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

Business

Financial Services

Unit

Aditya Birla Health Insurance Company Ltd

Location

Thane Gcorp

Poornata Position Number of the job 

Reports to: Poornata Position Number

Poornata Position Title of the job 

Zonal Head Group Pricing – Borth & East

Reports to: Poornata Position Title

Head – Group UW

Function

Service Operations

Reports to: Function 

Service Operations

Department

Group Pricing

Reports to: Department 

Group Pricing

Designation of the Employee 

Designation of the Manager  

Date of writing/updation of JD

NA

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

The purpose of the role is required to ensure and lead Pricing team with the vision that the products developed meet the needs of the company, customer and distributors. This will involve activities spanning gathering data, framing assumptions, building pricing models, performing calculations, comparisons with competition, performing sensitivity analysis, developing test cases and UAT of IT system developments.

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.  

Business Workforce Number
 (Max 254 Characters)  

On Roll – 6000+

Offroll/ Part time – 4000+

Unit Workforce Number
 (Max 254 Characters)  

On Roll – 6000

Offroll/ Part time – 4000+

Function Workforce Number  
 (Max 254 Characters)  

On Roll –     800

Offroll/ Part time – 200

Department Workforce Number  
 (Max 254 Characters)  

On Roll –  7

• Offroll/ Part time - 

Other Quantitative and Important Parameters for the job: Budgets/ Volumes/No. of Products/Geography/ Markets/ Customers or any other parameter

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), a part of Aditya Birla Capital Ltd. (ABCL), is a joint venture between Aditya Birla Group and MMI Holdings of South Africa. ABHICL was incorporated in 2015 wherein Aditya Birla Capital Limited (ABCL) and Momentum Metropolitan Strategic Investments (Pty) Limited (Formerly known as MMI Strategic Investments (Pty) Ltd.) were holding 51% and 49% equity shares respectively. ABHICL commenced its operations in October 2016 and is engaged in the business of health insurance. Company’s current product portfolio includes unique offerings including chronic care and incentivized wellness. ABHICL became an associate company of Aditya Birla Capital Limited (ABCL) on October 21, 2022 post the allotment of 9.99% of equity shares of the Company to Platinum Jasmine A 2018 Trust, acting through its trustee Platinum Owl C 2018 RSC Limited (‘Investor’), an affiliate of Abu Dhabi Investment Authority (‘ADIA’). Consequently, Aditya Birla Capital Limited (ABCL) and Momentum Metropolitan Strategic Investments (Pty) Limited (Formerly known as MMI Strategic Investments (Pty) Ltd.) holds 45.91% and 44.10% of shares respectively.

As on H1 FY22 end, ABHICL recorded a gross written premium (GWP) of Rs.764 Crore and covered more than 16.2 Mn lives. ABHICL has nation-wide distribution presence in over 2800+ cities through branches and partner offices, 11 bancassurance partners and over 51,120+ direct selling agents. ABHICL has scaled and diversified digitally enabled distribution through 40%+ agency growth with 175 branch locations, bancassurance available through 16,000+ branches, and 39+ digital partners covering 6 Mn.+ lives through 50+ contextual byte-sized products. 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.

Key Challenges

• Hitting idea – roadblock while brainstorming about a new product, lack of ideation results in lack of actionable intel on potential product and consumer