Vice President/Assistant Vice President - Policy Servicing - Insurance

VP/AVP - Policy Servicing - Life Insurance

- To manage the policy servicing process & ensure service standards are met for both financial and non-financial transactions.

Key Responsibilities :

- To define & plan standardized endorsement, survival & annuity benefit & refund and cancellation processes.

- To ensure smooth and timely execution of payouts and non-payout transactions.

- To ensure regulatory TATs are met.

- To strengthen operational controls through analytics.

- To ensure risk are identified and risk mitigants are put in place.

- To identify opportunities to increase efficiencies in Operations and drive change management
Specific Authorities( Financial & Non Financial).

Key Performance Indicators :

- Payout TAT (<=15 days)

- IRDAI Reports TAT = As per defined frequency

Job Requirements :

Experience - Minimum 5 years in Policy Servicing

Functional Competencies :

- Demonstrates a comprehensive review of an organization's adherence to regulatory guidelines. Also evaluates the strength and thoroughness of compliance preparations, security policies, user access controls and risk management procedures over the course of a compliance audit.

- Effective Adherence to the laid process and achieve closures in TAT without any error/failures.

- Regulatory compliance describes the goal that organizations aspire to achieve in their efforts to ensure that they are aware of and take steps to comply with relevant laws, policies, and regulations.

- Demonstrating and applying knowledge of the products to identify and solve issues.

Behavioral Competencies :

- Business Acumen

- Building Talent and Teams Definition

- Collaboration

Key Interactions - Internal

Nature or purpose of interaction - IT & Project Team (BCG):

- To fix production defects

- System enhancement

Finance

- Reconciliation

- Unclaimed management

- Control reports

Risk:

- For any reported exceptions, prepare RCA & map corrective actions

- Report any process related issues to Risk team

Legal and Compliance

- Renewal of vendor agreement

External:

Nature or purpose of interaction

Vendors/Partners

- Outsourcing of activities related to payout & non payout transactions.

- Identify opportunities for automation / digitization.