Senior Manager - Policy Owner Service
Axis Max Life Insurance · Gurugram · onsite · Posted 42d ago
Undisclosed8–13 yrsfulltimeSourced from
About a minute. You'll make an account on the way through.
About this role
Job Description Job Title Senior Manager - POS Location Branch Name Department Operations Function POS Reporting to AVP- POS Band 4A
Disclaimer: This job posting and Location has been aggregated from external source. Role details, content, and availability are subject to change. Applicants are advised to confirm the latest information directly on the company website before applying.
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 maing skills
Disclaimer: This job posting and Location has been aggregated from external source. Role details, content, and availability are subject to change. Applicants are advised to confirm the latest information directly on the company website before applying.
Sourced from naukri
Skills
AutomationManager Internal AuditClaimsChannel DistributionRisk ManagementFinancial Servicesanalyticalreconciliationperformance managementMIS
About Axis Max Life Insurance
Axis Max Life Insurance
Insurance
24.9k+
employees
2000
26 years old
Gurgaon/Gurugram, Haryana
India
About
Axis Max Life Insurance, a leading life insurance company in India, offers a range of life insurance plans and policies to ensure Lifetime Protection.
Industries
Insurance
Employee ratings
7,213 reviews
4.0/ 5
Culture
3.9
Career growth
3.7
Work-life
3.9
Employees rate it well for
Work Culture730Salary399Work Environment380Work Life Balance337Senior Management327
Find them on