HEAD OF BANCASSURANCE
NATIONAL BANK OF OMAN
مجموع سنوات الخبرة :26 years, 11 أشهر
Responsible for transforming the bank’s Bancassurance Department to create a significant source of long term and sustainable alternative revenue stream for the bank.
I have overall Sales & Product Development responsibility of all insurance products in the bank including stand-alone Retail Insurance products, Credit Life, Credit Shield (Credit Card linked insurance), Plastic Card Insurance and other insurance benefits embedded with the bank’s retail products.
I am also responsible for all Bancassurance Alliances (AXA, Oman United Insurance Co., Oman Qatar Insurance Company, Oman Insurance Company, National Life and General Insurance, Takaful Oman and Vision Insurance), New Product Development, Sales & Distribution of the insurance products and Marketing
Strategy pertaining to the insurance products.
I had joined the bank as a Private Banker but within the first few months was given higher responsibility of heading the Bancassurance Department.
Key Achievements:
# Rated as “Outstanding” in last performance rating (2016) and personally commended by the CEO of NBO.
# Developed & implemented a new 3 years Bancassurance Strategy which has been accepted as a project of ‘Strategic Importance’ to the bank by the top management.
# Launched 4 unique and cutting edge retail bancassurance products in 2016 alone (including a Unit Linked Insurance Plan).
# Increased bank’s revenue by 720% in 2016 alone.
# Created a specialist Bancassurance Team of 12 staff within 1 year.
# Set up a 20 member Telesales Unit specifically catering to Bancassurance Sales.
# Entered into 2 new Bancassurance Alliances in 2016 alone for conventional as well as Takaful products.
# Revamped all existing bancassurance products of the bank.
# Launched the Motor Insurance product and ensured its effective sale which surpassed its annual revenue targets in its first 8 months.
# Plugged significant revenue leaks in the bank by implementing system and process changes.
# Revamped and significantly improved the insurance benefits embedded with the bank’s Credit Cards and Children Accounts.
# Significantly improved the quality of bancassurance business in the bank by increasing the persistency of all products.
Responsible for heading a team of Wealth Managers providing customized investment solutions to the Company’s clients and generating revenue by selling global investment products including stocks (in Omani, GCC & US markets), Portfolio Investment Schemes, Mutual Funds, Hedge Funds, Shariah Compliant Funds, Real Estate Advisory and Structured Products. Was also responsible for managing the company’s existing customer base and for increasing this through new client acquisitions. I was also involved in introducing new products to the clients to supplement the ones already present.
Key Achievements:
# Acquired several High Net Worth relationships and Family Office’s business for the company.
# Added a significant revenue stream for the company by introducing a highly successful Hong Kong IPO market based Portfolio Management Scheme for our clients.
# Successfully activated several dormant clients by encouraging them to invest in the local equity market (MSM) based portfolios.
# Introduced an India centric Portfolio Management Scheme for our clients from one of the leading players in India.
# Increased significantly the AUM of Mutual Funds provided by Global Investment House.
# Successfully designed and implemented a detailed Financial Planning Process and procedures which required Wealth Managers to do need based selling as per client’s risk profile.
# Imbibed an ‘Acquisition’ culture in the team whereby they were given more recognition for ‘new to company’ clients.
# Developed the team’s caliber by participating in joint calls and knowledge sharing.
Responsible for setting up the Non Resident Banking Unit of the bank from the initial stage focusing on the high end expat segment to provide comprehensive financial services to them including banking and wealth management services. I was also responsible for preparing the blueprint for business development and creating a team to accomplish it.
Key Achievements:
# Formalised the Strategy of the Unit and prepared the Business & Launch Plans.
# Recruited a team of 10 Wealth & Acquisition Relationship Managers within a short time.
# Helped formalized a tie-up with AXIS Bank in India to enable us access to their entire range of products including Mutual Funds, Savings Accounts, Home Loans, PIS accounts etc.
# Identified the ‘Online Remittance’ business opportunity, conducted studies on its potential and prepared detailed business plan on it. I coordinated actively with IT in its ultimate implementation with AXIS Bank as the highly successful “Ek Do Teen” brand for real time India remittance.
# Prepared the detailed Strategy for the launch of the Bank’s Privilege Banking Unit
# Successfully established “Work Site Marketing” with top ten business houses and employers in Oman and generated record sales for the bank in the process.
# Obtained record Fixed Deposit collections for the bank and cross sold various other bank products to the NR customers.
# Designed & implemented sales and operations related systems and processes thereby ensuring compliance with all regulatory norms and nil audit comments.
Responsible for managing a 12 member team of Relationship Managers involved in selling Insurance & Wealth Management solutions to the Bank’s expatriate customers. Was responsible for the overall profitability of the NR Sales Team and of growth in both the customer base and total AUM.
Key Achievements:
# Increased the sales of Aviva Life Insurance by over 200% in one quarter through focused ‘needs analyses’ of the customer base.
# Implemented the Activity Management System in the team thereby increasing efficiency and productivity of the team.
# Cross sold many insurance linked investment plans to the HNWI customers of the bank.
# Organised a number of customer events aimed at acquiring new customers to the bank and also at creating maximum visibility.
# Conducted Worksite Activities at several leading employers of NRIs in Muscat and obtained sizeable business through this process.
Responsible for managing a customer base of HNW Premier customers of the bank and for catering to the Insurance and Investments requirement of these customers. Was responsible for managing a team of 2 executives to take care of the ‘servicing’ and ‘new acquisition’ part of the customer relationships.
Key Achievements:
# Awarded by the CEO (Naina Lal Kidwai) of HSBC Bank for over-achievement of sales targets.
# Was a member of “Ace Achievers Club” due to sterling insurance sales of Tata AIG Life Insurance’s investment linked products in March-Dec’06 & May’07.
# Had a record for selling the highest ticket size insurance policy in the Bank.
# Increased the ‘Funds under Management’ of my customer base from INR60 Million to INR540 Million in a short span of time.
# Up-sold insurance and investment products to the bank’s ‘Powervantage’ and ‘Mass Market’ customers and thereby upgraded over 50 such customers to Premier.
Responsible for managing a team of 20 Agency Managers & Executives, 14 Team Leaders and 400 Insurance Agents out of 3 branches of the company and leading them to ensure insurance sales and growth in business for both retail and HNWI segments.
Key Achievements:
# Doubled the branch’s production (Issued First Year Premium) within 3 months and Advisor Force within 6 months.
# Developed 4 MDRTs, 8 ‘International Convention’ qualifiers and 12 ‘Business Associates’ from my team of Insurance Advisors.
# Expanded the Company’s reach by developing insurance business in other locations such as Patna, Kanpur & Gorakhpur and finished the groundwork for setting up branches there.
# Recruited and brought on board key sales staff at the branch and developed a 400+ strong team of quality & motivated insurance advisors from scratch.
Responsible for managing the overall operations of the branch and for the sale of the company’s various Mutual Fund schemes directly to the corporates and HNWIs and through distributors to the retail segment.
Key Achievements:
# Exceeded the mobilization targets expected out of the Branch under various parameters
# The branch was considered the sole ‘Operational hassles-free’ branch in the Organisarion
# Added a number of important Corporates (e.g.Bharti Televentures, Learning Universe etc) & Distributors (e.g. Stock Holding Corp., India Bulls, India Infoline etc) to the Orgn.
Responsible for efficiently and effectively managing the branches assigned to me and for selling the Company’s Fixed Deposits, Bonds, Preference shares and Asset Finance product by developing a robust distributor network. Was also responsible for the company’s Money Market operations involving retailing of Government Securities and T-Bills to PF Trusts and Cooperative Banks.
Key Achievements:
# The branch was entrusted with handling the processing & after sales support of a Rs.25 Crores Secured Redeemable Bond issue of the Company
# Obtained a Double Promotion from an Executive Trainee to an Assistant Manager
IIM Calcutta is one of the most prestigious MBA institutes of India and the world. In my PGDBM programme, I majored in Marketing and minored in Finance.
I did the Bachelors in Business Studies programme from College of Business Studies with a major in Marketing.