Assistant Vice President

Role Purpose

The Lead - Distribution Payments is responsible for managing end-to-end commission, incentive, reward, and remuneration payouts across multiple distribution channels. The role ensures accurate and timely payment processing, regulatory compliance, robust financial controls, stakeholder management, and continuous process automation to support business growth and operational efficiency.

Key Responsibilities

Distribution Payout Operations

• Manage end-to-end payout processes for commissions, incentives, contests, rewards, and other distributor remunerations.
• Ensure timely and accurate processing of payouts across agency, banca, broker, direct sales, and other distribution channels.
• Monitor payout calculations, validations, approvals, accounting, and disbursements.
• Review complex payout scenarios and resolve exceptions within defined timelines.

Financial Control & Governance

• Establish and maintain strong maker-checker controls and payout governance frameworks.
• Ensure compliance with internal policies, delegation of authority, and financial control requirements.
• Drive implementation of audit recommendations and process improvements.
• Monitor payout-related provisions, recoveries, reversals, and reconciliations.

Regulatory & Compliance Management

• Ensure adherence to IRDAI regulations, taxation requirements, commission guidelines, and applicable remuneration policies.
• Support internal, statutory, and regulatory audits by providing explanations, data, and documentation.
• Assess impact of new regulations and coordinate implementation across systems and processes.

Reconciliation & Reporting

• Oversee monthly reconciliation of payout-related balances, GL accounts, and outstanding items.
• Review management reports, channel-wise payout analysis, and exception dashboards.
• Provide insights on payout trends, variances, productivity, and financial impact.

Stakeholder Management

• Coordinate with Distribution, Finance, Taxation, Compliance, IT, HR, Planning, Operations, and external partners.
• Act as a single point of contact for payout-related escalations and critical business issues.
• Support leadership with data-driven analysis and recommendations.

Automation & Process Excellence

• Drive automation initiatives to improve payout accuracy, efficiency, and scalability.
• Partner with technology teams for system enhancements, UAT execution, and process digitization.
• Identify opportunities to reduce manual intervention and operational risk.

Team Leadership

• Lead, mentor, and develop team members.
• Allocate work, review deliverables, and ensure achievement of service-level commitments.
• Build a high-performance culture focused on quality, timeliness, and continuous improvement.

Key Deliverables

• Timely and accurate payout processing.
• Strong control environment with minimal operational risk.
• Closure of audits and compliance observations.
• Accurate reconciliations and financial reporting.
• Successful implementation of automation and process enhancements.
• Effective stakeholder engagement and issue resolution.

Desired Candidate Profile

Education

• Chartered Accountant (CA) / MBA Finance / M.Com / Equivalent qualification.

Experience

• 8-12 years of experience in Finance Operations, Distribution Payouts, Commission Management, Insurance Finance, or related domains.
• Prior experience in Life Insurance, Financial Services, Banking, or NBFC sectors preferred.
• Team handling experience is desirable.

Technical Skills

• Strong understanding of commission and incentive payout processes.
• Knowledge of accounting, reconciliations, and financial controls.
• Understanding of IRDAI regulations and taxation aspects related to payouts.
• Advanced proficiency in Excel and reporting tools.
• Experience with ERP systems, payout platforms, data analytics, and automation initiatives.

Key Competencies

• Strong analytical and problem-solving skills.
• Attention to detail and control mindset.
• Stakeholder management and influencing skills.
• Process improvement and automation orientation.
• Leadership and people management capabilities.
• Ability to work under tight deadlines and manage multiple priorities.