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 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 Associate, you will play a crucial role in our journey to expand into the Indian Life Insurance market. Your primary responsibility will be to integrate your actuarial expertise with our cutting-edge data science initiatives to enhance and streamline our underwriting process. Collaborating closely with our data science team, 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 curiosity 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 the data science team in machine learning and analytical data science, applying these techniques to develop predictive health and risk scoring models. If you have a keen interest in data science and a willingness to learn, this position will provide the perfect environment to expand your skills and knowledge. 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.
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
- 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 to the development and improvement of predictive models, utilising your interest and foundational knowledge in data science
- Demonstrate curiosity and business acumen to identify and address areas for improvement for our B2B clients
- 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 5 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
- Curiosity and willingness to learn data science techniques, including an understanding of basic statistical methods and machine learning concepts such as partitioning methods, imputation techniques, and general linear models (GLMs)
- Ability to perform exploratory data analysis and draw insight from noisy data when facing open-ended underwriting problems
- Basic coding skills in Python are essential, with an openness to learn and work with R as needed. Familiarity with Python data structures and data manipulation
- Interest in learning about data science libraries (e.g., numpy, pandas, scikit-learn) and version control systems like Git
- Solid grasp of actuarial techniques and their application in the insurance industry
- Understanding of insurance and/or health analytics, with some exposure to the Indian term life insurance market being beneficial
- 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.