As part of a deeper dive into domain specific analytic careers, we are exploring the Insurance industry. The below data & charts gives context & explains the opportunities for an analytics careers in Insurance.
Our first examination involved analyzing the top insurance companies hiring for analytics related positions. The below chart shows the open job postings where the title was “Data Science” or “Analytics” or “Actuary” & plural or related word. We found a total of 185 job postings in the US which fit this criteria. The top employers & the chart shows the number of open job postings next to the employer. The top 3 employers are Senior Life Insurance with open job postings of 20 in Georgia, Allstate with 18 in Chicago and New York Life Insurance with 16.
We then explored the open job postings by location and found that Chicago was ranked the highest with 36 open job posting with Allstate & CAN contributing to the highest job postings in that area. The biggest employer in Georgia was Senior Life Insurance & New York had an assorted set of employers. The top 5 locations with the most open job postings is given below.
We went to the next step to understand what statistical tools was mentioned in these job posting. The leader in the insurance industry was SAS (45), followed by R (19) & SPSS (8). Most of the job postings that required these statistical tool trainings were more weighted towards data science & analytics related positions and less towards actuarial type of positions. Although, we must add that quite a few actuarial related job postings did have requirements of familiarity with statistical tools.
We tried to give more specific context to just data science & analytics related positions to see what disciplines are hiring for these positions. We analyzed 50 open job postings & found that 12 of them were in marketing, 8 of them were in Claims & 7 of them were in underwriting. This is an interesting shift since the insurance industry would have focused most of its analytical horsepower in improving its underwriting models but it seems that they are now interested & focused more on driving marketing & sales growth.
We hope that this overview of analytics careers & jobs in the insurance industry has piqued your interest & we look forward to your feedback.