Job Description

Basic Details:

Fill the required information about business, unit, location, position, reports to position and date of updation of JD

Business

Health Insurance

Unit

Aditya Birla Health Insurance Company Ltd

Location

Mumbai

Poornata Position Number of the job

Reports to: Poornata Position Number

Poornata Position Title of the job

Reports to: Poornata Position Title

Function

Services Operations

Reports to: Function

Financial Service Operations

Department

Group Pricing

Reports to: Department

Group Pricing

Designation of the Employee

Group Member – Group Pricing

Designation of the Manager

Lead Group Underwriting

1) Position purpose:

Write the purpose for which the job exists (in 2-3 lines)

The purpose of this role is lead the group to assess, evaluate and accept risk based on evidence submitted and to make sure that the same is executed within the risk acceptance parameters as defined.

2) Dimensions:

Mention quantitative or qualitative parameters that are relevant for the job and deliver a better understanding of the scope and scale of the job.

No. of quotes in a day

20-25

Underwriting Authority

Upto INR 5 Crore

TAT

2 working days

Conversion rate

5%

Retention rate

60%

U/W Authority of LR

100%

3) Position context & Key challenges:

Write the specific aspects of the job that deliver a challenge (internal and external) to the jobholder in the context of the Business/Unit/Function/Department/Section

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 nationalized 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 extensions 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:

Group Underwriting pricing depends significantly on previous trends however in absence of an industry benchmark, while taking the policy most of the companies doesn't furnish detailed information. Hence decision making depends significantly on negotiations and approximations.

Different clients have different employee base and the data formats are not uniform. Making sure uniformity in quality & sustain TATs of Underwriting decisions hence becomes a challenge

Frequent changes / modifications in compliance and regulatory qualifications involves elaborate changes in policies, procedures and standards

Clients are not much knowledgeable about the wellness offerings, hence creating by in for additional pricing poses challenge.

Pricing of the policies in competitive market to build up topline & at the same time, upholding profitability

Structure the offerings which would be and value enhancers and create impact in the market

Meeting varied client's expectation in terms of solutions, pricing and operational back up