Insurance Operations Specialist

Job Description: Insurance Operations Specialist

We are seeking a highly motivated and experienced Insurance Operations Specialist to join our team at Fincart, a leading FinTech company. This role requires a strong background in insurance operations, including handling backend operations, renewals, policy coordination, and 3rd party vendor management. The ideal candidate should have hands-on experience in health policies, empanelment, mutual funds, and a solid understanding of advanced Excel tools. You will play a pivotal role in streamlining insurance operations and ensuring smooth policy renewals and third-party coordination.

Roles and Responsibilities:

1. Insurance Backend Operations:

○ Handle and manage the backend operations of insurance processes, including health policies, renewal processing, policy issuance, and coordination with third-party vendors

○ Ensure the seamless flow of policy data and documentation, ensuring compliance with company standards and industry regulations

2. Insurance Renewals:

○ Oversee and manage the timely renewal process for all insurance policies (health, life, etc.), ensuring minimal lapse in coverage

○ Coordinate with clients, sales teams, and vendors to ensure smooth renewal cycles, offering timely reminders and troubleshooting any issues

3. Policy Coordination with Third-Party Vendors:

○ Act as the primary point of contact for third-party vendors, ensuring the accuracy and timely processing of insurance policies and renewals

○ Liaise with vendors to address queries, resolve discrepancies, and ensure service-level agreements are met

4. Empanelment:

○ Responsible for the empanelment of healthcare providers, ensuring that all healthcare facilities are registered and compliant with the insurance network standards

○ Manage and update the empanelment database, ensuring up-to-date information for clients and stakeholders

5. Knowledge of Mutual Funds:

○ Apply knowledge of mutual funds in offering additional value-added services to clients, guiding them with investment options linked to insurance policies where applicable.

6. Advanced Excel:

○ Utilize advanced Excel skills to manage data, generate reports, analyze trends, and create performance tracking dashboards.

○ Perform data analysis and provide insights to streamline insurance operations and support decision-making processes

7. Demat Account Knowledge (Optional but preferred):

○ A basic understanding of demat accounts and their relevance to insurance policies and mutual fund investments is desirable. 8. Reporting and Documentation:

○ Prepare and maintain accurate and detailed documentation related to insurance operations, renewals, vendor agreements, and policy records.

○ Generate periodic reports on operational metrics, renewal statuses, and vendor performance. 9. Compliance and Regulatory Adherence:

○ Ensure that all insurance-related processes and documentation comply with regulatory standards set by the Insurance Regulatory and Development Authority of India (IRDAI).

○ Support internal audits and maintain proper documentation for audit trails.

10. Collaboration with Cross-Functional Teams:

○ Work closely with other departments (e.g., Sales, Marketing, Finance) to ensure alignment on insurance products, services, and customer needs.

○ Provide input to enhance the customer journey and streamline internal processes.

Requirements:

• Educational Qualification: Graduate in any discipline. Preference will be given to candidates with qualifications related to insurance, finance, or business administration.
• Experience: Minimum of 2 years of experience. Experience in the FinTech industry or Insurance Industry is mandatory.
• Technical Skills:

○Advanced proficiency in Microsoft Excel (pivot tables, VLOOKUPs, complex formulas, etc.).

○ Knowledge of mutual funds and demat accounts is a plus.

• Certifications: IC-38 certification is mandatory.
• Communication Skills: Excellent verbal and written communication skills.

Key Competencies:

• Strong attention to detail
• Problem-solving mindset
• Excellent organizational and time management skills
• Ability to work in a fast-paced, high-pressure environment
• Strong interpersonal skills and team collaboration
• Customer-centric approach and service-oriented attitude 5