Lead - Value Management

Birla Carbon; Mumbai; On-site; INR 2,500,000 - 3,500,000; Full time

Job summary

Birla Carbon is seeking a Lead in Value Management to oversee actuarial analytics within the Health Insurance sector. This role involves developing pricing models, conducting advanced analytics, and ensuring product profitability. As an Associate Vice President, you will collaborate with cross-functional teams, including Finance and IT, to support strategic business decisions. Ideal candidates will have a strong background in actuarial analysis, data-driven decision-making, and team leadership, with tools like R or Python and Excel.

Qualifications

• Expertise in actuarial analytics and pricing models.
• Strong analytical skills to assess the financial impact of business decisions.
• Ability to lead and develop teams in actuarial methodologies.

Responsibilities

• Lead actuarial analytics for product pricing and profitability.
• Work closely with finance and IT teams to enhance data analytics processes.
• Develop and implement predictive models for various insurance products.

Skills

Actuarial analytics

Modeling pricing

Data analysis

Stochastic estimation

Predictive modeling

Education

Bachelor's degree in Finance, Statistics, or related field

Relevant actuarial qualifications

Tools

Statistical software (R, Python)

Excel

Job description

Lead – Value Management

Business: Health Insurance

Unit: Aditya Birla Health Insurance Company Ltd

Reports to: Head Transformation

Function: Finance & Accounts

Department: Value Management

Designation of the Employee: Associate Vice President

Designation of the Manager: Head Transformation

Date of writing/updation of JD: December 2023

Job Purpose

The purpose of the role is to ensure and lead Actuarial analytics, ensuring that the products developed meet the needs of the company, customer and distributors. This will involve gathering data, framing assumptions, building pricing models, performing calculations, comparing with competition, sensitivity analysis, developing test cases and UAT of IT system developments.

Key Result Areas

Pricing for New Plans

• Modelling the utilization pattern of various benefits under the plan
• Discussion with various departments on likely costs and take up rates
• Giving feedback on areas where re‑negotiation can take place

Repricing for Existing Plans

• Repricing of existing plans to ensure profitability and growth
• Suggest mix of benefit for optimal pricing exercise and benefit combination

Framework for Assumptions vs Actual analysis

• Work with Finance to design the framework for A vs E analysis
• Suggest the required changes and enhancement to the process
• Introduce stochastic estimation of utilization and model the likely scenarios

Advance Actuarial Analytics (Retail)

• Pattern detection in retail customers
• Identification of anti‑selection pockets in various products
• Illness‑specific / age‑specific analytics
• Develop and implement the analytical strategy for the actuarial department, aligning it with the overall business goals of the company
• Drive the development and implementation of predictive models for pricing, reserving and risk assessment
• Portfolio aging analysis

Advance Actuarial Analytics (Group)

• Identification of profitable segments
• Running of GLM in group member level data

Product Design and Pricing

• Support in preparation of feasibility report of innovative features in product design
• Coordinate with experience monitoring team for data required for pricing
• Identify risk and rating factors of the product
• Support in framing pricing assumptions
• Build pricing models and derive technical pricing
• Develop market intelligence for products and pricing requirements
• Support in preparation of technical justification for the product
• Support in preparation of pricing documents for IRDAI

Team Development

• Stay updated on industry trends and changes in regulations and code of conduct
• Engage in self‑grooming and learning through training, webinars and professional courses
• Encourage team members to undergo necessary training programs

Pricing insurance products and evaluating claims

• Set prices for insurance products and evaluate claims

Assessing the financial impact of potential business decisions

• Analyze data and risk to assess the financial impact of potential business decisions
• Evaluate features of an insurance product to attract more sales

Relationships

Internal – Finance Team

• Frequency: Once a week
• Nature: Exchange and validation of information; share information related to performance of products; validations of assumptions used in product design and pricing; information required for pricing of new products

Internal – IT Team / MIS Team

• Frequency: Once a week
• Nature: Data related issues and automation requirements

Internal – Claims Team

• Frequency: Once a week
• Nature: To understand trends or changes in claims processes / fraud model / data collection

Internal – Underwriting (Group and Retail)

• Frequency: Once a month
• Nature: To identify any change in practices / data collection; send out information as required, ensure smooth reviews

External – Software Providers

• Frequency: As required
• Nature: Send out information as required

Job Purpose of Direct Reports

Senior Manager/Manager – Actuarial Analytics

The purpose of the role is to apply advanced analytics and actuarial methodologies to gain insights, make data‑driven decisions, and support strategic initiatives.