Senior Manager – Policy Servicing

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