Business Head - Insurance

Job description

About Spice MoneyLimited: Established in 2000 under the leadership of Dilip Modi,Spice Money Limitedstands as the premier ruralfintech organization in India. A subsidiary of the publicly traded DiGiSPICE Technologies Limited, the company is headquartered in Noida and operates with a dedicated mission to bridgethe financial dividefor the underserved "Bharat" through advanced technological solutions. Leveraging an expansivenetwork of over 1.6 millionAdhikaris nationwide, the organization facilitates critical last-mile access to services such as AEPS cash transactions, domestic transfers, insurance, and micro-ATM facilities. Spice Money continues to spearhead industryinnovations, including a zero-cost merchantplatform and one of the largest assisted payment ecosystems in the country, fostering digital empowerment across rural landscapes via credit marketplaces and UPI-integrated digital wallets. With a presencespanning more than 95% of national pincodesand a workforce exceeding 1,000professionals, Spice Money merges high-growth fintech agility with the robust impact of a vast distribution infrastructure. This unique combination drives significant economic opportunity and represents the future of financial inclusion throughout India. Role Overview: We are seeking a visionary Business Head of Insurance to build, scale, and lead our insurance vertical. In this critical leadership role, you will be responsible for the end-to-end P&L of the insurance business. Your mission is to democratize insurance for rural India by designing and distributing low-ticket, high-value insurance products through our massive Adhikari network. You will bridge the gap between traditional insurance manufacturing and assisted-digital distribution, ensuring that every rural customer has access to a financial safety net. KeyDeliverables: Strategy & P&L Management: • Own the top-line and bottom-line (P&L) for the complete Insurance vertical at Spice Money • Develop a multi-year roadmap for insurance penetration across our active Adhikari base • Identify high-potential micro-markets and design tailored go-to-market strategies to drive policy adoption Product Development & Partnerships: • Forge and nurture strategic alliances with leading Life, Health, and General Insurance companies. • Collaborate with insurers to co-create custom "sachet" and micro-insurance products tailored for the rural Indian consumer (e.g., bite-sized health covers, sachet motor insurance, simple term life, and crop/weather insurance). • Negotiate commercial constructs, commission structures, and service level agreements (SLAs) with partners. Distribution & Network Enablement: • Design the sales strategy for our B2B2C assisted-digital model • Build training and enablement programs for the Adhikari network to simplify the pitch, ensuring they can confidently sell insurance products to rural consumers • Develop incentive and reward programs to drive active merchant participation and daily policy issuance Technology & Customer Journey: • Work closely with Product and Tech teams to build seamless, 100% paperless, and instant-issuance insurance journeys on the Spice Money app/portal • Ensure the post-sales and claims journey is highly intuitive, recognizing the low financial literacy of the end consumer Regulatory & Compliance: • Act as the principal officer/domain expert ensuring strict adherence to all IRDAI regulations and compliance mandates. • Ensure the sales process, data privacy, and grievance redressal mechanisms meet all regulatory standards . Skills & Capabilities Required: • Experience: 15–20 years of robust experience in the Insurance sector, with at least 5+ years in a leadership role managing P&L, distribution, or partnerships. • Domain Expertise: Deep understanding of micro-insurance, rural markets, and alternate distribution channels (B2B2C, BC networks, or Fintech platforms). • Network: Strong existing relationships with key stakeholders at top insurance companies. • Skillset: Exceptional commercial acumen, analytical thinking, and the ability to operate in a high-growth, fast-paced environment. • Empathy for Bharat: A genuine passion for financial inclusion and solving the unique challenges faced by rural consumers. What Success Looks Like in This Role: • Launching a comprehensive suite of simple, instant-issuance micro-insurance products. • Activating a target percentage of the Adhikari network to actively cross-sell insurance. • Achieving the targeted Premium Collection and Policy Issuance volumes while maintaining a highly profitable unit economic model.