Salary Guide 2026 - Flipbook - Page 43
DATA SCIENCE
Oversight of the market
Data is key to business decisions across most, if not all industries, with not many more so than in the
insurance industry. Every day, thousands of claims, diverse data, and customer queries are produced
in the insurance industry, and so those with the ability to delve deeper into this data, and extract
trends and insights to make better informed decisions going forward are in high demand.
Data Science application within Insurance transverses across function areas, and when utilised
correctly can both save capital spend and increase profits/ROI by assisting in committing to better
informed and more tailored business decisions, often to the benefit of both the Customer and the
business.
Machine Learning is an advanced data science technique whereby a computer, application, model,
system etc will be granted the ability to identify and figure out patterns and trends from data and so
provide the insights to improve business performance. Deep Learning is a subset of this, enabling
technology to solve much more complex problems.
We are really noticing the impact of Data Science in different functions within the Actuarial Space
such as Pricing. The need for individuals with high technical ability is now arguably more than ever.
At this current moment we are only just scratching the surface of Data Science capabilities within the
Insurance Market, but we are excited to assist in the growth of this area.
Skills in demand
Python, R and other programming languages
Developing & maintaining data pipelines
GLMs, decision trees, NLP/NLG, and other relevant
techniques
Statistics as well as machine learning concepts
The ability to solve business problems using data
Gary Ahern
(Senior Consultant)
Gary.Ahern@ipsgroup.co.uk
Joe Fryer
(Senior Consultant)
Joe.Fryer@ipsgroup.co.uk
Top Qualifications required
PhD or Masters in a relevant STEM subject
Masters in Data Science or Artificial
Intelligence
Coding or Programming Courses
www.ipsgroup.co.uk
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