Refunds and Surrender Operations Specialist

We are currently seeking a Refunds and Surrender Operations Specialist to own the end-to-end processing of payouts and governance. In this role, you will ensure high accuracy, compliance, and customer satisfaction. Furthermore, you will build and run the MIS layer to drive reconciliations and risk controls. Consequently, this position is essential for maintaining smooth operations in partnership with the Finance and IT departments.

The Refunds and Surrender Operations Specialist focuses on daily processing and publishing dashboards. Additionally, you will handle exceptions and act as a maker for transaction triggers. Therefore, we are looking for a process-oriented individual with a strong risk mindset and advanced analytical skills.

Key Responsibilities

• Process refund and surrender requests for policy holders to ensure timely payouts.
• Trigger payouts through approved payment rails such as NEFT, RTGS, and IMPS.
• Manage various exceptions including reversals, returned payments, and dormant accounts.
• Ensure strict adherence to product rules, policy terms, and regulatory guidelines from IRDAI.
• Implement and test internal controls like dual authorization and access controls.
• Perform daily reconciliations of payout files against bank statements and GL postings.
• Build and publish daily, weekly, and monthly dashboards to track volumes and accuracy.
• Identify drivers for rework and contribute to critical systems enhancements and UAT.

Requirements and Qualifications

Education and Experience

• Graduate or Postgraduate degree in Commerce or Finance.
• Minimum of 1 to 5 years of experience within the insurance sector.
• Specific experience in refunds, surrenders, claims, or settlements is required.
• Hands-on experience with policy administration systems and various banking portals.

Technical Skills and Tools

• Advanced Excel proficiency including the use of pivots, xlookup, and power query.
• Strong understanding of General Ledger (GL) principles and reconciliation processes.
• Experience with Power BI for automating reports and designing quality checks.
• Excellent communication skills for managing stakeholders across Ops, Finance, and IT.

What We Look For

• A meticulous individual who ensures 100% accuracy in financial transaction logs.
• A proactive professional dedicated to identifying leakage and driving process improvements.
• An analytical thinker capable of creating cohort and trend analysis for business insights.

If you are a finance operations expert ready to manage complex payout governance, we encourage you to apply for this position today!