Job Description
Job TitleSenior Manager – POSLocationBranch NameDepartmentOperationsFunctionPOSReporting toAVP– POSBand4AThe 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:
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
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
Financial Control Risk Management
Ensure accurate payout computations
Strengthen maker-checker and approval frameworks
Prevent duplicate / erroneous payouts
Track and mitigate operations risks
Process Excellence Digitization
Drive automation and straight through processing and improve payout journeys
Implement process improvements to optimize cost efficiency
Customer Experience Service Excellence
Ensure seamless payout experience with minimal documentation
Monitor NPS / grievance trends related to payouts
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%
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
About Axis Max Life Insurance
Axis Max Life Insurance Limited, formerly known as Max Life Insurance Company Ltd., is a Joint Venture between Max Financial Services Limited (“MFSL”) and Axis Bank Limited. Axis Max Life Insurance offers comprehensive protection and long-term savings life insurance solutions through its multi-channel distribution, including agency and third-party distribution partners. It has built its operations over two decades through a need-based sales process, a customer-centric approach to engagement and service delivery and trained human capital. As per the annual audited financials for FY2023-24, Axis Max Life Insurance has achieved a gross written premium of INR 29,529 Cr. For more information, please visit the company website at www.maxlifeinsurance.com.
#ComeAsYouAre LGBTQIA+ and PwD candidates of all ages are encouraged to apply
