There aren’t many downsides to a data science career in the risk management and insurance industry. Data scientist has been called the “sexiest job of the 21st century” (OK, the Harvard Business Review said it, but it’s still a pretty solid endorsement).
The application of data science has changed in the risk management and insurance industry. At companies of all sizes, data scientists are fundamentally altering the roles of traditional insurance professions like underwriting and claims—and they’re doing it through a lot of challenging, cool projects that require chops in computer science, business, statistics and people skills.
This varied, interesting work requires a wide range of skills. At the top of the list:
- Data analysis
- R (coding language)
- Python (coding language)
- Machine learning
Here’s some advice to pursue a data science career path in risk management and insurance.
Is an undergraduate degree required for an entry level data science job? Yes, a degree in data science, mathematics, statistics, computer science or engineering is preferable.
Is an advanced degree required for data science careers in insurance? Usually. Most data scientists have a master’s degree, and many opt to earn a PhD.
Are there additional requirements for a data science career path? Not usually. However, data science changes fast. Anything you can do to show you’re on the cutting edge of new learning can help distinguish you. Common certifications include Certified Analytics Professional (CAP), Cloudera Certified Professional-Data Scientist (CCP:DS) and EMC Data Scientist Associate (EMCDSA).
How do you get an entry level data science job in insurance? Most data scientists start as a junior data scientist or data analyst and earn promotions to mid-level or senior data scientist.
Data science career salary range:
- Entry level data science jobs pay around $86,366 annually.
- Senior level data science jobs pay around $128,011 annually.
- Median data science jobs pay around $112,000 annually.
Entry-level data science job titles:
- Junior Data Scientist
- Data Analyst
Data Science Career Advice
The application of data science in the risk management and insurance industry has led to a number of positions and opportunities for data scientists. Learn about the many career for data science students the insurance industry has to offer, take our Career Wizard Quiz to find the one that's right for you, and explore the MyPath Blog for career advice and other helpful job-hunting tips.
Data Science Job Listings
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