Experience
4 - 7 yrs
Job Location
Thane, India
Vacancy
1
Designation
Team Manager
Job Type
ONSITE
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 knowhow 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 suboptimal IT system performance.
Ensure process are executed with 100% accuracy due diligence as even a single processing error could expose BSLI to major ficial risk (the Sum Assured for each member is very significant i. e. in crores).
.
Identify and Evaluate Risks affecting the business devise processes to mitigate the same. Implement robust controls to eliminate any Ficial/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 memberwise 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 daytoday operations, by efficiently utilizing the available system human resources. Modify solutions in event of resource limitations, spikes and suboptimal IT system performance or system limitations.
Key Result Areas KRA (Accountabilities) (Max 1325 Characters) Supporting Actions (Max 1325 Characters) KRA1 Design, Manage, Control and implement Business Processes and ensure that the Service Levels are met at all times Design and implement custom made processes to suit each Voluntary clients requirements ensuring compliance with company regulatory norms, whilst working within budgetary limits 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 knowhow 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 suboptimal IT system performance.
Ensure process are executed with 100% accuracy due diligence as even a single processing error could expose BSLI to major ficial risk (the Sum Assured for each member is very significant i. e. in crores).
.
Identify and Evaluate Risks affecting the business devise processes to mitigate the same. Implement robust controls to eliminate any Ficial/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 memberwise 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 daytoday operations, by efficiently utilizing the available system human resources. Modify solutions in event of resource limitations, spikes and suboptimal IT system performance or system limitations.
Discussion with Internal stakeholders with regards to Launch of new products and plans. Planning and implementation of the new products / plan within the timelines.
Design Implement Key Business Projects Initiatives. Track project milestones and deliverables.
Ensure adherence to business processes maintaining 100% Turn Around
Time( TAT) and Accuracy for New business, Renewal, Policy Administration and medical Underwriting transactions
Approve exceptions post careful evaluation of risks involved, considering the impact on internal and external customers. Communicate approvals in a timely fashion. KRA2 Design, Manage, Control and implement Business Processes and ensure that the Service Levels are met at all times Design processes to ensure 100% compliance to company regulatory norms.
Ensure high Customer retention to maintain healthy Persistency scores. Undertake negotiations with the pricing team for competitive rates to maintain a healthy book.
Carry out Audit at regular intervals to ensure that all transactions processed are 100% accurate w. r. t processing and client communication
Intervene to resolve any delays with internal and external agencies for early closure of pending cases.
Monitor the team, s capacity utilization and accuracy matrix at regular intervals to ensure that the same are as per the set standards.
Forecast business/transactions volumes Ensure adequacy of staff for processing by recruiting skilled manpower.
Review Approve SOPs. Ensure that the same is updated at all times KRA3 Facilitation of Medical and Non medical Underwriting
Identify, evaluate Risks involved build controls to mitigate the same Identify and assess Risks affecting the business.
Design Implement processes with robust control mechanism to mitigate the same eliminate any Ficial/Data loss to the organisation as well as the clients.
Periodically revisit processes to evaluate controls amend the same as per need.
minimum pendencies
Organise appropriate risk reporting, to all the concerned stakeholders KRA4 Maintain Client Relationships by providing best in class services. Understand customized client requirements devise mechanism to ensure delivery of the same within the set timelines with 100% accuracy
Periodically undertake industry benchmarking surveys incorporate best industry practices thus assisting the sales service team to gain competitive advantage through differentiated customer service.
Conduct periodic feedback surveys to gauge bridge any gap between service expectation delivery. KRA5 Suggest implement system automations drive implementation of key business projects Identify requirements for automation enhancement ensure development of the same by the IT team
Review Approve User Requirement Document (UR) Functional specification document (FSD) prepared by the IT team, to ensure that the same is in line with User specifications approve the same. Seek delivery timelines for project completion
Preempt areas of concern highlight the same with probable solutions
Provide inputs in user testing phase and provide SignOffs for , Golive, i. e. production movement.
Provide the necessary inputs and development requirements for any New Product Setup.
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