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	Team Member – Group Pricing	Designation of the Manager	Lead Group Underwriting

1) Job Purpose: Write the purpose for which the job exists (in 2-3 lines)

The purpose of this role is lead the team to assess, evaluate and accept risk based on evidence submitted and to ensure 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 provide 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) Job Context & Major Challenges: Write the specific aspects of the job that provide 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 developing 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 customers have started considering health insurance partners as extensions of health advisers. In this scenario it becomes extremely important to understand their psyche and then provide 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 customer 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 ensure a customer’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 customers 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 customers & 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. Ensuring uniformity in quality & maintain TATs of Underwriting decisions hence becomes a challenge Frequent changes / modifications in compliance and regulatory requirements 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, maintaining 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 support

3) Job Context & Major Challenges: Write the specific aspects of the job that provide 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 developing 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 customers have started considering health insurance partners as extensions of health advisers. In this scenario it becomes extremely important to understand their psyche and then provide 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 customer 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 ensure a customer’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 customers 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 customers & 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. Ensuring uniformity in quality & maintain TATs of Underwriting decisions hence becomes a challenge
Frequent changes / modifications in compliance and regulatory requirements 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, maintaining 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 support

Frequently Asked Questions

What are the eligibility criteria for the Team Member Group Pricing job at Aditya Birla Group?

Eligibility typically includes the qualifications and experience outlined in the job description above, with around 8-10 Years years of relevant experience expected for this role.

What are the primary responsibilities of a Team Member Group Pricing at Aditya Birla Group?

The key responsibilities for this role are detailed in the Key Responsibilities section above, covering the core duties expected of a Team Member Group Pricing at Aditya Birla Group.

Is prior experience required for this position?

This role requires around 8-10 Years years of relevant experience, as specified in the job listing. Please refer to the Qualifications & Experience section above for full details.

What skills are important for this role?

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.

How do I apply for the Team Member Group Pricing role at Aditya Birla Group?

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.

Team Member Group Pricing

Aditya Birla Group — Mumbai, MUMBAI

Job Description

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

1) Job Purpose: Write the purpose for which the job exists (in 2-3 lines)

3) Job Context & Major Challenges: Write the specific aspects of the job that provide a challenge (internal and external) to the jobholder in the context of the Business/Unit/Function/Department/Section

Frequently Asked Questions