Data is black gold, not oil. The modern insurance industry relies on ever-increasing amounts of data being harvested, analysed and extrapolated into tables that enable risks to be balanced against premium income. That sounds easy, but in reality, it is a tricky science and is likely to play an even bigger part in developing and marketing insurance products in the future. So it’s no surprise that LexisNexis has invested in a graduate training scheme to help the best data scientists of the future to hone their skills. Here’s the latest from Lexisnexis:
Demonstrating the increasing demand for data modelling skills to support insurance risk decisions, LexisNexis Risk Solutions has created strong relationships with two universities and launched a two year long Statistical Modeller Rotational Programme for graduates. The first graduate to the programme in UK and Ireland has just been appointed.
The Statistical Modeller Rotational Programme gives the graduate six months exposure to the four analytics streams within LexisNexis Risk Solutions Europe – Telematics; GIS Analytics; Analytics Audit; and Analytics and Statistical Modelling (for Pricing and Underwriting). Through the structured programme, the graduate will be given the opportunity to progress their career with the team that best matches their interests and skillset at the end of the two years.
Alan O’Loughlin, Head of Statistical Modelling, Europe said:
“Through our own knowledge and experience in this market we have seen the demand for data scientists grow significantly in the past five years. This has been driven by the growth in data sources and the strategic advantage insurance providers can now gain from harnessing the power of this data with advanced analytics.”
“Our mission is to find the cream of the crop from the newest talent emerging from our universities. Then we will nurture that talent, providing our graduate with an opportunity over two years to explore and identify the area of the business most suited to their skills. This will give them a fantastic opportunity to work with a team that is truly innovating in data analytics and modelling for insurance, and most importantly create a more rounded analytics employee with capabilities across the board. The programme has been initiated recently in the UK and Ireland but has already been a huge success within our US insurance business.”
LexisNexis has established key partnerships with select universities including University College Cork and University College Dublin that provide relevant Data Science, Actuarial and Math Sciences based courses. Following visits to these Universities by the modelling team to discuss the company, how the statistical modelling team works and what the rotational programme offers, initial interviews were held on campus with interested graduates. An additional round followed in LexisNexis Risk Solution offices in Dublin prior to the selection of the successful candidate.
Alan O’Loughlin concludes:
“Our links with the universities are part of a wider commitment by the business to engage with people interested in big data. Our MeetUp group now has close to 700 members globally. This is an exciting field to work in, particularly as we believe we have a remit at LexisNexis to push the boundaries of insurance risk prediction with groundbreaking, innovative solutions such as our Attract™ for Motor score, Cancelation Models and new Named Driver module and our proprietary data linking capabilities. We are delighted to welcome the first recruit to the programme and hope to increase our annual in-take over the next few years.”