Parametric Insurance Actuary

2 days ago

Mumbai, Maharashtra, India Swan Corp Full time ₹ 6,00,000 - ₹ 18,00,000 per year

Job Description:

Job Title: Parametric Insurance Actuary - Geospatial and Climate Risk Specialist

We are seeking an innovative and experienced Actuary to join our geospatial analytics startup. In this role, you will be instrumental in developing cutting-edge parametric insurance models using satellite imagery and climate data to address the growing challenges of climate change.

Key Responsibilities:

  • Analyze complex data sets to identify trends and develop models predicting climate-related events.
  • Design and implement parametric insurance products based on satellite and climate data.
  • Use mathematical and statistical techniques to assess probabilities and financial impacts of climate risks.
  • Collaborate with data scientists and geospatial experts to integrate satellite imagery into actuarial models.
  • Develop pricing models for parametric insurance products based on trigger events and payout structures.
  • Evaluate and minimize basis risk in parametric insurance solutions.
  • Prepare presentations and reports explaining findings to stakeholders, including clients and management.
  • Work closely with underwriters and claims teams to ensure the successful implementation of parametric insurance products.
  • Stay updated on advancements in satellite technology, climate science, and their applications in the insurance industry.

Required Qualifications:

  • Bachelor's degree in Actuarial Science, Mathematics, Statistics, or related field.
  • Associate or Fellow designation from a recognized actuarial society (e.g., SOA, CAS).
  • 5+ years of experience in actuarial work, preferably in property and casualty insurance.
  • Strong analytical and problem-solving skills.
  • Proficiency in statistical analysis and modeling software (e.g., R, Python, SAS).
  • Experience working with geospatial data and GIS software.
  • Excellent communication skills, including the ability to convey complex information to non-technical audiences.

Preferred Qualifications:

  • Advanced degree in Climate Science, Remote Sensing, or a related field.
  • Experience with machine learning and artificial intelligence applications in insurance.
  • Familiarity with satellite data sources and processing techniques.
  • Knowledge of blockchain technology and smart contracts for parametric insurance.

Key Competencies:

  • High level of numeracy and strong mathematical skills.
  • Analytical thinking and creative problem-solving abilities.
  • Excellent IT skills, particularly in statistical software and databases.
  • Strong business acumen and a genuine interest in the insurance industry.
  • Self-discipline and the ability to work independently.
  • Teamwork and collaboration skills.
  • Commitment to continuous learning and professional development.

This role offers an exciting opportunity to be at the forefront of innovative insurance solutions, combining actuarial expertise with cutting-edge geospatial technology to address the challenges of climate change and extreme weather events. The successful candidate will play a crucial role in developing parametric insurance products that provide rapid, transparent payouts based on predefined triggers, helping to close the protection gap in both developed and emerging markets.

If you're passionate about using your actuarial skills to make a real impact in the field of climate risk and parametric insurance, we encourage you to apply. Join our team and help shape the future of risk management in a rapidly changing world.

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