Team Member – Analyst Full Time NEW

Business

Health Insurance

Unit

Aditya Birla Health Insurance Company Ltd

Location

Thane , Mumbai

Poornata Position Number of the job

Reports to: Poornata Position Number

Poornata Position Title of the job

Reports to: Poornata Position Title

Function

Finance & Planning

Reports to: Function

Finance & Planning

Department

Finance & Planning

Reports to: Department

Finance & Planning

Designation of the Employee

FIP 8 Manager Analytics

Designation of the Manager

FIP 7 Team Incharge – Analytics

Date of writing/Updation of JD

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

The purpose of the role is to support the team to drive the Analytics requirements of the organization by ensuring timely delivery of management reporting packs to shareholders and top management as per defined timelines. The role is also required to validate statistical models, implementation and actionable and improve efficacy and efficiency of analytics program

• 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.

Important Parameters For The Job

• Create data model from various disparate systems such as CRM, DRM, EDM, SAP, Core system, APP etc to create a single view of database for the company, customer and distributor.
• Automating 200+ reports for shareholder and ensure streamlining the publication of the reports within —- timeline—
• 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) was incorporated in 2015 as a 51:49 joint venture between Aditya Birla Capital Limited (ABCL) and MMI Strategic Investments (Pty) Ltd. ABHICL commenced its operations in October 2016.

ABHICL has entered the competitive health insurance market with an aim to expand the category to wider customer segments, beyond the ones that health insurance companies traditionally have marketed to. As the 6 th entrant in a category with well-established players, ABHICL is creating differentiation and equity for itself though the unique business proposition of “Health Insurance for All”, a one of a kind proposition in India at the moment. This is a philosophy that is being built through every single consumer touch point and into every single backend process of the company to ensure a customer’s experience of our proposition is continuous and seamless.

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.

Challenges

• Changing Customer’s perception of value proposition – Our CVP such as Incentivized wellness and chronic care management program requires continuous communication and engagement with our customers and distributors.
• Distribution scale-up: Distribution Readiness: Considering the comprehensiveness of our offerings, Distribution engagement and sales training across channels is required to be more rigorous.
• Distribution Costs: Third party distribution costs have also been higher than estimated originally which may impact economics due to intense competition in bancassurance segment.
• Traditional ecosystem – The current Health Insurance Industry ecosystem incl. hospitals and diagnostic centers are taking time for being fully oriented to our model. We are addressing this with continued engagement. Extensive partnerships with the new age tech based providers for digitized delivery model are being explored
• Driving profitability–various segments / lines of business
• Opportunities –
• Health Insurance sector offers tremendous potential due to inadequate penetration as only 3% of the retail population is covered. As awareness levels increase, it would simulate demand for insurance products. This would provide significant opportunity to create multi-distributions channels and diversifying product mix. Balancing growth and profitability will be key going forward as the industry continues to grow at a higher rate/

Role Holders Knowhow & Expertise

• Excellent analytical and communication skills is one of the key imperative for the role.
• Ability to strategize, conceptualize and present /communicate to various stakeholders will be the key.
• Data warehousing concept and data model concept
• Financial modelling and valuation and business model and macroeconomics and industry understanding
• Knowledge of BI tool and financial systems
• Network skills for competitor intelligence
• Key Challenges for the role –
• Build a sustainable, scalable as well as realistic Business plan in view of the dynamic & changing business environment.
• Managing conflict between financial and business objectives
• To Automate the financial model and planning process to improve flexibility, data integrity and reduce timelines, the data input framework need to be aligned such that analytics can be run on the valid data that goes into the system. Currently there is no such monitoring technique available.
• Work closely with sales and operations to educate and create awareness around various KPIs and integrate them into their business monitoring and compensation. Sales focused without losing cost/finance objectives
• Competitive benchmarking: Building credible competitive intelligence and using it for strategic decision making; Poor availability of data on competition KPIs with regards to Operational TATs, Unit Costs, SLAs, complaints in public domain.
• 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

Supporting Actions

Drive Business Intelligence and Analytics and reporting

• Ensure Business Intelligence framework and overall data ware house architecture of the Company supports the information and analytics requirements of the organization.
• Ensure timely delivery of management reporting packs to shareholders and Top management as per defined timelines.
• Plan and implement required automation tools including Business Intelligence tools, Macros, etc

Oversight of Data governance and completeness incl. digital data

• Ensuring data completeness in transactional systems for core and peripheral across 10-12 applications and digital APP / Portal and ensuring robust foundation for marketing and overall sales analytics

Ensuring data completeness in transactional systems for core and peripheral systems across 10-12 applications and ensuring robust foundation for risk, marketing and overall sales analytics

Implementation of Actionable Analytics using the right tools and partners

• Cross-functional coordination for driving business intervention with various teams incl. IT. Digital, Marketing and respective stakeholders. Drive Establish processes and manage development of infrastructure (e.g. IT, Marketing) to support analytics program
• Validate statistical models, implementation and actionable and improve efficacy and efficiency of analytics program

Building datamarts and models for Revenue enhancement and claims /cost initiatives

• Increasing cross-sell / upsell and Increase Customer Retention
• Risk reduction including Claims adjudication and UW and claims/loss fraud investigation
• Job Purpose of Direct Reports: Describe the job purpose of the direct report/s to the job (in 2-3 lines for each report)

Nil

• 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

CEO / CFO

Sales (DSF) and All Functions

Shareholders

On a regular / daily basis

On a regular Basis

Need Based / Monthly

Review Performance of all sales channels

Operating Plan for achieving Organizational Objectives

Expense Gap at Organizational level for timely mitigation

Competition Performance for Benchmarking

Performance Review, Ongoing Projects, Employee Development

Operating Plan, Important Projects, Board Review Presentations

Sharing Performance Updates / scorecards; discuss deviations and Plan for mitigation; Financial Viability of their initiatives; Understand their Goals and Build Operating Plan to achieve the same

Resolving Queries related to Monthly Performance Pack, Board Presentations, Operating Plan

External

Vendors, consultants

Need based

• 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)