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Product Manager - Insurance, Cards

Job Req ID 21396229 Primary Location Chennai, India Job Category Product Management and Development
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The Product Specialist is an intermediate level position responsible for the development of product plans, strategies and tactics in coordination with the Product Management team. The overall objective of this role is to coordinate the promotion of products to develop new markets, increase share of market and obtain competitive position.

Objectives:

Lead the insurance business for Credit Cards and achieve that the fee revenue from insurance distribution as per the business objectives and plans.

Core Responsibilities:

1. Financial goals – Achieve Insurance Revenue Plan for Cards

2. Business KPIs Management: Track and achieve important indicators of the insurance business: Revenue, Sales, Renewals, Product Penetration, Portfolio performance, Retention Rates, and other key risk indicators e.g. Cancellations, Complaints etc.

3. Distribution Strategies : Design and build the distribution models that provide profitability and build the framework for future growth with special focus on digital interface for sourcing.

4. Compliance and Controls:  Ensure business compliance with the  regulatory requirements from IRDAI and comply with Citi standards and control requirements.

5. Channel management:

a) Manage distribution channels including tele-calling, digital media and other alternate channels.

b) Manage retention channel and provide retention rate at par with industry benchmark

c) CitiPhone Channel Management: Manage and drive growth at CitiPhone

6. Complimentary Insurance: Build and manage Complimentary Insurance program for the entire cards business, as per product requirements and cover complete portfolio.

7. Partner management with different insurance companies and vendors for cross sell and complimentary insurance programs.

8. Cost Save and Expense Management:

Identify opportunities and implement cost effective solutions for insurance cross sell and complimentary insurance through new proposals / consultations / negotiations.

(e.g. R.F.P management for insurance tele-sales/ complimentary insurance, leveraging partner platforms for digital sourcing)

9. Controls Management: Liaise with all internal and external control teams and successfully manage all control testing procedures e.g.  I.A., Compliance Testing, M.C.A.

Day-to-Day Responsibilities:

1. Daily interactions with Sales Teams and Partners for delivering planned business volumes.

2. Engage with the feeder channels for lead generations and reverse feedbacks

3. Quality monitoring: Monitoring of the calls as per the laid down procedures and regulations.

4. Planning and tracking execution of all BTL campaigns through different modes, SMS , Email, Inbox, Portal in collaboration with Decision Management (DM), Digital Sales and Insurance

5. Product team Liaise with DM, Insurance Product Team and Insurance Partners  and constantly review and revise product and distribution plans.

6. Manage onboarding training, examination and licensing, and deregistration procedures for “Authorized Verifiers”

7. Ensuring smooth data flows from DM to the agencies.

8. Oversee the smooth flows on daily operations: Flows of Policy Applications to CPA from Sales Agencies, Reverse feedback to agencies, Flows of leads from feeder channels.

9. Managing and responding to customer and regulatory escalations.

10. Vendor Management and Governance – Manage third party controls as per the laid down Citi policies and procedures.

11. Submit monthly reports to the control units and governance forums on business updates.

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Job Family Group:

Product Management and Development

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Job Family:

Product Management

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Time Type:

Full time

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Citi is an equal opportunity and affirmative action employer.

Qualified applicants will receive consideration without regard to their race, color, religion, sex, sexual orientation, gender identity, national origin, disability, or status as a protected veteran.

Citigroup Inc. and its subsidiaries ("Citi”) invite all qualified interested applicants to apply for career opportunities. If you are a person with a disability and need a reasonable accommodation to use our search tools and/or apply for a career opportunity review Accessibility at Citi.

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