Team Member - Pricing

Job Purpose

We are seeking an analytical and motivated Actuarial Pricing Manager to join our dynamic team. The ideal candidate will have 2–3 years of experience in general insurance pricing, preferably with exposure to health or personal accident products, and should have cleared a minimum of 5–6 actuarial exams. This is a hands-on role focused on pricing of new and existing products, regulatory filing, IT development support, and cross-functional collaboration with underwriting, product, distribution, and finance teams.

Basic Details

Business: Financial Services

Unit: Aditya Birla Health Insurance Company Ltd

Location: Thane Gcorp

Position Title: Team Member Pricing/Reinsurance

Reports to: Lead Pricing & Reinsurance

Function: Services Operations

Department: Actuarial – Pricing & Valuation

Date of writing/ Updation of JD: May 2025

Job Context & Major Challenges

The health insurance industry in India is competitive, with numerous players vying for market share. A significant portion of business renews with existing providers, making new business acquisition challenging. The opportunity lies in catering to the growing SME and startup segments with tailored solutions. The challenge is to capture a larger market share by developing specific solutions for each segment and creating standardized, cost-effective offerings for channel partners. Indian customers increasingly view health insurers as health advisors, necessitating an understanding of their needs to provide personalized solutions with wellness benefits that drive profitable revenue.

Aditya Birla Health Insurance Co. Limited (ABHICL), part of Aditya Birla Capital Ltd. (ABCL), is a joint venture with MMI Holdings of South Africa. ABHICL commenced operations in 2016 and offers unique products, including chronic care and incentivized wellness programs. As of FY25 end, ABHICL recorded a gross written premium of Rs.5250 Crore, covering over 2.5 Cr lives, with a nationwide distribution network. The company's vision is digital, with a paperless approach from onboarding to customer experience.

Key Challenges for the role

• Lead or support pricing of new health and personal accident insurance products.
• Review and reprice existing products based on emerging experience and competitive analysis.
• Prepare pricing models, rate chart files, and technical documentation.
• Assist in filing product pricing and related actuarial notes with the IRDAI.
• Collaborate with Product Development, Underwriting, Claims, Finance, and Distribution teams to ensure alignment on assumptions, pricing strategy, and commercial viability.
• Support IT development for implementation of rating logic and product configuration, ensuring actuarial accuracy in system deployment.
• Stay updated with regulatory guidelines and market trends.

Relationships

Internal:

• Finance Team: Weekly exchange and validation of information for solvency and regulatory reports; action planning on deviations.
• Pricing Team: Periodic sharing of product performance information, validation of assumptions, and providing data for new product pricing.
• IT Team / MIS Team: Periodic collaboration for data-related issues and automation requirements.
• Claims Team: Weekly discussion to understand trends, identify changes in claims processes or fraud models, and work on correcting deviations.
• Underwriting (Group and Retail): Weekly discussion to identify changes in practices or data collection, and work on correcting deviations.
• Senior Management: Bi-monthly presentations to share findings and derive actionable outcomes.