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 perks, 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

2. 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.
- 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-making skills

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