Chapters Committees Sections Home Statistics in Insurance and Actuarial Sciences Insurance is a data-driven industry, and thus employs large numbers of analysts to continuously monitor and analyze data. Analysts in the insurance industry have formal education in a variety of disciplines, including statistics, as well as other quantitative disciplines, such as finance, economics, business, mathematics, and computer science. Entry level analysts require a bachelor's degree in one of these quantitative disciplines. Senior analysts may possess an advanced degree. In addition to technical skills, career success requires good project management skills, and the ability to communicate effectively with both management and information technology specialists.
Qualified individuals have opportunities to move into management roles.
There is much overlap between insurance statisticians and insurance actuaries. For instance, in Progressive Insurance Company, statisticians play a major role in setting the insurance rates, which is traditionally done by actuaries. Actuaries consistently rank among the most desirable jobs in ratings of professions. Multivariate models are necessary to separate out the individual contribution of each of these inter-related variables. Such models are used to accurately set the relative price to charge particular segments of customers.