Head Valuation & IFRS

Basic Details: Fill the required information about business, unit, location, position, reports to position and date of updation of JD

Business

Financial Services

Unit

Aditya Birla Health Insurance Company Ltd

Location

One World Center , Mumbai

Poornata Position Number of the job

Reports to: Poornata Position Number

Poornata Position Title of the job

Head Pricing and Valuation

Reports to: Poornata Position Title

Chief Actuarial Officer

Function

Services Operations

Reports to: Function

Services Operations

Department

Actuarial – Pricing & Valuation

Reports to: Department

Actuarial - CAO Office

Designation of the Employee s

TBD

Designation of the Manager

NA

Date of writing/ Updation of JD

May 2025

• Job Purpose: Write the purpose for which the job exists (in 2-3 lines)
  
  

Lead the actuarial pricing and valuation function for health insurance products, driving profitability, regulatory compliance, and strategic growth. Oversee pricing strategies for retail, group, and specialty health lines, while managing actuarial valuations, reinsurance strategy and solvency. Collaborate with underwriting, product development, claims management and finance teams to navigate India's dynamic health insurance landscape.

• 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.
  
  

Business Workforce Number

(Max 254 Characters)

On Roll – 6000+

Offroll/ Part time – 4000+

Unit Workforce Number

(Max 254 Characters)

On Roll – 6000

Offroll/ Part time – 4000+

Function Workforce Number

(Max 254 Characters)

On Roll – 5000

Offroll/ Part time

Department Workforce Number

(Max 254 Characters)

Overall force – 10 +

Other Quantitative and Important Parameters for the job: Budgets/ Volumes/No. of Products/Geography/ Markets/ Customers or any other parameter

Total GWP (in Cr.)

No. of Lives Insured (in Cr)

Solvency –

As per Guidelines.

Group Business

No. of Group products – 4

• 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), a part of Aditya Birla Capital Ltd. (ABCL), is a joint venture between Aditya Birla Group and MMI Holdings of South Africa. ABHICL was incorporated in 2015 wherein Aditya Birla Capital Limited (ABCL) and Momentum Metropolitan Strategic Investments (Pty) Limited (Formerly known as MMI Strategic Investments (Pty) Ltd.) were holding 51% and 49% equity shares respectively. ABHICL commenced its operations in October 2016 and is engaged in the business of health insurance. Company’s current product portfolio includes unique offerings including chronic care and incentivized wellness. ABHICL became an associate company of Aditya Birla Capital Limited (ABCL) on October 21, 2022 post the allotment of 9.99% of equity shares of the Company to Platinum Jasmine A 2018 Trust, acting through its trustee Platinum Owl C 2018 RSC Limited (Investor’), an affiliate of Abu Dhabi Investment Authority (‘ADIA’). Consequently, Aditya Birla Capital Limited (ABCL) and Momentum Metropolitan Strategic Investments (Pty) Limited (Formerly known as MMI Strategic Investments (Pty) Ltd.) holds 45.91% and 44.10% of shares respectively.

As on FY25 end, ABHICL recorded a gross written premium (GWP) of Rs.5250 Crore and covered more than 2.5 Cr lives. ABHICL has nation-wide distribution presence in over 5000+ cities through 250 branches and partner offices, 18 bancassurance partners and over 100000 Advisors. ABHICL has scaled and diversified digitally enabled distribution through 40%+ agency growth with 250 branch locations, bancassurance available through 16,000+ branches, and 39+ digital partners covering 6 Mn. + lives through 50+ contextual byte-sized products.

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–

• Create comprehensive product basket across all segments (indemnity & fixed benefits) within shortest time frame.
• Constantly tracking & maintaining profitability of the portfolio.
• Competitive Pricing: Addressing the challenge of maintaining competitive pricing while ensuring the long-term financial sustainability of health insurance products.
• Dynamic Cost Factors: Conducting accurate cost-benefit analyses despite dynamic factors such as changing healthcare costs, regulatory adjustments, and economic fluctuations.
• Optimizing the group health insurance product portfolio to balance profitability and market competitiveness.
• Managing the impact of market volatility on the valuation and performance of group health insurance portfolios.
• Dealing with challenges related to the quality, availability, and completeness of data for actuarial analysis, especially in a rapidly evolving healthcare landscape.
• Adhering to and staying updated with complex regulatory requirements, including changes in accounting standards and solvency regulations.
• 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

• Develop and implement pricing models for health products, incorporating morbidity trends, claims experience, and expense loadings while ensuring competitiveness.
• Lead actuarial valuation and IFRS 17 valuation processes, including Contractual Service Margin (CSM) calculations, risk adjustment, and best estimate liability (BEL) projections for health portfolios.
• Conduct valuations reporting, solvency assessments under IRDAI guidelines, and stress testing for regulatory filings.
• Analyze own and market data to forecast utilization rates, optimize reinsurance treaties, and support product launches.
• Build and mentor a team of actuaries
• Partner with and provide professional guidance to CXOs on strategic initiatives
• Ensure 100% audit readiness and compliance, including quarterly reserving and annual statements.
  
  

Essential Skills & Competencies

• Technical Expertise: Advanced proficiency in actuarial modelling; IFRS 17 implementation; health morbidity studies.
• Analytical Skills: Expertise in claims reserving, experience rating, and predictive analytics.
• Regulatory Knowledge: Deep understanding of IRDAI Health Regulations
• Leadership & Communication: Ability to present complex actuarial insights to boards and regulators; experience managing cross-functional teams.
• Soft Skills: Strategic thinker with business acumen; adaptable to India's diverse health risks (e.g., regional disease patterns).
  
  

Required Qualifications & Experience

• Fellow of the Institute of Actuaries of India (FIAI) or equivalent (IFoA/SoA)
• 10+ years in actuarial roles, with 5+ years in health pricing/valuation at a leading Indian insurer or consultancy.
• Proven track record of leading pricing for health products under IRDAI regulations.
• Job Purpose of Direct Reports: Describe the job purpose of the direct report/s to the job (in 2-3 lines for each report)
  
  

Lead - Pricing, Reinsurance & RBC -

The purpose of the role is required to lead Pricing, Reinsurance & RBC with the vision that the products developed meet the needs of the company, customer and distributors. The role is also responsible for overseeing financial strategies, risk management initiatives, and compliance efforts within the dynamic and evolving landscape of ABHI.

Lead - Actuarial Valuation & IFRS-

The purpose of the role is to manage and calculate the estimate of Liability valuation results and oversee financial reporting and compliance with accounting standards and to highlights to senior management to facilitate better decision making. The role also needs to monitor performance of all products periodically to take corrective actions in case of any deviations are observed from expected valuations and to ensure all periodic regulatory actuarial responsibilities are met and closed to the satisfaction of the regulator.

• 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 Frequency Nature

Internal

Finance Team

Once a week

Exchange and validation of information

Preparation of Solvency and other Regulatory reports

Prepare action plans on deviations or findings

Pricing Team

Periodic

Share information related to the performance of products

Validations of assumptions used in product design and pricing

Information required for pricing of new products

IT Team / MIS Team

Periodic

Data Related Issues and Automation requirements

Claims Team

Once a Week

To understand and identify and trends or changes in claims processes / Fraud model / Data Collection

To share and discuss various findings / deviations and work towards correcting them

Underwriting ( Group and Retail )

Once a Week

To identify any change in practices / Data collection

To share and discuss various findings / deviations and work towards correcting them

Senior Management

Twice a month

To share the findings and derive desired outcomes and actionable

• Organizational Relationships: Provide the structure for a level above and below the position for which this job description is written. Use position titles in the structured and indicate all the reports of the position.
  
  

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 – Manager

Name

Signature (needed for the hard copy)