Actuarial Data Scientist

1 week ago

Mumbai, India Qumata Full time

Company Description

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 Insurtech100 2021 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

As an Actuarial Data Scientist you will play a crucial role in our journey to expand into the Indian Life Insurance market. Your primary responsibilities will be to integrate your actuarial expertise with machine learning data science initiatives to enhance and streamline our underwriting process. Collaborating closely with our product and software engineering teams, you will support the deployment of Qumata's AI-driven products, ensuring they are effectively tailored to meet the needs of our clients. This role demands a blend of actuarial knowledge and expertise in data science, making it essential for you to stay abreast of the latest industry trends and technological advancements.

In this position, you will contribute significantly to the development and enhancement of predictive models that drive our business forward. Your actuarial insights will be vital in refining these models to ensure they deliver accurate and valuable predictions for our B2B clients. You will also work on identifying areas for improvement within our clients' operations, using your business acumen to suggest and implement practical solutions. Compliance with the Insurance Regulatory and Development Authority of India (IRDAI) regulations will be a key focus, as you align our business practices with local legal requirements to ensure we meet all regulatory standards.

Beyond your actuarial responsibilities, you will have the opportunity to engage in data science projects, particularly in health and activity-related modelling. This role offers a unique chance to work alongside our Group Medical Director and the software engineering team in machine learning and analytical data science, applying these techniques to develop predictive health and risk scoring models. Your contributions will help refine and enhance our model features and outputs, allowing us to deliver top-tier individual and group insurance products to our clients.

Occasionally, you will represent our team in interactions with insurers in India, effectively communicating our capabilities and insights. Your ability to articulate complex actuarial concepts in a clear and concise manner will be crucial in these engagements. Through your efforts, you will contribute to the overall success of our clients and the broader growth of our business in the Indian market.

The successful candidate will be employed on a fixed-term 12 months contract basis, which is renewable subject to appointee’s performance and the Company’s development needs.

Responsibilities include, but are not limited to:

  • Data Mining and data-driven analysis
  • Machine Learning and Statistical analysis
  • Contribute towards model improvement
  • 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
  • Ensure compliance with local regulations set by the Insurance Regulatory and Development Authority of India (IRDAI), aligning business practices with local regulatory requirements.
  • Assist in data cleaning, collation, preprocessing and evaluation of data gathered from multiple sources
  • Contribute towards the analysis of the actuarial concerns/constraints and the different comparison steps for POC and other results analysis
  • Market analysis
  • Pricing analysis

Qualifications

  • Bachelor’s or Master’s degree, preferably in Actuarial Science, Mathematics, Statistics, or a related field
  • An actuarial student with at least 5 Core Principles series exams completed.
  • At least 6 years of actuarial work experience in the life insurance industry, reinsurance industry or actuarial consultancy - experience in insurance pricing, scenario analysis, EV reporting, and actuarial modelling is highly desirable.
  • Exposure to the Indian term life insurance market
  • 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
  • Familiarity with common data science libraries (numpy, pandas, scikit-learn, etc.)
  • Understanding of ML in production, i.e. version control, testing, model drift, etc.
  • Ability to work in an agile environment
  • Happy to present findings and insights directly to customers
  • A highly motivated self-starter with solid business acumen and enthusiasm to develop new products
  • Ability to work independently and collaboratively with diverse groups

Additional information

Benefits:

  • 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.

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