Job TitleSenior Manager – POSLocationBranch NameDepartmentOperationsFunctionPOSReporting toAVP– POSBand4AThe 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:

Payout Operations Management (Maturity, survival advantages, 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

Financial Control Risk Management

Ensure accurate payout computations

Strengthen maker-checker and approval frameworks

Prevent duplicate / erroneous payouts

Track and mitigate operations risks

Process Excellence Digitization

Drive automation and straight through processing and improve payout journeys

Implement process improvements to optimize cost efficiency

Customer Experience Service Excellence

Ensure seamless payout experience with minimal documentation

Monitor NPS / grievance trends related to payouts





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%

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

Strong 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 maing skills

About Axis Max Life Insurance

Axis Max Life Insurance Limited, formerly known as Max Life Insurance Company Ltd., is a Joint Venture between Max Financial Services Limited (“MFSL”) and Axis Bank Limited.

Axis Max Life

Insurance offers comprehensive protection and long-term savings life insurance solutions through its multi-channel distribution, including agency and third-party distribution partners. It has built its operations over two decades through a need-based sales process, a customer-centric approach to engagement and service delivery and trained human capital. As per the annual audited financials for FY2023-24, Axis Max Life Insurance has achieved a gross written premium of INR 29,529 Cr.

For more information, please visit the company website at www.maxlifeinsurance.com.

#ComeAsYouAre LGBTQIA+ and PwD candidates of all ages are encouraged to apply

📌 Senior Manager - Policy Owner Service (India)
🏢 AxisMaxlife
📍 India