Zonal Head Group Pricing

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

Thane Gcorp

Poornata Position Number of the job

Reports to: Poornata Position Number

Poornata Position Title of the job

Zonal Head Group Pricing – Borth & East

Reports to: Poornata Position Title

Head – Group UW

Function

Service Operations

Reports to: Function

Service Operations

Department

Group Pricing

Reports to: Department

Group Pricing

Designation of the Employee

Designation of the Manager

Date of writing/updation of JD

NA

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

The purpose of the role is required to ensure and lead Pricing team with the vision that the products developed meet the needs of the company, customer and distributors. This will involve activities spanning gathering data, framing assumptions, building pricing models, performing calculations, comparisons with competition, performing sensitivity analysis, developing test cases and UAT of IT system developments.

• 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 – 800

Offroll/ Part time – 200

Department Workforce Number

(Max 254 Characters)

On Roll – 7

• Offroll/ Part time -
  
  

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

Portfolio Management

Review of Existing Retail Products

Product Dashboard

Developing strategy to augment Sales: Target 10% of New Business

VAS Product & Revenue Strategy

Product concept testing – 5+

Increase customer engagement and touchpoints -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), 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 H1 FY22 end, ABHICL recorded a gross written premium (GWP) of Rs.764 Crore and covered more than 16.2 Mn lives. ABHICL has nation-wide distribution presence in over 2800+ cities through branches and partner offices, 11 bancassurance partners and over 51,120+ direct selling agents. ABHICL has scaled and diversified digitally enabled distribution through 40%+ agency growth with 175 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.
  
  

Key Challenges

• Hitting idea – roadblock while brainstorming about a new product, lack of ideation results in lack of actionable intel on potential product and consumer
• Market Viability – market research gathers information about competition and audience, but a huge con is to create a product just because all competitors are doing the same.
• Product roadmap problems – To create a product journey extensive development experience is required to curate product strategy efficiently
• Workflow management – The synergy between collaborating teams affect the development speed and quality of the final product
• Time to market – The organizations ability to meet deadlines and launch timelines will determine products market positioning. This may affect overall time tp market process.
• Ensure compliance of all products to regulatory requirements w.r.t to Website /Communication to customers and Marketing Collaterals
• Support Sales/Distribution team on timely update of launch of new products in the market and continuous benchmarking of existing products with other Insurers existing or newly launched products.
• Creating Product based strategies, regular feedback with channel partners for developing strategies for newly launched products or existing products
• Lead or Support product development submission of Audit and Stakeholder reports
• Key Result Areas: Write the key results expected from the job and the supporting actions for each of these key result areas (For majority of jobs typically there could be 4- 7 key result areas)
  
  

Key Result Areas

Supporting Actions

Implement Product Development Process

• Responsible for preparing product collaterals such as Application Form, Sales Brochure, Sales Illustration System, other required product literature.
• Gather cross-functional feedback as mandated by leadership
• Assimilate suggestions/recommendations for product related changes expressed in different forums
• Coordinate approvals/ sign offs from different functions for product filing/launch.
• Identify the business and operational requirements based upon the business requirements & objectives of each product.
• Identify and present innovative and creative product solutions that is proactive and responds quickly to customer needs/ market gaps and opportunities.
• Develop system specifications, submit to IT / Vendor and bring products to production for issuance of policies, endorsements and renewals.
• Manage in-life product performance: sales, margin, and churn, conducting extensive numerical analysis using company data.
  
  

Facilitate Product Launch and Training

• 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
  
  

Operations & Process Improvement

• Resolution of inconsistencies in system,
• Review and signoff the contents shared by various stakeholders.
• Lead the development, approval, training, and communication of new products/product changes and their associated customer, operational, system, & process impacts to the various functions/department
• Obtaining feedback on business requirement documents and functional specifications of new products by other functions such as IT, policy admin and customer support.
• Liaise with operations for doing gap analysis for new products
• Provide support for other departmental projects as needed
  
  

Service Delivery

• Develop & conduct specialized training on new products launched and raise awareness & application of relevant subject matter.
• Monitor internal processes for efficiency and validity pre & post product launch/changes
• Timely responses and handling specific queries related to products or processes related to products
• Manage departmental audit and quality assurance procedures
• To meet/exceed and maintain service levels as assigned by management.
• To meet/exceed expected reliability standards.
• Adhere to Corporate Compliance Policy.
  
  

GTM responsibilities

• Take full ownership of Go-to-market strategy
• Develop excellent working relationships with the Sales team
• Devise product go-to-market process, plan time-lines, launch scenarios, pricing and promotions
• Undertake constant competitor analysis
• Develop a detailed knowledge of the markets’ actual needs
• Create and implement solutions.
• Spot risks to new product lines or sales channels and develop relevant responding plans.
• Update marketing data, gather new business intelligence
• Liaise with senior teams across multiple channels and transform data-led knowledge into specific strategic plans.
• Be aware of global mobile phone trends, the characteristics of each region to ensure smooth product launches
• Job Purpose of Direct Reports: Describe the job purpose of the direct report/s to the job (in 2-3 lines for each report)
• 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

As per need

Exchange and validation of information

Pricing Team

As per need

Share information related to performance of products

Validations of assumptions used in product design and pricing

Information required for pricing of new products

IT Team / MIS Team

As per need

Data Related Issues and Automation requirements

Claims Team

As per need

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

Underwriting ( Group and Retail )

As per need

To identify any change in practices / Data collection

Peer reviewers

As per need

Send out information as required, ensure smooth reviews

Software providers

As per need

Send out information as required

• 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)