Team Member Group Pricing

Overview

This role exists within the Health Insurance business unit of Aditya Birla Health Insurance Company Ltd, based in Mumbai. The Team Member – Group Pricing reports to the Lead Group Underwriting within the Group Pricing department of the Services Operations function. The primary purpose of this position is to lead a team responsible for assessing, evaluating, and authorizing risk acceptance based on submitted evidence, ensuring all decisions comply with predefined risk acceptance parameters.

Job Scope and Metrics

• Average daily quotes processed: 20-25
• Underwriting authority limit: Up to INR 5 Crore
• Turnaround time (TAT): 2 working days
• Conversion rate: 5%
• Retention rate: 60%
• Lead Underwriter authority: 100%

Industry Context and Challenges

The health insurance sector is competitive, with multiple private and national players striving for market share in a roughly INR 10,000 Crore annual market, where 85% renewals come from existing clients. Significant opportunities lie in catering to SMEs and startups, which are rapidly expanding segments. Challenges include developing tailored, cost-effective products that appeal across various business segments and channel partners, as well as addressing the evolving customer expectations where health insurers are seen as health advisors, requiring wellness-oriented benefits.

Company Background

Aditya Birla Health Insurance Co. Ltd (ABHICL) was established in 2015 and began operations in 2016. It is a joint venture between Aditya Birla Capital Limited and MMI Strategic Investments with a unique market proposition: 'Health Insurance for All.' The company emphasizes a seamless customer experience, a comprehensive incentivized wellness program, chronic care management from day one, and a fully digital, paperless customer and employee journey.

Role Specific Challenges

• Pricing decisions rely heavily on past trends without a clear industry benchmark, complicating decision making due to limited client data.
• Client employee data varies in format, requiring standardization to maintain quality and turnaround times.
• Frequent regulatory changes demand agile updates to policies and procedures.
• Convincing clients to agree on wellness program pricing despite limited awareness.
• Balancing competitive pricing to grow business while maintaining profitability.
• Designing value-added offerings that create market impact.
• Meeting diverse client expectations regarding solutions, pricing, and support.

Key Responsibilities

• Lead underwriting operations to ensure accurate, timely, and compliant decisions within prescribed authority and turnaround times.
• Ensure zero-error quality, effective stakeholder interaction, and continuous process enhancements aligned with company and regulatory requirements.
• Deliver underwriting decisions promptly with sound risk and compliance rationale, particularly for decisions exceeding authority limits.
• Manage escalation resolution efficiently.
• Review team outputs to maintain quality, consistency, and adherence to timelines.
• Act as liaison among underwriting, sales, risk, compliance, operations, and other stakeholders to maintain alignment and communication.
• Implement robust quality assurance and risk control systems identifying deviations and fostering a culture of accountability and improvement.

Direct Reports

The Junior Underwriter – Group is responsible for underwriting assigned cases within delegated authority and prescribed timelines.

Key Relationships

• Internal: Interfaces regularly with New Business & Policy Administration, Sales, IT, Claims, Legal/Compliance, Internal Audit, Provider Management, Product, and Actuary teams for operational, compliance, and product-related coordination.
• External: Contacts brokers, policyholders, vendors, external auditors, and reinsurers as required for underwriting decisions, audit processes, and delegated case handling.