Sr Group Pricing Team Member

Aditya Birla Health Insurance Company Limited; Maharashtra; On-site; INR 900,000 - 1,300,000; Full time

Job summary

Aditya Birla Health Insurance Co. Limited (ABHICL) invites applications for a Team Member – Group Pricing in Mumbai to support the Group Pricing department. You will assist in risk assessment, data gathering and pricing decisions within defined guidelines.

As Junior Underwriter – Group, you will work under Lead Group Underwriting to deliver timely quotes (20-25 per day), adhere to underwriting authority up to INR 5 Crore, and maintain service levels with a 2-day TAT while ensuring profitability.

Responsibilities

• Underwrite transactions within defined financial limits.
• Recommend decisions for transactions beyond authority limits.
• Appropriate & timely resolution of escalations.
• Review underwriting decisions for quality & TAT.
• Analyse business trends and stay updated with guidelines.
• Coordinate IT/Support functions for rectification of UW issues.
• Facilitate training for field force on underwriting requirements.

Job description

Department

Group Pricing

Reports to: Department

Group Pricing

Designation of the Employee

Team Member – Group Pricing

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

• 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.

• 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%

• 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
• Key Result Areas: Write the key results expected from the job and the supporting actions for each of these key result areas (For a majority of jobs typically there could be 4- 7 key result areas)

Key Result Areas

Supporting Actions

Quick and accurate underwriting decision, maintaining high quality service, standards, meeting business targets

• Underwrite transactions authority limits within defined financial limits
• Recommend decisions for transactions beyond authority limits
• Appropriate & timely resolution of escalations
• Review team UW decisions in terms of Quality & TAT

Review the underwriting guidelines v/s competition

• Analyse business trends, recommend changes if any.
• Perform cost benefit analysis.

Improve the Underwriting Processes & TAT

• Identify the process lapses
• Coordinate with IT/Support functions for rectification
• Review Underwriting guidelines periodically
• Stay abreast with newer UW processes/suggest improvements in UW

Facilitate training: Self, Underwriters & field force with respect to field level UW

• Branch visits, update sales team wrt latest changes in the UW requirements
• Acquire required technical qualification and training.
• Update and provide guidance to the New Joinees about the Internal as well as external processes

IT Systems Development

• System development, UAT Group Indemnity & Fixed benefit products
• Job Purpose of Direct Reports: Describe the job purpose of the direct report/s to the job (in 2-3 lines for each report)

Junior Underwriter – Group

The role will be responsible for underwriting the assigned cases as per assigned limits within the defined timelines.

• Relationships: Describe the nature and purpose of most important contacts or relationship (except superior/team members) with individuals, departments, organizations inside and outside of the organization, that job is required to interact with in order to deliver the job objectives

Relationship Type

Internal

External

Frequency

Weekly

Need Based

Daily

Need Based

Need Based

Need Based

Need Based

Need Based

Annually or need based

Annually or Need-Based

Need Based

Nature

Escalation Resolution wrt Quote management, quote finalization / daily update

Legal & compliance issue w.r.t to policies in Underwriting

Query Resolution, Quotes Reduction

System development /enhancements/issues / UAT / BRD

Updating w.r.t guidelines or resolving queries

Internal / External Audit

Queries resolution/General enquiry

New product development/pricing /launch related.

External

Brokers

Policyholders

Vendors

External auditors

Reinsurers

Need based

Need based

Annually or need based

Annually or Need Based

Need Based

Conveying decisions/ query resolution/Quote Conversion

Conveying decisions/ query resolution

Recruitment of outsourced employees.

Sending audit reports/ Periodic Audit

For facultative cases completion, Training & Audit etc

SIGN-OFF

Provide the name of the Manager and the jobholder. Signature needed for the hard copy of the JD. Hard copy to be maintained in the organizational record.

Job Holder

Reports to – Deputy Chief Manager

Name

Signature (needed for the hard copy)