Senior Manager – Policy Servicing

Axis Max Life Insurance Limited; Gurugram District; On-site; INR 1,800,000 - 3,200,000; Full time

Job summary

Axis Max Life Insurance Limited seeks a Senior Manager - Payout Operations to lead end-to-end payout processes, ensuring timely and compliant disbursement of obligations. The role emphasizes regulatory adherence, customer satisfaction, and financial governance.

Key responsibilities include managing payouts across maturity and surrender scenarios, ensuring accuracy and timely settlements, and driving automation and process improvements while leading a capable team.

Qualifications

• Post Graduate degree is required or preferred.
• Insurance background with a professional qualification is desirable.
• Extensive experience in insurance and people management (10–12 years).

Responsibilities

• Oversee end-to-end payout operations including maturity, survival benefits, surrender, withdrawals, annuity and refunds.
• Ensure regulatory compliance with IRDAI, AML, KYC, fraud prevention and audits.
• Maintain financial control, accurate payout computations and risk management.
• Drive process excellence, automation and straight-through processing of payouts.
• Enhance customer experience and monitor payout-related NPS and grievances.
• Lead and mentor a team of managers and executives; coordinate with IT, Finance, Legal and actuaries.

Skills

Team leadership

Policy administration systems

Education

Post Graduate

Insurance professional qualification

Tools

Policy administration systems

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.

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
• 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
• 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.