Bajaj Allianz – Senior Manager – Fraud Prevention Unit

Bajaj Allianz Life Insurance Co Ltd.; Pune District; On-site; INR 900,000 - 1,300,000; Full time

Job summary

Bajaj Allianz Life Insurance Co Ltd. seeks a Fraud Analytics Lead to guide the fraud prevention program, partner with ML vendors, and drive process improvements in policy risk assessment. You will analyze early death claims, oversee manual checks with underwriting, and present findings to senior management.

The role emphasizes capability building, training teams, and creating a knowledge repository to enhance customer experience and reduce grievances across the organization.

Responsibilities

• Fraud prevention planning: Participate in planning and budgeting for FPU and oversee empanelment of investigation agencies.
• Data analysis: Collaborate with external ML agencies to identify high-risk policies and analyze repository for BALIC's business.
• Fraud prevention guidance: Analyze early death claims, guide application analysis, engage underwriting for manual checks, present FPU findings to management.
• Market Conduct Investigations: Analyze grievances, create a channel-level grievance mitigation plan, identify process gaps, drive improvement projects.
• Process gaps management: Drive fraud risk assessment, review processes, identify gaps, and recommend closures.
• Process efficiency: Review processes, identify automation opportunities, guide portal creation for knowledge documents, oversee presentations.
• Capability building: Conduct training, scan market best practices, ideate fraud prevention ideas, develop an internal knowledge repository.
• Team development: Transfer knowledge, participate in recruitment, set performance expectations, identify development opportunities for team members.

Job description

PRINCIPAL ACCOUNTABILITIES:

The key responsibilities associated with this job include:

• Fraud prevention planning: Participate in discussions during planning and budgeting for FPU, recommend initiatives, review and oversee the empanelment of investigation agencies, and guide the team in analyzing claims cases and predictive FPU.
• Data analysis: Collaborate with external ML agencies to identify high-risk policies, engage with internal teams to analyze high-risk policies, and guide the team in analyzing the repository of policies to identify high-risk ones for BALIC's business.
• Fraud prevention guidance: Analyze early death claims, guide the team in analyzing applications, engage with the underwriting team to perform manual checks, and present FPU findings to management.
• Market Conduct Investigations: Analyze grievances, create a channel level grievance mitigation plan, identify process gaps, and drive projects to improve customer experience and reduce grievances.
• Process gaps management: Drive fraud risk assessment, review processes, identify gaps, and make recommendations to close them.
• Process efficiency: Review processes, identify opportunities for automation, guide the team in creating a portal for knowledge documents, and oversee preparation of presentations.
• Capability building: Conduct training sessions, scan the market for best practices, ideate and collate ideas on fraud prevention, and conduct analysis to create a repository within the group.
• Team development: Conduct knowledge transfer, participate in recruitment, establish performance expectations, and identify development opportunities for team members.