Head Valuation & IFRS
Search Jobs
Search by job, company or skills
Search by job, company or skills
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 |
1) 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. |
2) 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 | On Roll - 6000+ Offroll/ Part time - 4000+ | ||||||||
Unit Workforce Number | On Roll - 6000 Offroll/ Part time - 4000+ | ||||||||
Function Workforce Number | On Roll - 5000 Offroll/ Part time | ||||||||
Department Workforce Number | Overall force - 10+ | ||||||||
Other Quantitative and Important Parameters for the job: Budgets/ Volumes/No. of Products/Geography/ Markets/ Customers or any other parameter |
|
3) 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 -
Key Challenges for the role-
|
4) Key Result Areas:Writethe 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 |
Essential Skills & Competencies:
Required Qualifications & Experience:
|
5) 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. |
6) 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 | |||
7) 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) |
Job ID: 152570405
