Job Description 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.
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n Key Responsibilities:
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n 1. Payout Operations Management (Maturity, survival benefits, surrender, partial withdrawals, annuity, refund of excess premium)
n n Ensure timely settlement within regulatory turnaround times.
n Approve high-value and complex claims within delegated authority limits.
n Monitor pending payouts, escalations, and grievances.
n Ensure accurate calculation and disbursement of payouts
n Validate reconciliation between finance, operations and IT
n Drive automation and straight through processing
n n 2. Regulatory & Compliance Management
n n Ensure compliance with guidelines issued by the Insurance Regulatory and Development Authority of India (IRDAI).
n Ensure adherence to AML, KYC, fraud prevention, and audit requirements.
n Coordinate with internal and statutory auditors.
n Ensure timely regulatory reporting and accurate data submission.
n Monitor and timely clearance of outstanding amount
n n 3. Financial Control & Risk Management
n n Ensure accurate payout computations
n Strengthen maker-checker and approval frameworks
n Prevent duplicate / erroneous payouts
n Track and mitigate operations risks
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Process Excellence & Digitization
n n Drive automation and straight through processing and improve payout journeys
n Implement process improvements to optimize cost & efficiency
n n 5. Customer Experience & Service Excellence
n n Ensure seamless payout experience with minimal documentation
n Monitor NPS / grievance trends related to payouts
n n 6. Stakeholder Management & Team Leadership
n n Collaborate with IT, Digital, Finance, legal and actuaries
n Vendor management
n Lead and mentor a team of managers and executives
n Drive performance management and capability development
n n Measure of Success:
n n 100% TAT adherence as per regulatory provision
n NPS Target - >70%
n Timely reporting of Dashboard/MIS
n Reduction in Service Grievances / Escalations by 40%
n Internal Audit Rating – 2 or higher than 2
n Timely review and maintenance of SOPs
n Reduce Penal Interest by 30%
n Reduce Cost per transaction by 25%
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n Desired qualifications and experience:
n n Should be a Post Graduate, preferably with Insurance background & Professional qualification.
n Strong understanding of policy administration systems.
n Must have a minimum of 10-12 years in Insurance and handling the team.
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n Knowledge and skills required:
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n n Robust analytical and financial acumen
n Regulatory knowledge
n Risk and control orientation
n Process re-engineering capability
n Leadership and decision-making skills
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📌 Senior Manager - Policy Servicing (Gurugram)
🏢 Axis Max Life Insurance
📍 Gurugram