Careers for Data Science Students

What jobs can data science majors find in risk management and insurance?

If you’re studying data science, you’re probably feeling pretty good about your chances of getting a job after college. We’re talking about a career that’s been dubbed “the sexiest job of the 21st century.”

While lots of hopeful data scientists assume they’ll land killer jobs at Google or Facebook right out of school, most are overlooking an industry already swimming in data, with opportunities for good jobs and good salaries – insurance.

Companies like Allstate, AIG and Aetna employ armies of data scientists. As technology unleashes more data every picosecond, analyzing that data — and figuring out the best ways to leverage it — is in high demand, especially in the risk management and insurance field.

From telematics devices in cars that collect data used to create more accurate car insurance rates, to wearable fitness trackers that report on physical activity to reduce health risks, the Internet of Things (IoT) has released a flood of information that today’s companies can analyze and use to make better products and better serve their customers.

Data scientists are creating new ways of collecting and analyzing all that data that will revolutionize how insurance works. They’re basically engineering their own job security.

Today, data scientists at insurers spend their days combing through staggering amounts of data looking for trends and correlations that are worth investigating further, with a heavy focus on predictive modeling.

Here’s how Vijay, a data scientist at Verisk Analytics, describes it:

“When I was graduating, I talked with several good companies. I had no idea about insurance outside my own policies. I never thought that one day, I’d be in insurance. I just knew I wanted to do the things I actually studied. Now I’m doing exactly those things in the data science field. Plus I have an amazing view of Manhattan.”

How to Make It Happen

Recent graduates with degrees in everything from computer science and statistics to mathematics and data analytics have all sorts of entry-level opportunities in roles such as data engineer and associate data scientist.

If you can, it’s worth taking a couple of risk management and insurance courses. You’re going to be on the cutting edge of risk management, and insurance companies will prioritize anyone who can bridge the gap between complicated data analytics and traditional insurance knowledge.

To get the formal title of data scientist or analyst — and the paycheck that goes with it — you’ll likely want to get an advanced degree. In fact, the majority of data scientists have a master’s degree or a PhD.

Career Planning Tools

No idea how to start planning your career? Start here.

Insurance Career Stories

Don't take our word for it

Real risk management and insurance professionals are changing the industry — and our world.

Explore Career Roles

Make a difference

What's the data on career roles for data science majors in insurance and risk management?

Indeed Job Listings
Don't see anything that interests you? Visit Indeed.com to explore more opportunities.
2 hours ago

Data Scientist, Product Insights

Ripple
San Francisco, CA
Partner with the Data Infrastructure Team to define requirements for the data warehouse and data pipelines....
1 hour ago

Jr. Analyst, Data Capture

Label Insight
Chicago, IL
Bachelor's Degree (Bachelors of Science in Mathematics, Computer Science, Data Analytics or related fields preferable)....
3 hours ago

FDA Global Food Safety Data Science Fellowship

US Food and Drug Administration
College Park, MD
Strong background in data or computer science, to include:. Researching approaches for streamlining the collection and reporting of the data, to include data...
4 hours ago

Sr. Analyst, Business Analytics

TransUnion
Austin, TX
A minimum of 5 years’ professional experience in Data Analytics role (BI, BA, Data Science, Data Analyst, etc.). Consultant, Data Analysis....
1 hour ago

Vice President of Data Engineering

Weedmaps
Irvine, CA
Build a world-class data organization consisting of Data Engineering, Data Architecture, Data Management, Data Warehousing and Analytics, Database Operations,...
24 minutes ago

Recruiter - San Francisco

Bind Benefits
San Francisco, CA
Recruitment of corporate roles in Product, Data Science, Clinical, Technology, and Customer Success. Bind is health insurance for the way we live now....