Job Summary-:
The Lead New Business, Retail Operations will be responsible for managing and optimizing end-to-end new business operations across retail distribution channels including Agency, Bancassurance, and Direct/Alternate channels. The role ensures timely issuance of policies, operational efficiency, regulatory compliance, and superior partner and customer experience while supporting business growth initiatives.
Key Responsibilities:
1) New Business Operations Management
- Oversee end-to-end new business processing including proposal intake, underwriting coordination, medical requirements, AML guideline adherence , policy issuance, and welcome processes.
- Ensure adherence to internal controls, underwriting guidelines, and regulatory requirements (IRDAI or local regulator).
- Drive improvements in turnaround time (TAT), first-time-right issuance, and quality metrics.
2) Retail Distribution Support
- Act as operations SPOC for retail channels (Agency, Bancassurance, Corporate Agents, Brokers).
- Partner closely with sales teams to support new product launches, campaigns, and business growth initiatives.
- Resolve escalations related to proposal processing, underwriting decisions, and policy issuance.
3) Process Excellence & Digitization
- Identify process gaps and lead automation, digitization, and workflow enhancements in new business operations.
- Implement straight-through processing (STP) and paperless initiatives.
- Drive continuous improvement using Lean / Six Sigma methodologies.
4) Regulatory & Compliance
- Ensure compliance with regulatory guidelines, AML/KYC norms, and internal audit requirements.
- Support internal and external audits related to new business operations.
- Ensure timely and accurate reporting to regulators and senior management.
5) Performance & MIS Management
- Monitor operational KPIs including TAT, pendency, issuance ratio, rejection rates, and quality scores.
- Prepare MIS dashboards and insights for senior management and distribution leadership.
- Drive corrective action plans to address operational bottlenecks.
6) Stakeholder & Vendor Management
- Coordinate with underwriting, medical, finance, IT, and customer service teams to ensure seamless operations.
- Manage third-party vendors such as medical service providers, tele-verification agencies, and document management partners.
- Ensure service level adherence and cost efficiency.
7) Team Leadership
- Lead, coach, and develop a team handling new business operations.
- Set performance goals and drive a culture of accountability and customer-centricity.
Key Skills and Competencies-:
- Strong understanding of life insurance products and distribution models.
- Excellent stakeholder management and communication skills.
- Strong analytical and problem-solving capabilities.
- Experience in process improvement and digital transformation.
- Ability to manage high volumes and tight regulatory timelines.
Qualifications:
- Graduate in any discipline; MBA or Insurance-related qualification preferred.
- 812+ years of experience in Life Insurance operations, with strong exposure to new business processing and retail distribution.
- Hands-on experience with New Business workflows and regulatory compliance.
