Bajaj Allianz - Senior Manager - Fraud Prevention Unit (8-10 yrs)

PRINCIPAL ACCOUNTABILITIES:

(Accountabilities associated with the job)

1. Fraud prevention planning:

- Participate in discussions during planning and budgeting for FPU and recommend the initiatives to be taken in the year

- Review and oversee the empanelment of various investigation agencies (done by team member)

- Guide the team in analyzing claims cases, predictive FPU, MIS, dashboards, signature verification, documents etc.

2. Data analysis:

- Collaborate with external ML agencies to run through models and risk scoring for each policy and identify the high risk policies to be shared with filed team for verification

- Engage with internal teams to analyze various high risk policies and review the ones to be sent for field investigation

- Guide team in analysis of repository of policies and identify the ones with high risk for BALIC's business

3. Fraud prevention guidance:

- Analyze early death claims on monthly basis and identify top locations that reported high early death claims in the month to put control measures for reducing number of fraudulent early death claims

- Guide team in analysis of applications in various branches and identification of pin codes with high propensity to fraud

- Engage with underwriting team to perform manual checks on applications in high fraud possibility locations

- Present the overview of FPU findings/ process gaps and actions taken to address risk areas to the management

4. Market Conduct Investigations:

- Analysis of the grievances and create a channel level grievance mitigation steps

- Identifying Process Gaps, RCA & fixing

- Monthly reporting of grievance summary and presenting it to management

- Driving projects on improvement of customer experience in terms of grievance resolution.

- Driving projects towards reducing grievance numbers

- Automations of the entire grievance resolution and investigation process

5. Process gaps management:

- Drive fraud risk assessment across departments, understanding risks and formulating mitigation strategies

- Review various processes of functions & departments in the company and identify any process gaps that may exist

- Make appropriate recommendations to close identified process gaps and engage with stakeholders in respective functions to ensure gaps are addressed in desired manner

6. Process efficiency:

- Review various processes in the company and identify opportunities to reduce manual processes through automation to drive efficiency

- Guide team in creation and maintenance of the portal for repository of all knowledge documents such as presentations related to mancom meeting, shareholder meeting etc.

- Oversee preparation of presentation on FPU to be shared with various stakeholders and review the draft prepared by the team

7. Capability building:

- Conduct classroom training sessions for employees, vendors, investigation agencies, etc. to share learnings and build on FPU expertise

- Scan the market/ competition landscape and identify the best practices across globe in the industry to be leveraged & replicated in BALIC's context

- Ideate as well as collate ideas on fraud prevention from various sources to ensure introduction & replication in BALIC's systems

- Conduct analysis of customers, geographies etc. in collaboration with BFL and BAGIC to create a repository within the group and better leverage learnings from experiences

8. Team development:

- Conduct knowledge transfer/ training for team members, on relevant skills

- Participate in recruitment process to identify the right talent for various positions within the team

- Establish individual performance expectations and evaluation metrics, and regularly review individual performance

- Identify and create development opportunities for team members to enhance functional knowledge.