Team Member - Pricing

Overview

This role involves joining the actuarial pricing team at Aditya Birla Health Insurance Company Limited, part of Aditya Birla Capital. The primary focus is on pricing health and personal accident insurance products, handling new product design and revisions, regulatory compliance, and supporting IT implementations. Candidates with 2-3 years experience and 5-6 actuarial exams cleared are preferred.

Company Context

Aditya Birla Health Insurance Co. Ltd, a joint venture between Aditya Birla Group and MMI Holdings, has a strong presence across India with over 2.5 crore lives insured and a gross written premium of Rs.5250 Cr as of FY25. The insurer emphasizes innovative products like chronic care management and incentivized wellness programs, with a wide distribution network encompassing 250 branches and over 100,000 advisors.

Key Responsibilities

• Lead or assist pricing development for new health and personal accident insurance products.
• Evaluate and adjust pricing for existing products based on emerging data and competitor analysis.
• Create pricing models, rate charts, and prepare comprehensive technical documentation.
• Manage actuarial filings and pricing notes for regulatory approval with IRDAI.
• Collaborate extensively with underwriting, product development, claims, finance, and distribution teams to synchronize pricing strategy and assumptions.
• Support IT teams in translating actuarial pricing models into system configurations, ensuring accuracy in digital deployments.
• Keep abreast of regulatory changes and market trends to maintain competitive pricing structures.

Job Challenges and Market Dynamics

The health insurance market is competitive with several private and national insurers, where renewal business dominates but new business is limited. Capturing new clients, especially in SME and startup segments, requires tailored, cost-effective products and expansion of channel partnerships nationwide. Additionally, evolving medical and social trends demand innovative, wellness-oriented insurance products that meet customers’ health advisory expectations while also driving profitable growth.

Relationships

• Regular interaction with Finance and Pricing teams for data validation, reporting, and assumption alignment (weekly to periodic).
• Engagement with IT and MIS teams to address data challenges and automate processes.
• Collaboration with Claims and Underwriting teams to track trends, resolve issues, and adjust pricing assumptions.
• Bi-monthly communication with senior management to discuss findings and actionable insights.

Additional Details

The job reports to the Lead Pricing & Reinsurance within the Actuarial Pricing & Valuation department under Services Operations. The role supports delivery of comprehensive pricing strategies while ensuring all regulatory and actuarial standards are met. The designation and managerial details are to be decided. The job description was last updated in May 2025.