Insurtech Means New Career Prospects

Scott Walchek, founder of Trov, an on-demand insurance provider, was recently quoted as stating technology will be replacing insurance jobs, regardless of the impact of insurtech. The drive toward direct-to-consumer self-service means major changes in service delivery for all companies in the insurance sector – insurtech or traditional carrier.

But opportunities also are opening up in the insurtech industry. Nako Mbelle, founder of FinTech Recruiters, says retrenchment and reorganizations in traditional financial organizations are being made up by new kinds of jobs opening in the tech sector.

“When we started the Fintech Recruiters project two years ago, we were entirely focusing on providing software environment for risk and compliance,” Mbelle says. “However, we have quickly realized, that fintech gives far more opportunities, opening us not only to much larger customer and start-ups base, but also to potentially stronger range of industry professionals seeking new employment.” That applies to insurtech as well.

Mbelle sees potential with blockchain projects. Other areas that are opening up include cryptoanalysts and backend engineers. “The main advantage of the currently expanding fintech and blockchain industries is the fact that employers often decide to hire people who are self-taught and have no mathematical or technical degrees. This opens the gate to those wishing to rebrand themselves and gain additional knowledge,” she says.

With cryptographers, “employees typically should be experienced in the field of information security, encryption technology, methods of internet communication and know the basics of programming.”

Mbelle also offers some additional reassuring words. “Knowledge of the computers language does not need to translate to everyday creation of thousands of lines of code,” she states. “Basic knowledge of programming, supported by appropriate skills and practice will make you well prepared for the fintech revolution that lurks just around the corner.”

A perusal of online help-wanted listings from various insurtech companies finds a variety of positions:

One firm seeks a senior developer well-versed in PHP, and able "work directly with our CTO and CEO to define projects and shape the future of our product. Another insurtech seeks a data scientist or analytics engineer to also work directly with its CTO and CEO to define projects and shape the future of products. Another seeks a business development manager who can “build and maintain processes to identify potential community-level issues and develop and implement prevention strategies,” as well as “create relevant communications documents and content.”

An insurtech needs a senior product manager to operate “in the pivotal role between the thought-provoking technology within fintech, design, and execution that helps us create the future innovations and great experiences for our customers.” The position involves “building scalable online insurance platforms and services that will power the next gen of fintech commerce experiences.”

If these jobs have a familiar ring, it’s probably because they are similar to the same positions seen within tech-driven insurance carriers. The rise of the insurtech sector may mean a wealth of new opportunities, both inside and outside the traditional carrier world.