Internal Audit Role - Insurance

Key Responsibilities :

- Lead and manage internal audits across critical insurance processes including underwriting, claims management, policy servicing, reinsurance, investments, and finance operations.

- Review end-to-end policy lifecycle controls including issuance, endorsements, renewals, cancellations, and settlements.

- Assess claims processing controls, fraud detection mechanisms, claims leakage, reserve adequacy, and settlement accuracy.

- Evaluate underwriting controls, pricing governance, risk acceptance frameworks, and policy approvals.

- Review reinsurance arrangements, treaty compliance, recoverable reconciliations, and accounting controls.

- Assess regulatory compliance with Insurance Regulatory and Development Authority of India guidelines, AML/KYC norms, solvency requirements, and policyholder protection frameworks.

- Conduct branch audits, operational audits, and thematic reviews across distribution channels such as brokers, bancassurance, and agency networks.

- Review financial controls around premium accounting, commission payouts, claims reserves, and revenue recognition.

- Identify process gaps, control weaknesses, and operational inefficiencies, and recommend improvements.

- Perform fraud risk reviews and investigate high-risk transactions or suspicious claims.

- Present audit observations to senior leadership and monitor timely closure of audit findings.

- Build strong relationships with business, compliance, actuarial, finance, and risk teams.