Senior Business Development Manager at American International Group, Inc. (AIG)

Position Description:

Lead the Broker Management team by developing and coordinating their plans, setting and controlling their performance goals to ensure execution of Broker management strategies, manage and develop all distribution channels to achieve new business and retention targets.

• Provide input into budget (new business and renewals) in cooperation with Head of Distribution
• Responsible for the delivery of the set Broker Budget and Strategies

 Broker Activity Management

• New Business

• Prepare a pipeline of Key corporate accounts and have a strategy to have a hit ratio of over 40%.
• Act as the Relationship manager to coordinate Pipeline accounts with Product Towers  to ensure high success rates for acquiring new business.  Manage the Pipeline/Target accounts and Quoted accounts through salesforce.

• Manage all quotations done and implement a follow-up mechanism to achieve a hit ratio of 40%
• Provide ease of doing business tools for consumer lines and SME to empower Brokers to quote and bind business in the field with minimal reference to AIG e.g. rating templates, creation of schemes etc.
• Retention
• Work towards achieving the budgeted retention ratios by Line of Business.
• Liaise with Product Towers and CPS to ensure renewal notices go out on time( at least 60 days before renewal date)
• Adopt an account renewal follow-up approach rather that LOB renewal follow-up approach.
• Implement a follow-up and feedback mechanism to profit centre and Management team on Key renewal accounts.  Liaise with CPS and Contact Centre to follow up on renewals for Consumer Business.
• Share upcoming renewal listing with all Brokers on a Monthly basis.

• Submissions

• Take responsibility of the Management of quotations from Brokers and ensure prompt turn-around times
• Manage the process of declining quotes to ensure we do not damage Broker relationships.
• Liaise with product Towers on submissions requiring referral and provide information required in a timely manner.
• Manage quotations that require Product Towers  support to accommodate Low appetite business to secure an account.
• Share submissions and hit ratios to Brokers on a Quarterly Basis to make them aware of positive or negative trends.

• Reports
• Provide Weekly progress reports in the Departmental meetings
• Provide Monthly Brokers Production and Strategies update report to Local and Regional Management. Highlight key challenges or Roadblocks to achieving Goals in the report.
• Review reports with  direct Manager to identify action points  to ensure 100% achievement of Targets and Strategies.

Broker Communication and Relationship

• Implement a Broker Visitation plan where Tier 1 & Top Tier 2 should be visited weekly and Tier 3 visited once every two weeks. Visitation reports to be uploaded on Sales Force and reviewed weekly.
• Implement a Quarterly Training Plan for  key  Broking Staff.
• Design and implement top Broker Relationship Plan to enhance relationships between AIG and those Brokers.
• Manage and attend broker functions

Receivables

• Track receivables position on a Monthly basis and ensure no premiums go beyond  90 days
• Liaise with Finance Department to provide statements on a Monthly basis and discuss the receivables position with Brokers.

Service Issues Management

• Review Service status report from Salesforce to monitor achievement of Service standards with Brokers.
• Liaise with Head of Operations to improve service turn around times and enhancement of Service report for Management purposes.

Audit & Compliance

• Ensure adherence to audit and compliance requirements
• Ensure adherence to audit and regulatory requirements

Self Development

• Keep abreast on AIG underwriting guidelines and work with Product Towers to attain and renew underwriting authority for SME, Consumer lines and some Commercial lines.

Position Requirements:

Professional Qualifications

• Bachelors Degree in Marketing from a recognized tertiary institution.  An MBA would be an added advantage
• ACII Preferable
• Strong sales and marketing background.  Chartered Institute of Marketing qualification desirable
• 5 years relevant experience in the insurance sector
• Minimum of 3 years in related marketing management role
• Familiarity with general insurance products.

Knowledge & Skills & Competencies

• Excellent knowledge of the broker distribution channels
• Confidence to prepare and present tailored presentations brokers and clients by effectively using a range of presentation skills
• Strong client management skills and ability to keep promises
• Confident negotiator and ability to “close the deal”
• Team player
• Excellent Computer skills in MS Office suite
• In depth knowledge of the current business and marketing trends
• Relevant Sales and Marketing Experience