Business Head - Insurance

JOB DESCRIPTION

Job Title: Business Head - Insurance

Location: Noida Corporate Office, Sector 125

Reports To: Chief Business Officer

Job Type: Full-Time

Department: Sales & Distribution

Experience: 15 - 20 Years

About Spice Money Limited:

Established in 2000 under the leadership of Dilip Modi, Spice Money Limited stands as the premier rural fintech organization in India. A subsidiary of the publicly traded DiGiSPICE Technologies Limited, the company is headquartered in Noida and operates with a dedicated mission to bridge the financial divide for the underserved "Bharat" through advanced technological solutions.

Leveraging an expansive network of over 1.6 million Adhikaris nationwide, the organization facilitates critical last-mile access to services such as AEPS cash transactions, domestic transfers, insurance, and micro-ATM facilities. Spice Money continues to spearhead industry innovations, including a zero-cost merchant platform and one of the largest assisted payment ecosystems in the country, fostering digital empowerment across rural landscapes via credit marketplaces and UPI-integrated digital wallets.

With a presence spanning more than 95% of national pincodes and a workforce exceeding 1,000 professionals, Spice Money merges high-growth fintech agility with the robust impact of a vast distribution infrastructure. This unique combination drives significant economic opportunity and represents the future of financial inclusion throughout India.

Role Overview:

We are seeking a visionary Business Head of Insurance to build, scale, and lead our insurance vertical. In this critical leadership role, you will be responsible for the end-to-end P&L of the insurance business. Your mission is to democratize insurance for rural India by designing and distributing low-ticket, high-value insurance products through our massive Adhikari network. You will bridge the gap between traditional insurance manufacturing and assisted-digital distribution, ensuring that every rural customer has access to a financial safety net.

Key Deliverables:

Strategy & P&L Management:

- Own the top-line and bottom-line (P&L) for the complete Insurance vertical at Spice Money

- Develop a multi-year roadmap for insurance penetration across our active Adhikari base

- Identify high-potential micro-markets and design tailored go-to-market strategies to drive policy adoption

Product Development & Partnerships:

- Forge and nurture strategic alliances with leading Life, Health, and General Insurance companies.

- Collaborate with insurers to co-create custom "sachet" and micro-insurance products tailored for the rural Indian consumer (e.g., bite-sized health covers, sachet motor insurance, simple term life, and crop/weather insurance).

- Negotiate commercial constructs, commission structures, and service level agreements (SLAs) with partners.

Distribution & Network Enablement:

- Design the sales strategy for our B2B2C assisted-digital model

- Build training and enablement programs for the Adhikari network to simplify the pitch, ensuring they can confidently sell insurance products to rural consumers

- Develop incentive and reward programs to drive active merchant participation and daily policy issuance

Technology & Customer Journey:

- Work closely with Product and Tech teams to build seamless, 100% paperless, and instant-issuance insurance journeys on the Spice Money app/portal

- Ensure the post-sales and claims journey is highly intuitive, recognizing the low financial literacy of the end consumer

Regulatory & Compliance:

- Act as the principal officer/domain expert ensuring strict adherence to all IRDAI regulations and compliance mandates.

- Ensure the sales process, data privacy, and grievance redressal mechanisms meet all regulatory standards.

Skills & Capabilities Required:

Experience: 15 - 20 years of robust experience in the Insurance sector, with at least 5+ years in a leadership role managing P&L, distribution, or partnerships.

Domain Expertise: Deep understanding of micro-insurance, rural markets, and alternate distribution channels (B2B2C, BC networks, or Fintech platforms).

Network: Strong existing relationships with key stakeholders at top insurance companies.

Skillset: Exceptional commercial acumen, analytical thinking, and the ability to operate in a high-growth, fast-paced environment.

Empathy for Bharat: A genuine passion for financial inclusion and solving the unique challenges faced by rural consumers.

What Success Looks Like in This Role:

- Launching a comprehensive suite of simple, instant-issuance micro-insurance products.

- Activating a target percentage of the Adhikari network to actively cross-sell insurance.

- Achieving the targeted Premium Collection and Policy Issuance volumes while maintaining a highly profitable unit economic model.

www.spicemoney.com