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 payoutsValidate reconciliation between finance, operations and ITDrive automation and straight through processing2. Regulatory & Compliance ManagementEnsure 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 amount3. Financial Control & Risk ManagementEnsure accurate payout computations Strengthen maker-checker and approval frameworksPrevent duplicate / erroneous payoutsTrack and mitigate operations risks4.



Process Excellence & DigitizationDrive automation and straight through processing and improve payout journeys Implement process improvements to optimize cost & efficiency5. Customer Experience & Service ExcellenceEnsure seamless payout experience with minimal documentationMonitor NPS / grievance trends related to payouts6. Stakeholder Management & Team LeadershipCollaborate with IT, Digital, Finance, legal and actuariesVendor managementLead and mentor a team of managers and executivesDrive performance management and capability development Measure of Success:100% TAT adherence as per regulatory provisionNPS Target - > 70%Timely reporting of Dashboard/MIS Reduction in Service Grievances / Escalations by 40%Internal Audit Rating – 2 or higher than 2Timely review and maintenance of SOPsReduce 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: Solid analytical and financial acumenRegulatory knowledgeRisk and control orientationProcess re-engineering capabilityLeadership and decision-making skills

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