Retail Broking Lead (Health Insurance)

Job Description: Retail Broking (Health Insurance)

Role Purpose

To drive topline growth, profitability, and market leadership in the Retail Health Insurance segment through the Broking channel by building strong broker partnerships, expanding distribution, and ensuring superior customer outcomes.

Key Responsibilities

1. Strategic Leadership

• Define and execute national retail broking strategy aligned with company growth objectives
• Own P&L for Retail Broking Health business (Revenue, Cost, Profitability)
• Drive market share growth in retail health through broker ecosystem
• Identify high-potential brokers, geographies, and customer segments

2. Broker & Partner Management

• Build and manage relationships with Top National & Regional Brokers
• Drive share of wallet and productivity improvement across existing partners
• Develop long-term strategic partnerships with key brokers
• Lead broker onboarding, empanelment & engagement frameworks

3. Business Growth & Sales Management

• Deliver annual/quarterly sales targets across Retail Health (Individual + Family Floater)
• Drive new business acquisition + renewal retention
• Enable cross-sell / upsell across product portfolio
• Monitor key metrics:
  • Premium growth
  • Persistency
  • Ticket size
  • Broker productivity

4. Team Leadership & Capability Building

• Lead and manage Zonal / Regional Broking teams
• Build a high-performance sales culture through:
  • Incentive design
  • Training & capability building
  • Performance management
• Ensure optimal manpower planning and deployment

5. Product & Market Development

• Collaborate with Product, Underwriting & Marketing teams to:
  • Design retail-focused products for broker channel
  • Create differentiated value propositions
  • Drive market intelligence & competitor benchmarking
  • Identify new retail opportunities (Tier 2/3 expansion, digital brokers, etc.)

6. Operational Excellence

• Ensure seamless end-to-end journey across:
  • Sales → Policy issuance → Service → Claims
• Optimize TAT, issuing efficiency & broker servicing
• Lead automation & digital integration with brokers (API, portals)

7. Compliance & Governance (Critical – IRDAI)

• Ensure strict adherence to:
  • IRDAI regulations (broker payouts, disclosures, POS, licensing)
  • Internal audit & compliance frameworks
  • Monitor:
    • Commission structures & payouts
    • Customer suitability & fair practices
  • Ensure transparent reporting and governance across broker relationships

8. Financial Management

• Manage business profitability & cost optimization
• Control:
  • Commission payouts
  • Expense ratios
  • Acquisition cost
• Drive balanced growth (Topline + Bottomline discipline)

Key Performance Indicators (KPIs)

• Retail Broking Premium (₹ Cr)
• Market Share in Retail Health
• Partner Productivity (Premium per Broker)
• Renewal Retention (%)
• Loss Ratio & Contribution Margin
• New Broker Acquisition & Activation
• Customer Satisfaction / Claims Experience

Qualifications & Experience

• MBA / Postgraduate in Business / Finance / Insurance (preferred)
• 15–22 years of experience in Insurance / BFSI
• Strong exposure to:
  • Health Insurance
  • Broking / Agency / Multi-channel distribution
• Proven track record of:
  • Scaling retail business
  • Managing large broker ecosystems
  • Leading large sales teams

Key Skills & Competencies

• Strategic thinking & execution excellence
• Strong broker relationship management
• Deep understanding of health insurance & IRDAI regulations
• P&L ownership mindset
• Leadership & team-building capability
• Analytical and data-driven decision-making

Ideal Candidate Profile

• Currently handling:
  • National / Zonal broking role
  • Or leading large retail distribution business
  • Strong network across top brokers in India