Sr Group Pricing Team Member

Birla Carbon; Thane; On-site; INR 1,500,000 - 2,500,000; Full time

Job summary

A leading health insurance firm in Maharashtra is seeking a Deputy Chief Manager to lead the underwriting team. The role involves making accurate risk assessments, ensuring compliance with regulations, and developing solutions for diverse customer needs. Candidates should have at least 5 years of underwriting experience and strong analytical skills. The position offers opportunities to develop innovative solutions and improve underwriting processes.

Qualifications

• 5+ years of experience in underwriting or insurance risk assessment.
• Strong analytical skills to assess complex risk factors.
• Excellent communication skills for stakeholder engagement.

Responsibilities

• Lead the underwriting team to make quick and accurate decisions.
• Review underwriting guidelines and compare with competitors.
• Train team members on underwriting processes and systems.

Skills

Risk assessment

Communication

Underwriting knowledge

Stakeholder management

Education

Relevant degree in finance or insurance

Tools

Underwriting systems

Cost benefit analysis tools

Job description

At the Aditya Birla Group, our Corporate Vision is aligned and intricately woven with our People Vision.

Designation : Deputy Chief Manager

Job Description:

Job Purpose

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

• No. of quotes in a day – 20-25
• Upto INR 5 Crore
• Turn‑around time (TAT)
• Conversion rate – 5%
• Retention rate – 60%
• Under‑writing Authority of Loss Run – 100%

Job Context & Major Challenges

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 nationalised service provider 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. 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 standardised 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, 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 6th entrant in a category with well‑established players, ABHICL is creating differentiation and equity for itself through 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.

• A Comprehensive Incentivised 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 such as 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 a paper‑less approach right from identifying to onboarding to delivering a seamless experience of its customers & employees.

Key Challenges for the role

• Group Underwriting pricing depends significantly on previous trends; however in the absence of an industry benchmark, while taking the policy most of the companies don’t furnish detailed information. Hence decision making depends significantly on negotiations and approximations.
• Different clients have different employee bases and the data formats are not uniform. Ensuring uniformity in quality & maintaining TATs of Underwriting decisions hence becomes a challenge.
• Frequent changes / modifications in compliance and regulatory requirements involve elaborate changes in policies, procedures and standards.
• Clients are not much knowledgeable about the wellness offerings, hence creating a reason for additional pricing poses a challenge.
• Pricing of the policies in a competitive market to build up topline & at the same time, maintaining profitability.
• Structure the offerings which would bring value enhancement and create impact in the market.
• Meeting varied client expectations in terms of solutions, pricing and operational support.

Key Result Areas

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 with 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 for Group Indemnity & Fixed benefit products.

Job Purpose of Direct Reports

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

Relationships

Internal

• New Business & Policy Administration – Need Based
• Legal/Compliance – Daily
• IT – Daily
• Claims – Need Based
• Internal Audit Team – Escalation Resolution wrt quote management, quote finalisation / daily update
• Provider Management Team – Legal & compliance issue w.r.t. policies in underwriting
• Product Team / Actuary Team – Query resolution, quotes reduction
• Internal / External Audit – Updating w.r.t guidelines or resolving queries
• New product development/pricing / launch related – Internal / External Audit

External

• Brokers – Need based
• Policyholders – Need based
• External auditors – Annually or need based
• Recruitment of outsourced employees – Annually or Need Based
• Conveying decisions/query resolution/Quote Conversion – Need Based
• Conveying decisions/query resolution – Need Based
• Sending audit reports / Periodic Audit – Need Based