Strategic Relationship Manager Strategic Relationship Manager …

Lloyds Banking Group
in London, United Kingdom
Permanent, Full time
Last application, 22 Oct 20
GBP60600 - GBP80800 per annum
Lloyds Banking Group
in London, United Kingdom
Permanent, Full time
Last application, 22 Oct 20
GBP60600 - GBP80800 per annum
Lloyds Banking Group
The Workplace Distribution team are integral to the success of our Insurance strategy to 'protect today and secure tomorrow'. Our colleagues represent and promote our flagship Scottish Widows workplace savings propositions across the financial services industry; engaging with consultants, advisers, employers, trustees, and end-customers, to build strong, lasting relationships to achieve business results.

In 2019 Scottish Widows launched its Master Trust product in response to industry analysis of trust based market and specifically the impact on increased regulatory and legislative intervention in the single trust market. The consequence of these changes will be an increase in trustee and Employer accountability, increased Employer costs and an increasingly sophisticated environment of controls. Master Trust is firmly established in the market as the accepted solution and represents a significant opportunity to attract new assets. Scottish Widows has targeted a market share of 15% over the next three years.

The core purpose of the role is to develop and manage relationships within the trust-based DC market focusing on specialist legal and trust professionals.

You'll have expert level knowledge and experience of Trust and Master Trust environment, will understand the role of professionals supporting trust-based schemes and will engage with trustees. He/she will preferably have a profile within the industry to improve SWs position as a credible provider in the Master Trust market.

The Master Trust market has a limited number of high quality propositions; it is highly driven and very active. Over the last 12 months in excess of £2bn of new opportunities have come to market. Whilst SW continues to invest and evolve its proposition we lack an eminent presence in the market to compete with well-regarded and established operators. In the last quarter SW failed to move beyond initial enquiry on £200m of new opportunities and we estimate that over £700m of new opportunities in the market have not been presented to SW; this reflects a lack of profile amongst the professional community in this market. This compounds our issues and impedes progress towards realising our ambitions in the trust market, in short it necessitates the requirement to introduce a role soonest to ensure we address the deficiency.

This role is a new role crafted specifically to focus on origination opportunities from the Trustee community focussed on building Master Trust in Workplace Pensions. We have nobody internally with this skill set and despite some upskilling efforts last year, its proven too specialist an area where we need someone with the network and experience in this area.

  • Build trust and customer confidence, presenting a professional image of Scottish Widows
  • Identify and secure business opportunities from panel of professionals operating within the trust DC market to influence and realise our growth ambitions.
  • Develop and implement multi-level contact strategies for Panel
  • Implement clear strategic action plans for each Key Account and educate the wider business on their business model
  • Focus on raising profile and credibility of SWMT proposition
  • Close working relationship with SWMT trustees and internal partners supporting SWMT
  • Facilitate engagement with SWMT trustees/ internal partners, external professionals and key contacts who can influence MT business
  • With a focus on securing new assets of £5bn, you'll be responsible for realising significant New Business potential through key trust based account relationships as well as consequently influencing our book level Retention strategy.
  • Deliver and exceed targets for your panel, focus on SWMT growth
  • Utilise CRM fully, with a steadfast focus on progressing the business pipeline
  • Proactively manage persistency risk within existing scheme portfolios of accounts and deliver on retention targets
  • Accountable and encouraged to lead on all large new scheme opportunities
  • Specialist understanding and experience of third-party assessment professionals and procurement processes
  • Clearly communicate the Scottish Widows Workplaces Savings Proposition and ensure full understanding across your panel
  • A sound understanding of the competition and their proposition within this market
  • Detailed understanding of the Technology and Digital Services being used in the industry and how it can be leveraged to support the sales process

Our Benefits Package

  • A performance related bonus
  • Generous pension contribution
  • 30 Days leave plus bank holidays
  • A flexible cash pot (4% of base salary) to spend on benefits
  • Private health cover
  • Wider corporate benefits and perks

Our continued commitment to helping Britain prosper means that as a colleague you can make a difference to customers, businesses and communities.

Together we have a key role to play in shaping the bank of the future, whilst the scale and reach of our Group means you'll continue to have opportunities to learn, grow and develop.

We're focused on creating a values-led culture, and our approach to inclusion and diversity means that we all have the opportunity to make a real difference, together.

Together we make it possible!

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