TM-Mgr-GO Central-Thane

Job Description

Job Purpose

Responsible for Planning, Implementation & end to end Supervision of Operational activities for the new business and renewal including voluntary business Designing customised solutions as per client needs mitigating risks involved & ensuring delivery in adherence to all statutory, regulatory and internal guidelines

Job Context & Major Challenges

Job Context: Group life insurance covers the lives of multiple individuals such as some or all employees of a business, members of a labor union, or members of an association. Depending on the group life insurance policy, the insured person may receive life insurance coverage as an employee benefit, make a contribution to pay part of the cost, or may pay for the group life insurance policy on their own.
Group life insurance is based on the risk characteristics of the group as a whole, recognizing that some members of the group would be less of a risk than others. Most of the groups purchasing group life insurance are generally strongly cohesive with many common characteristics linking all members of the group.
About Group Operations
At Group Operations, we cater to corporate clients. Each corporate client has requirements specific to their group. Given the specific requirements, processes are customized to suit the client,s needs.
Moreso, the Group Operations team manages the entire policy life cycle i.e. New business, underwriting, Policy administration, Response to queries etc.
Due to the peculiarity of group business, the team needs to possess refined skill sets to support client,s dynamic requirements whilst adhering to various statutory, regulatory and internal norms.
Given the complexities involved, & the fact that knowledge of Group Insurance is a rare find, the incumbent period to train a resource in Group Ops is higher & as such training & mentoring of the team members is an ongoing & challenging task

Key Challenges for the role :
Given the dynamic & highly exceptional nature of group business, create & implement Custom made solutions as per each corporate client requirements by applying knowledge of fundamentals, technical know-how & past experience, whilst operating within budgetary, regulatory & statutory constraints.
Ensure 100% compliance to Service level agreements w.r.t Turnaround Times even in times of resource limitation & sub-optimal IT system performance.
Ensure process are executed with 100% accuracy & due diligence as even a single processing error could expose BSLI to major financial risk (the Sum Assured for each member is very significant i.e.in crores).
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Identify and Evaluate Risks affecting the business & devise processes to mitigate the same. Implement robust controls to eliminate any Financial/Data loss to the organisation as well as the clients. Organize appropriate risk reporting to all concerned authorities.
Inspite of the skewed nature of Business Volumes, ensure timely release of systems for month end/ year end batch processing without any delay, thus ensuring that business reports are submitted to internal stakeholders/ IRDA on a timely basis.
Ensure that 100% confidentiality w.r.t clients medical information & medical reports is maintained inspite of the multiple contacts points & member-wise specific instructions. The challenge is that in certain policies the count of members ranges till 12000.
Plan and implement administrative processes and system requirements for scheduled/unscheduled product launches/amendments. Ensure designing and implementation of Day 2 system requirements in consultation with product, pricing and system teams.
Effectively adapt to the constant regulatory & statutory changes & align processes in accordance with the guidelines within the expected timelines
Manage day-to-day operations, by efficiently utilizing the available system & human resources. Modify solutions in event of resource limitations, spikes & and sub-optimal IT system performance or system limitations.

Key Result Areas