Key Responsibilities
1. Financial Goals
- Drive operational cost optimization and improve productivity across insurance operations.
- Ensure accurate premium accounting, reconciliation, and payout management.
- Support revenue growth by minimizing leakages, errors, and TAT delays.
- Track and improve policy issuance, renewals, and persistency metrics.
- Partner with business and finance teams to meet budgeted targets and margins.
2. Operational Goals
- Oversee day-to-day insurance operations across Life, Health, Motor, and GI.
- Ensure smooth policy issuance, endorsements, renewals, cancellations, and servicing.
- Define and monitor turnaround time (TAT) and service quality benchmarks.
- Act as the escalation point for critical operational and client issues.
- Coordinate with sales, claims, finance, IT, and compliance teams for seamless execution.
3. Process Goals
- Design, standardize, and continuously improve SOPs and workflows across insurance verticals.
- Drive automation and digitization of operational processes.
- Ensure data accuracy and MIS governance for decision-making.
- Implement process controls to reduce operational risk and dependency on individuals.
- Lead process audits and corrective action plans.
4. People Goals
- Build and lead a centralized and regional insurance operations team.
- Define roles, KRAs, and performance metrics for team members.
- Drive employee engagement, productivity, and retention.
- Coach and mentor senior team members and future leaders.
- Foster a culture of ownership, accountability, and service excellence.
5. Training & Capability Building
- Identify training needs for operations teams across insurance products and processes.
- Conduct regular product, system, compliance, and process trainings.
- Ensure team readiness for new insurer tie-ups, product launches, and regulatory changes.
- Collaborate with sales and POSP/SP teams for operational enablement.
6. Compliance & Audit
- Ensure full adherence to IRDAI regulations, broker guidelines, and internal policies.
- Manage internal, external, and regulatory audits with zero or minimal observations.
- Oversee documentation, reporting, and compliance MIS.
- Act as the single point of contact for compliance escalations related to operations.
- Implement audit observations and preventive controls.
7. Insurance Company (IC) Relationship Management
- Manage and strengthen relationships with insurance company partners.
- Ensure service level adherence, issue resolution, and operational coordination with ICs.
- Participate in business reviews, product discussions, and operational improvement initiatives with insurers.
- Negotiate operational support, TAT commitments, and process enhancements.
Key Competence & Skills required
Key Competence
- Strong understanding of insurance operations and broking regulations
- Expertise across Life, Health, Motor, and General Insurance processes
- Leadership, team management, and effective decision-making
- Process improvement mindset with focus on automation and efficiency
Skills
- Analytical and problem-solving abilities
- MIS preparation, reporting, and data interpretation
- Operational planning and execution
- Communication and coordination skills
This position reports to- EVP - Insurance Head
Academic requirements- Graduate or Post Graduate
Location- Mumbai
Experience- 12+ years of experience
Team handling experience- Yes
