vendors to ensure that bills are being process are per agreed SLA's.
  • Work around automation of manual processes undertaken in department.
  • Governance mechanism with internal team and HOD to complete identified controls within timelines
  • To conduct quality assessment of call Centre and improve through initiatives



Desired Candidate Profile

Knowledge, Skills & Abilities:

  •  Educational Qualification: Minimum Graduate
  •  Work Experience – Minimum 4 years’ work experience in operations 
  •  Working knowledge of Health Insurance operations required.

Required Skills:


  • Strong domain and process knowledge.
  • Experience in customer service industry preferably Life insurance.
  •  Good communication skill i.e spoken & written.
  • Analysis and presentation to senior Management.
  • Problem solving and Out of box thinking.



Role:Operations Manager

Salary: Not Disclosed by Recruiter

Industry:Insurance

Functional Area:Customer Success, Service & Operations

Role Category:Operations

Employment Type:Full Time, Permanent

Key Skills
Skills highlighted with ‘‘ are preferred keyskills

Education

UG:Any Graduate

Company Profile

HDFC LIFE INSURANCE COMPANY LIMITED

HDFC Life, one of India’s leading private life insurance companies, offers a range of individual and group insurance solutions. HDFC Life continues to have one of the widest reaches among new insurance companies with about 380+ branches in India touching customers in over 900 cities and towns. Our long-stated strategy of balanced product mix, diversified distribution, continuous product innovation and re-imagining insurance through effective use of technology has enabled us to continue our journey despite the ever-changing external environment.

Company Info
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Contact Company:HDFC LIFE INSURANCE COMPANY LIMITED

Website:http://careers.hdfclife.com