Role Overview:

This role will be responsible for handling Business Compliance, Legal Coordination, and Risk Management across multiple distribution channels and ensuring end-to-end compliance with IRDAI regulations, identifying and mitigating operational, financial, digital, and data-related risks, and enabling compliant growth across POSP, Embedded Insurance, Extended Warranty, and Worksite distribution models. The role requires cross-functional collaboration with internal Compliance, Legal, Audit, Product, IT, and Business teams, as well as insurance partners.

Key Responsibilities:

1. POSP Channel Compliance & Governance:

- Ensure compliance with IRDAI guidelines for digital POSP onboarding, KYC, background verification, training, examination, certification, and appointment.

- Review and approve onboarding journeys, documentation flows, consent mechanisms, and disclosures from a compliance perspective.

- Ensure audit-ready documentation and evidence for POSP onboarding at all times.

- Ensure training content, assessment modules, and certifications adhere to IRDAI norms.

- Monitor POSP selling behaviour on the portal to ensure compliance with product disclosures, suitability, and solicitation norms.

- Implement checks to prevent mis-selling, unauthorized selling, or policy issuance deviations.

- Define and monitor compliance checks embedded within the POSP portal including product eligibility validations, sales journey disclosures, mandatory consent capture, and restricted product access.

- Work with tech teams to build preventive controls, validations, and system-based risk checks.

2. Insurance Partner Compliance & Distribution Risk Management:

- Ensure all insurer partnerships, agreements, processes, and business flows comply with IRDAI regulations and legal team.

- Review and monitor insurer-specific compliance requirements and ensure alignment in POSP and digital journeys.

- Identify and mitigate risks arising from deviations in insurer processes or claims handling.

- Act as the SPOC for compliance discussions with insurer partners.

3. Financial Compliance & Risk Management:

- Oversee compliance and risk controls around pay-in and pay-out processes, commission structures, and incentive payouts.

- Identify financial reconciliation risks, leakage risks, and payout anomalies across distribution channels.

- Work closely with Finance teams to ensure compliance with commission caps, disclosures, and IRDAI norms.

- Ensure audit trails and documentation for all financial transactions.

4. Data Privacy, Security & Regulatory Compliance:

- Ensure compliance with data protection, data storage, data sharing, and consent frameworks across all channels.

- Review data flows between POSP portal, insurer systems, partners, and internal platforms.

- Identify data exposure, misuse, or breach risks and recommend mitigation measures.

- Ensure adherence to IRDAI data governance guidelines and internal information security policies.

5. Embedded Insurance, Extended Warranty & Worksite Channel Compliance:

- Ensure IRDAI-compliant structuring of Embedded Insurance programs across partners and platforms.

- Oversee compliance and risk controls for Extended Warranty distribution model.

- Ensure Worksite Insurance distribution adheres to legal requirements.

- Review partner contracts, distribution models, and digital journeys for regulatory compliance.

6. Product, Policy Issuance & New Initiative Risk Assessment:

- Conduct compliance and risk reviews for new products, pilots, and partnerships before go-live.

- Review policy issuance flows, endorsements, renewals, and cancellations for compliance adherence.

- Identify regulatory risks early and propose controls before launch.

- Support product and business teams in designing compliant distribution models.

7. Regulatory Monitoring & Continuous Compliance:

- Track day-to-day changes in IRDAI regulations, circulars, guidelines, and advisories.

- Translate regulatory updates into actionable business and system changes.

- Ensure timely implementation and communication of regulatory changes across teams and maintain a central compliance tracker.

8. Coordination with Compliance, Legal & Audit Teams:

- Act as a bridge between Business teams and central Compliance, Legal, and Internal Audit functions.

- Address audit observations, regulatory findings, and risk issues.

- Ensure timely closure of audit points and corrective actions.

- Support regulatory inspections and internal/external audits with accurate data and documentation.