Edelweiss Tokio Life implements ‘Managing Partner’ programme to support new-age entrepreneurs
21 May 2019
Keeping with the government’s vision of making India an entrepreneurial hub, Edelweiss Tokio Life has designed and implemented a unique model called Managing Partner (MP) programme to support the dreams and aspirations of its Development Managers (DMs).
DMs form a crucial part of the insurer’s agency workforce as they are responsible for hiring & managing Personal Finance Advisors, known commonly as agents.
Commenting on the programme, Sumit Rai, MD & CEO, Edelweiss Tokio Life Insurance said, “We want to act as a springboard for budding ‘entrepreneurs’ and give a fillip to their careers. Factors including capital and infrastructure often pose as the biggest challenge when setting up an enterprise. With the MP programme, we have taken away all these limitations and pledged to provide this support to our development managers. We want to strengthen our manpower so that we are able to create more MPs.”
Edelweiss Tokio Life provides support in terms of new office set up and other infrastructure services to its MPs and enables them to become Business Partners. Through this programme, a DM can realize his or her entrepreneurial dreams while continuing to be an employee of Edelweiss Tokio Life. Once a DM becomes an MP, he has his own team working with a single focus on generating quality business and is treated as a business unit in himself.
A DM has to graduate four levels within the organisation before they can become and MP. This career progression typically takes over 2 years. The insurer currently has 21 MPs across India, of which 5 are Business Partners.
In line with the implementation of this programme, the insurer plans on hiring 700 DMs across its 121 branches in India.
“We aim to build a multi-channel distribution company to ensure our customers can reach us through the route of their choice. Agency channel forms an important of this strategy and we will focus on bolstering its strength. Given the advice-driven nature of our business, having talented people that understand customers is crucial to the quality of business,” Rai said.
The insurer is keen on hiring SME/business owners, self-employed individuals, women on break, and those working in sale of financial services. Once on-boarded, these DMs will be groomed through training interventions so that they are able to best assist customers to identify their needs and then recommend the right product to them.