Business Head - Insurance and Reinsurance - Founding Role

Posted: posted yesterday

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Job Description

Key Responsibilities

1. Business Setup & Regulatory Licensing (Top Priority)

• Lead the end-to-end IRDAI licensing process for General Insurance
• Define the optimal licensing strategy (standalone vs. composite approach)
• Build compliance, governance, and regulatory frameworks for:
  • Insurance Broking
  • Reinsurance
  • Strategic partnerships
• Liaise with regulators, advisors, and legal consultants
• Build and scale a fully operational insurance, reinsurance, and broking ecosystem in India

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2. Business Strategy & Market Positioning

• Define:
  • Vision, mission, and long-term roadmap
  • Target segments (Retail / SME / Corporate / Niche)
• Identify market entry strategies:
  • Underserved segments
  • Niche vs. mass-market approach
• Develop competitive positioning against established insurers

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3. Product & Business Model Design

• Design product portfolios across:
  • General Insurance
  • Marine Insurance
  • Industrial Insurance
  • Energy & Oil & Gas
  • Health
  • Property
  • Liability Insurance
• Structure reinsurance arrangements and partnerships
• Develop:
  • Pricing strategies (with actuarial inputs)
  • Underwriting guidelines
• Ensure compliance with regulatory product approvals

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4. Distribution Strategy (Critical for New Entrant)

Build a multi-channel distribution network including:

• Agency network
• Bancassurance partnerships
• Corporate brokers
• Digital / Direct-to-Consumer platforms

The Business Head will define the optimal channel mix based on scalability, speed, and cost efficiency.

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5. Financial Planning & Capital Management

• Collaborate with promoters on:
  • Capital requirement planning as per IRDAI norms
  • Business projections and solvency margins
• Drive:
  • Revenue growth
  • Cost optimization
  • Profitability roadmap

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6. Technology & Operations Setup

Establish:

• Core insurance platforms:
  • Policy administration
  • Claims management
  • CRM systems
• Digital onboarding and servicing infrastructure

Build scalable operational processes for:

• Policy issuance
• Claims management
• Risk placement and servicing
• Customer service operations

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7. Team Building (From Scratch)

Build and lead core functional teams across:

• Underwriting
• Claims
• Actuarial
• Risk & Compliance
• Distribution
• Reinsurance
• Broking

Create a performance-driven and customer-centric organizational culture.

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8. Risk, Compliance & Governance

Implement:

• Enterprise Risk Management (ERM)
• Internal controls and audit systems
• Reinsurance risk frameworks

Ensure adherence to:

• IRDAI guidelines
• Corporate governance standards

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9. Go-to-Market Execution

• Launch products within defined timelines
• Build strong market presence and brand trust
• Drive early traction and customer acquisition
• Expand insurance and broking services strategically

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10. P&L Ownership

• Own end-to-end business financials:
  • Revenue
  • Margins
  • Cost control
• Optimize pricing models and vendor costs (including surveyors) for integrated risk solutions:
  • Insurance
  • Reinsurance
  • Broking
• Ensure profitability and scalable unit economics

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Key Qualifications

• 20+ years of experience in the General Insurance industry
• Proven experience in:
  • Setting up or scaling an insurance business
• Strong understanding of:
  • IRDAI regulations
  • Insurance products
  • Underwriting
  • Claims management
• Prior CEO / CXO / Business Head experience preferred

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Key Competencies

• Entrepreneurial mindset with 0→1 business-building capability
• Strong regulatory and compliance expertise
• Strategic thinking with execution focus
• Deep understanding of risk transfer mechanisms (Insurance + Reinsurance)
• Strong financial acumen
• Leadership and team-building capabilities
• Ability to work in ambiguity and build structured systems

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Success Metrics (KPIs)

• IRDAI license approval within target timelines
• Successful launch of the initial product suite
• Distribution and broking network expansion
• Gross Written Premium (GWP) growth
• Combined ratio and profitability performance
• Customer acquisition and retention
• Effective conversion of existing maritime and logistics client relationships into insurance business opportunities

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Ideal Candidate Profile

• Has built or contributed to a startup insurance company
• Comfortable working with promoters from non-insurance backgrounds
• Strong ability to translate strategy into execution
• Capable of balancing regulatory rigor with aggressive business growth