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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Key Responsibilities:

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1. Payout Operations Management (Maturity, survival benefits, surrender, partial withdrawals, annuity, refund of excess premium)

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- Ensure timely settlement within regulatory turnaround times.
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- Approve high-value and complex claims within delegated authority limits.
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- Monitor pending payouts, escalations, and grievances.
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- Ensure accurate calculation and disbursement of payouts
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- Validate reconciliation between finance, operations and IT
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- Drive automation and straight through processing
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2. Regulatory & Compliance Management

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- Ensure compliance with guidelines issued by the Insurance Regulatory and Development Authority of India (IRDAI).
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- Ensure adherence to AML, KYC, fraud prevention, and audit requirements.
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- Coordinate with internal and statutory auditors.
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- Ensure timely regulatory reporting and accurate data submission.
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- Monitor and timely clearance of outstanding amount
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3. Financial Control & Risk Management

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- Ensure accurate payout computations
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- Strengthen maker-checker and approval frameworks
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- Prevent duplicate / erroneous payouts
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- Track and mitigate operations risks
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4.



Process Excellence & Digitization

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- Drive automation and straight through processing and improve payout journeys
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- Implement process improvements to optimize cost & efficiency
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5. Customer Experience & Service Excellence

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- Ensure seamless payout experience with minimal documentation
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- Monitor NPS / grievance trends related to payouts
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6. Stakeholder Management & Team Leadership

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- Collaborate with IT, Digital, Finance, legal and actuaries
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- Vendor management
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- Lead and mentor a team of managers and executives
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- Drive performance management and capability development
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Measure of Success:

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- 100% TAT adherence as per regulatory provision
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- NPS Target - >70%
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- Timely reporting of Dashboard/MIS
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- Reduction in Service Grievances / Escalations by 40%
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- Internal Audit Rating – 2 or higher than 2
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- Timely review and maintenance of SOPs
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- Reduce Penal Interest by 30%
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- Reduce Cost per transaction by 25%
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Desired qualifications and experience:

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- Should be a Post Graduate, preferably with Insurance background & Professional qualification.
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- Strong understanding of policy administration systems.
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- Must have a minimum of 10-12 years in Insurance and handling the team.
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Knowledge and skills required:

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- Robust analytical and financial acumen
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- Regulatory knowledge
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- Risk and control orientation
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- Process re-engineering capability
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- Leadership and decision-making skills
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📌 Senior Manager - Policy Servicing (Gurugram)
🏢 Axis Max Life Insurance
📍 Gurugram