Senior Manager – Policy Servicing

Axis Max Life Insurance Limited · Gurugram, India

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 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