Team Member - Internal Audit

Job Details

Location Thane, Maharashtra

Function Internal Audit

Department Internal Audit

Designation Functional Offsite Auditor

Reports to Audit Committee

Responsibilities

• Deliver quality audits with or without support of Audit partners
• Manage Audit Partners
• Support on new CCMs annually
• Support in coordinating 300 existing CCMs with auditors and auditees on a regular basis

Job Context

About the Health Insurance Industry

The Indian health insurance industry has emerged as one of the fastestgrowing segments within the broader insurance ecosystem, driven by rising healthcare costs, increasing disease burden, and a growing awareness of ficial protection. Since liberalisation in 2000, the sector has expanded significantly, with 30+ insurers (including standalone health insurers, general insurers, and life insurers) now offering healthrelated products. The pandemic further accelerated adoption, highlighting the need for comprehensive health coverage and preventive care. The industry s gross written premium (GWP) crossed 90, 000 crore in FY 2024, accounting for over 35 % of the total nonlife insurance market. Regulatory focus by IRDAI on improving product standardisation (e. g. , Arogya Sanjeevani), claim transparency, and digital interoperability (through NHCX and Ayushman Bharat Digital Mission) has also enhanced consumer trust and industry maturity.

The sector is now shifting from a pay for illness model to a care for wellness paradigm, integrating preventive health management, digital health ecosystems, and realtime claim settlement platforms. Newage insurers and insurtechs are leveraging AI, data analytics, and machine learning to streamline underwriting, detect fraud, and personalise customer journeys. Distribution has diversified beyond traditional agents and bancassurance to digital marketplaces and embedded insurance models. With penetration still under 5 % of GDP and significant outofpocket expenditure (~50 % of total healthcare spend), the longterm growth potential remains immense. Going forward, the industry will be defined by innovation, affordability, interoperability, and wellnesscentric solutions that make health protection more inclusive, efficient, and valuedriven.

Notes

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