ABHI - SAM - EMERGING - SONIPAT

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 nationalised 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 ententions 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 –

Distribution: How we create specific distribution models to penetrate different market segments remains a challenge. Motivation to channel partners to place business with the co. Activate and manage agent based distribution channel across the country

Long term and short term strategic plans to increase the market share and profitability in line with the company’s business objectives.

Identifying new segments, structure offerings, and value enhancers apart from creating differentiators’ remains a big challenge for the company’s growth. Meeting varied client’s expectation in terms of solutions, pricing and operational support remains a challenge.

Build and further enhance relationships with key customers and partners alike.

Build the vertical in line with the leadership teams expectation of having the group benefits team contributing substantially to the bottom-line in years to come

Key Challenges for the role –

·      Creating and enticing value proposition in the distributor and consumer segment for a completely new concept and product in the market.

·      Exception handling while delivering the solution to the consumer and while recruiting quality advisors from the competitive market.

·      Recruitment & retention of quality Advisors is a key challenge owing to competition and given that it may not be the sole source of income the motivation to become advisors is low.

·      Dependency on support functions for the issuance of policies & delivery can impact client relationships.

·      Fluctuations in the market are a challenge since it can impact sales directly.

·      Increasing competition in the markets

·      Compliance & regulatory environment

4) 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

To recruit good quality prospective insurance advisors and ensure that they acquire licensing in order to achieve the sales target set by the company.

·      Create P 400s to identify probable list to pitch the career.

·      Daily calling and fixing recruitment appointments and Scout for potential who can be effective advisors

·      Make presentation on Career as an insurance advisor

·      Follow-up for obtaining necessary documentation regularly

·      Make sure that the advisor attends the training program & IRDA examination to acquire appropriate licensing.

Ensure that the advisors achieve business targets set for them.

·      Educate the advisor on the following

1.    value proposition and create WIFME

2.    compliance policy

3.    Advisor compensation

·      Do a goal setting on the advisor’s yearly/ monthly earning and draw up a monthly input /output plan

·      Break down the plan according to the potential of the insurance advisors

·      Keep the advisors motivated and on the job by daily/weekly/monthly/quarterly engagement initiatives.

·      Help sort out any problems faced by the advisors

·      Review the plan weekly/monthly

·      Assess training needs and train the advisor as and when required.

Provide on the job training & manage and monitor performance of Advisors so that they can achieve their goals.

Accompany the advisors on joint calls

Support advisors in designing solutions and advise customers

Making sure that the advisor is learning on the job

Prepare the advisors by having them to give dummy presentations to test their level of selling skills

Identify and motivate advisors for club membership. Etc

Monitor, review and guide their performance periodically

Ensure retention, adhere to productivity bench marks of advisors

Ensure participation of advisors in training and other developmental interventions

Have business related issues solved at branch level through RM or Operation staff.

Relationship Management

Maintain healthy & cordial relation with the advisor.

Regularly staying in touch with his advisor (in person) as well as using other modes of communication.

Regularly update the advisors about new product, schemes, clubs, etc.

Coordination with internal departments

Maintain renewals for the policies procured by team of Advisors to overall achieve the profitability of the team.

Constantly track the policies dates and follow up for renewals.

Update the Advisors with updated list of policies due for renewals.