Job Summary
We are seeking a highly skilled Insurance Business Analyst with strong expertise in requirement gathering, insurance product implementation, API integrations, and project delivery. The ideal candidate should possess in-depth knowledge of the Indian Insurance industry, including Life, General, Health Insurance products, and experience working with Bancassurance (Banca) channels. The candidate will act as a liaison between business stakeholders, insurers, technology teams, and external partners to ensure successful product development and implementation.
Key Responsibilities
Business Analysis & Requirement Gathering
- Engage with business stakeholders, insurers, banking partners, and technical teams to gather and document business requirements.
- Conduct requirement workshops, stakeholder interviews, and gap analysis sessions.
- Prepare and manage Business Requirement Documents (BRD), Functional Requirement Documents (FRD), User Stories, Process Flows, and Use Cases.
- Analyze current business processes and recommend process improvements.
Insurance Product Development
- Understand and analyze Life, Health, Personal Accident, Motor, Travel, and Group Insurance products.
- Support end-to-end product configuration, implementation, and launch activities.
- Coordinate with insurance partners to understand product rules, underwriting guidelines, and policy issuance processes.
- Ensure product requirements comply with IRDAI guidelines and business objectives.
API Integration & Digital Implementation
- Work closely with development teams and insurer partners for API-based integrations.
- Understand REST/SOAP APIs, JSON/XML payloads, authentication mechanisms, and integration workflows.
- Analyze API specifications and prepare functional mapping documents.
- Support testing and validation of insurer APIs for Quote, Proposal, Payment, Policy Issuance, Endorsement, and Claims processes.
- Troubleshoot integration issues and coordinate resolution with technical teams.
Project Management & Delivery
- Participate in end-to-end project lifecycle management from requirement gathering to deployment.
- Coordinate with cross-functional teams including Product, Development, QA, Operations, and Business teams.
- Track project milestones, risks, dependencies, and deliverables.
- Support UAT planning, execution, and sign-off processes.
- Ensure timely project delivery while maintaining quality standards.
Bancassurance (Banca) Channel Support
- Understand Bancassurance business models and customer journeys.
- Work with banking partners and insurers for product onboarding and implementation.
- Support integration of insurance products into banking platforms and sales journeys.
- Analyze and optimize customer acquisition and policy servicing processes.
Required Skills & Qualifications
Functional Skills
- Strong knowledge of Indian Insurance industry and IRDAI regulations.
- Experience in Life Insurance, General Insurance, Health Insurance, or Group Insurance products.
- Good understanding of Bancassurance channel operations.
- Strong requirement elicitation and documentation skills.
Technical Skills
- Hands-on experience in API Integration projects.
- Understanding of REST APIs, SOAP Services, JSON, XML, and Web Services.
- Experience in API testing tools such as Postman or Swagger.
- Knowledge of system integration and digital insurance platforms.
- Familiarity with Agile/Scrum methodologies.
Analytical Skills
- Strong problem-solving and analytical thinking.
- Excellent stakeholder management and communication skills.
- Ability to translate business requirements into functional specifications.
- Experience in process mapping and workflow analysis.
Preferred Qualifications
- Bachelor's degree in Engineering, Computer Science, Information Technology, Business Administration, or related field.
- Insurance certifications (LOMA, III, NIA, or equivalent) will be an added advantage.
- Experience working with InsurTech, Insurance Aggregators, Brokers, or Bancassurance platforms preferred.
Key Deliverables
- BRD / FRD Documentation
- Process Flow Diagrams
- API Requirement & Mapping Documents
- User Stories & Acceptance Criteria
- UAT Test Cases & Sign-off Documents
- Product Launch and Implementation Support