Business Analyst - Life Insurance

• JD: Business Analyst - Life Insurance
• Experience: 4 + years from life insurance Only
• Qualification: BE / BTech/ BSc or MSc Maths/ Stats
• Role Purpose:

To act as an end-to-end owner for system issues and data quality controls in life insurance systems by ensuring accurate Root Cause Analysis, value and risk impact assessment, execution of system fixes and data rectification, and formal closure with Risk & Compliance, thereby preventing recurrence and ensuring audit readiness.

Key Responsibilities:

• Develop strong understanding of life insurance products (ULIP, Par/Non-Par, Protection, Savings, Annuity, Health) and end-to-end system and data flows maintaining policy data.
• Work closely with Operations teams (Policy Issuance, Underwriting, Policy Servicing, Claims) to understand processes across policy lifecycle events.
• Coordinate with Product Management and Actuarial teams to understand product specifications, calculations, and regulatory conditions.
• Translate business and regulatory requirements into BRDs/Functional Requirements, and Data Validation rules.
• Actively own Data Quality Issues from identification to closure.
• Thoroughly understand RCA prepared by Tech Team, including system logic, data movement, and failure points.
• Assess business, customer, and regulatory impact of issues in terms of value, benefits, servicing, and compliance.

Own and drive system issue resolution and data rectification, including:

• Defining business requirements for fixes
• Coordinate with Technology teams for development
• Validating data correction logic and approach
• Ensuring completeness and accuracy of rectified data
• Coordinate and participate in RCA and impact discussions with Risk and Compliance, Operations, Finance, Product/Actuarial teams, ensuring alignment on risk severity, regulatory exposure, and preventive controls.
• Support UAT and data validation activities to confirm fixes and data corrections are accurate and sustainable.
• Ensure preventive controls are identified and implemented to avoid recurrence.
• Support audit handling by providing RCA summaries, impact analysis, and evidence of fixes and data rectification.

- Ensure adherence to IRDAI regulations, FnU (approved product features) and internal governance standards.

Control & Fix Ownership Responsibilities:

• Own system issues and data quality defects from identification to final closure (not limited to analysis).
• Review, challenge, and thoroughly understand RCA prepared by Technology teams.
• Translate technical RCA into business, customer, financial, and regulatory impact, quantified wherever applicable.
• Define and drive system fix requirements, including logic changes, validations, and controls.

Own data rectification strategy, including:

• Scope identification
• Correction logic approval
• Validation and reconciliation
• Post-fix monitoring
• Coordinate with Tech team to ensure fixes are implemented correctly and within agreed SLAs.
• Lead RCA and impact discussions with Risk & Compliance teams and obtain formal signoffs.
• Ensure preventive controls are identified, implemented, and tracked to closure.
• Ensure no repeat issues / audit observations for closed items.

Desirable Skills:

• Strong analytical and problem-solving skills along with data interpretation
• Good understanding of life insurance domain, products, and regulations
• Ability to translate technical RCA into business and value impact
• Strong ownership mindset for issue resolution and data accuracy
• Effective stakeholder coordination and documentation skills

Expectations:

• End-to-end ownership of system issue resolution and data rectification
• Strong accountability for accuracy, completeness, and audit readiness
• Active participation in RCA governance and preventive controls
• Hands-on ownership of Data Quality Issues till final closure