The Senior Manager - Payout Operations is responsible for overseeing end-to-end customer and company payout processes, ensuring accurate, timely, compliant, and fraud-controlled disbursement of financial obligations. The role focuses on operational excellence, regulatory adherence, customer satisfaction, and financial governance.

Key Responsibilities

1.

Payout Operations

Management (Maturity, survival benefits, surrender, partial withdrawals, annuity, refund of excess premium)

Ensure timely settlement within regulatory turnaround times.

Approve high-value and complex claims within delegated authority limits.

Monitor pending payouts, escalations, and grievances.

Ensure accurate calculation and disbursement of payouts

Validate reconciliation between finance, operations and IT

Drive automation and straight through processing

- Regulatory & Compliance Management

Ensure compliance with guidelines issued by the Insurance Regulatory and Development Authority of India (IRDAI).

Ensure adherence to AML, KYC, fraud prevention, and audit requirements.

Coordinate with internal and statutory auditors.

Ensure timely regulatory reporting and accurate data submission.

Monitor and timely clearance of outstanding amount

3.

Financial

Control & Risk Management

Ensure accurate payout computations

Strengthen maker-checker and approval frameworks

Prevent duplicate / erroneous payouts

Track and mitigate operations risks

4.

Process





Excellence & Digitization

Drive automation and straight through processing and improve payout journeys

Implement process improvements to optimize cost & efficiency

5.

Customer

Experience & Service Excellence

Ensure seamless payout experience with minimal documentation

Monitor NPS / grievance trends related to payouts

6.

Stakeholder

Management & Team Leadership

Collaborate with IT, Digital, Finance, legal and actuaries

Vendor management

Lead and mentor a team of managers and executives

Drive performance management and capability development

Measure of Success

100% TAT adherence as per regulatory provision

NPS Target - >70%

Timely reporting of Dashboard/MIS

Reduction in Service Grievances / Escalations by 40%

Internal Audit Rating – 2 or higher than 2

Timely review and maintenance of SOPs

Reduce Penal Interest by 30%

Reduce Cost per transaction by 25%

Desired qualifications and experience

Should be a Post Graduate, preferably with Insurance background & Professional qualification.

Robust understanding of policy administration systems.

Must have a minimum of 10-12 years in Insurance and handling the team.

Knowledge and skills required

Strong analytical and financial acumen

Regulatory knowledge

Risk and control orientation

Process re-engineering capability

Leadership and decision-making skills

📌 Senior Manager – Policy Servicing (Gurugram)
🏢 Axis Max Life Insurance
📍 Gurugram