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About the Health Insurance Industry –
While the current market sees more than 15 non-life players in the private space and 5 exclusive private players in the health insurance space trying to capture a sizable market share, the nationalised service provider (6) remains a strong competitor. In addition to this the business dynamics are such that the overall market on an annual basis which is to the tune of roughly 10,000 Crs sees close to 85 % of the business renewing with the existing service provider itself. This narrows down the opportunity of the fresh business actually being seriously fought in the market to approximately 1500 odd Crs. With the SME and the start-ups being the driving force of Indian economy, the opportunity to cater to these segments is immense and is increasing manifold year on year. The challenge here therefore remains as to how we capture a larger share of the opportunity by building specific solutions to cater each segment of the business. Also by creating an inexpensive and standardized solution to increase the reach into the pockets of channel partners across the country to harness on their captive business and explore new opportunities with them.
Market Opportunities – With the advent of medical advancements, lifestyle changes, change in Indian socio-economic scenario and Indian healthcare space, and the insurers are facing challenges to cater to the needs of this diverse clientele. Increasingly Indian clients have started considering health insurance partners as ententions of health advisers. In this scenario it becomes extremely important to understand their psyche and then deliver tailored solutions with wellness benefits which would help them meet their end objectives and bring in profitable revenue source for the company.
About the Aditya Birla Health Insurance –
Aditya Birla Health Insurance Co. Limited (ABHICL) was incorporated in 2015 as a 51:49 joint venture between Aditya Birla Capital Limited (ABCL) and MMI Strategic Investments (Pty) Ltd. ABHICL commenced its operations in October 2016.
ABHICL has entered the competitive health insurance market with an aim to expand the category to wider client segments, beyond the ones that health insurance companies traditionally have marketed to. As the 6
th
entrant in a category with well-established players, ABHICL is creating differentiation and equity for itself though the unique business proposition of “Health Insurance for All”, a one of a kind proposition in India at the moment. This is a philosophy that is being built through every single consumer touch point and into every single backend process of the company to make sure a client's experience of our proposition is continuous and seamless.
ABHI's unique offering to market includes proposition includes -
A Comprehensive Incentivized Wellness Program that will attract the young and health conscious and will motivate, guide and reward them to stay healthy
A Chronic Care Management Program to cater to the unmet needs of a growing Indian population of those suffering from chronic lifestyle conditions like Diabetes, Asthma, High Cholesterol and Hypertension from Day 1
ABHICL serves as an enabler and influencer of health and healthcare choices that clients make, in addition to being a payer of healthcare expenses. Thus, ABHICL would act like a much needed catalyst to grow the prevalent health insurance landscape in India through product innovations and a wider choice of consumer relevant products.
ABHICL's vision has always been digital. The company has been successful in adopting paper-less approach right from identifying to on-boarding to delivering seamless experience of its clients & employees.
Key Challenges for the role –
With a new company – and lower product awareness – there is minimal base to receive references from and therefore number of in-house leads generated is much lesser.
Competition with 5 existing SAHI companies and also with all other 53 insurance players, because RFB is marketed by all insurance companies (including non SAHI)
Leads are expensive and therefore it is extremely important to sustain a high lead conversion ratio. It is also therefore also important to establish alternate sources of lead generation to optimize cost.
The natural market is limited and group-members tend to find it extremely difficult to generate sales after exhausting natural market – leading to high attrition
Oversee attrition and make sure higher vintage via upskilling and proper career planning
Upskill the recruited workforce and enable them to do concept selling as against hitherto habit of price based selling.
Soft Insurance Market: Considering the soft insurance market in India, offering solutions to price sensitive clients may turn risky. Such clients may negotiate hard on the unique solution offered which eats away the cos profitability and may opt to place the business with other provider/s. It is extremely important to design and customize the right solution for the right set of clients catering to multiple income segments
This opening is for the Branch Manager - Direct Marketing position in ABHI-Deoghar.
Eligibility typically includes the qualifications and experience outlined in the job description above, with around 5-15 Years years of relevant experience expected for this role.
The key responsibilities for this role are detailed in the Key Responsibilities section above, covering the core duties expected of a Branch Manager - Direct Marketing at Aditya Birla Group.
This role requires around 5-15 Years years of relevant experience, as specified in the job listing. Please refer to the Qualifications & Experience section above for full details.
Skills relevant to this position are outlined in the Qualifications & Experience section above. In general, strong communication, domain knowledge, and the ability to meet role-specific targets are valued across similar BFSI positions.
You can apply directly using the Apply Now button on this page, which will take you to Aditya Birla Group's application process for this role.