Rachin has over 15 years of experience in health insurance actuarial consulting, product pricing, data analytics, and project management. He has worked extensively on various health product pricing, large data analyses, actuarial cost modeling, mergers & acquisitions, business plan development for new market entrants, underwriting, actuarial process review and setup, and benchmarking assignments, including tool development and training. He has been involved with assignments for companies in India, the United Kingdom, the United States, and the Middle East. Rachin’s experience includes health products - benefit design and pricing (including substandard risk pricing).
Actuarial model design, development, and review
Data analytics and benchmarking
Market entry and business plan development
Value-based payment models
Milliman Health Cost Guidelines®
Publications and Presentations
Group health rating and underwriting survey: Current practices in India. Published on Milliman website, 2024.
The feasibility of using machine learning techniques for health insurance pricing in India. Published on Milliman website, 2023.
Medical inflation and health insurance products in India: Current practices and the way forward. Published on Milliman website and Asia Insurance Review, 2020.
Four levers of controlling health claim costs. Published on Milliman website and Actuary India Magazine, 2020.
Innovations in healthcare technologies: Opportunities for health insurers. Published on Milliman website, 2020.
A standardised health product for the Indian market. Published in Asia Insurance Review, 2019.
Impact of Mental Healthcare Act, 2017, on the Indian healthcare insurance industry. Published on Milliman website, 2019.
Professional Designations
Associate, Insurance Institute of India
Education
Masters in Business Administration (Insurance and Finance) from National Insurance Academy School of Management - Pune, India
Bachelor of Commerce, Panjab University - Chandigarh, India
16 August 2024 - by Joanne Buckle, Rachin Aggarwal, Smriti Agarwalla
As regulations may allow India's life insurers to sell health indemnity insurance products, we review nine capabilities that market entrants will need to develop as they venture into a new sector.
20 March 2024 - by Rachin Aggarwal, Heena Arora, Hritik Jain
In India, large aggregate losses in the group health segment call attention to the crucial need for a strategic review of current practices and processes.
31 December 2023 - by Rachin Aggarwal, Lalima Chakravarty
For India’s health insurance industry, application of machine learning techniques will help optimize marketing strategies, boost income, and reduce costs.
This paper discusses the common definitions of medical inflation, factors driving medical inflation in the short and long term and current medical inflation trends in India.
20 August 2019 - by Rachin Aggarwal, Joanne Buckle, Vidhi Gupta, Neha Taneja
This paper looks at the key provisions of the Mental Healthcare Act, 2017, mental illness prevalence, supply-side indicators and the current treatment gap.
