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Actuarial Data Scientist

3 months ago

Mumbai, Maharashtra, India Qumata Full time

Company Description

Qumata: A New Standard for Life and Health Insurance Underwriting

Be part of the Tech and Data transformation of an entire sector from its core. We need you to help scale up a pioneer and write history.

The Qumata model uses digital data to calculate the related risks used to smoothen onboarding journeys in the Life Insurance space.

  • Founded 2017
  • Total funding of ~30 million
  • Named one of Forbes' "20 Tech-For-Social-Good Startups To Watch" in 2020
  • Named in Insurtech and awarded "Most Innovative Insurtech" by Garmin Health
  • Named as Wired's Top 100 European Startup in 2022
  • Big data & analytics - InsurTech

You will help us revolutionise this industry with a range of clients and partners from small to top-tier Insurers.

Job Description

You would be our actuarial data scientist, supporting the development of our expansion into the Indian Life Insurance space. The role will require you to push forward the effort to simplify the underwriting process with Qumata's AI products developed by our data science team. Your role will be to help integrate your actuarial knowledge into adjacent products as well as to help building out our models through your acquired data science knowledge. You will need a great deal of curiosity and business acumen in order to understand our B2B clients' areas of improvements. You will help to ensure compliance with local regulations guided by the Insurance Regulatory and Development Authority of India (IRDAI), aligning our business practices with local regulations. The overall aim is to leverage our proprietary datasets and models to contribute to the success of our B2B clients.

Beyond your actuarial work, you will be contributing to the health and activity-related modelling, using machine learning and analytical data science for predictive health and risk scoring. You will work to improve upon and develop model features/output so the team can deliver the best possible individual and group products for our clients. On top of this, you will contribute to the team's understanding of the insurance regulatory environment. Occasionally, you will also be the voice of the team when interacting with insurers in India.

Responsibilities include, but are not limited to:

  • Knowledge of Life Insurance pricing (Profit testing: discounted cashflow model, Assumptions setting: experience studies & Reinsurance arrangement)
  • Knowledge and awareness of relevant actuarial performance data in the Life Insurance space
  • Understanding of the life insurance regulations in India guided by the Insurance Regulatory and Development Authority of India(IRDAI)
  • Assist in data cleaning, collation, preprocessing and evaluation of data gathered from multiple sources
  • Implement machine learning models and statistical analysis
  • Understanding of a version control system (i.e. Gitlab)
  • Contribute towards the analysis of the actuarial concerns/constraints and the different comparison steps for POC and other results analysis
  • Market analysis

Qualifications

  • Bachelor's or Master's degree, preferably in Actuarial Science, Mathematics, Statistics, or a related field
  • An actuarial student with at least 3 Core Principles series exams completed.
  • At least 6 years of actuarial work experience in the insurance industry, reinsurance industry or actuarial consultancy - experience in insurance pricing, scenario analysis, EV reporting, and actuarial modelling is highly desirable.
  • Excellent English communication skills
  • Solid data science skills including experience with Partitioning methods, Imputation techniques, Random forests, GLMs, etc.
  • Ability to perform exploratory data analysis and draw insight from noisy data when facing open-ended underwriting problems.
  • Experience coding in Python (essential) and R (nice to have)
  • Understanding of Python data structures, data manipulation
  • Experience using Git version control
  • Familiarity with common data science libraries (numpy, pandas, scikit-learn, tensorflow etc.)
  • Understanding of ML in production, i.e. version control, testing, model drift, etc.
  • An in-depth understanding of the actuarial techniques in Insurance
  • You have delivered a data product from exploratory data analysis through to production
  • An understanding of insurance and/or health analytics
  • Keen interest in AI and machine learning
  • Ability to work in an agile environment
  • Happy to present findings and insights directly to customers
  • Exposure to the Indian term life insurance market
  • Exposure to Individual Life Insurance; and underwriting knowledge would be beneficial.
  • A highly motivated self-starter with solid business acumen and enthusiasm to develop new products
  • Ability to work independently and collaboratively with diverse groups
  • Ability to proficiently use Google Workspace
  • Passion and interest in scale-up businesses and Insurtech

Additional information

Benefits:

  • Equity Share in the success of the company
  • Learning and development opportunities
  • Remote working and adjustable schedule possible
  • International visibility

Equal Opportunities

We are an equal-opportunity employer and value diversity at our company. We do not discriminate on the basis of race, religion, colour, national origin, gender, sexual orientation, age, marital status, veteran status, or disability status.