Insurer and financial services provider MiWay has announced its 2023 Actuarial Hackathon. The challenge will test candidates’ ability to build a financially-viable pricing model through the use of innovative technology.
According to a statement, the one-week ‘modelling marathon’ will see participants conceptualise, design and build an actuarial model for the MiWay insurance business.
Actuaries play a key role in the insurance sector, where they formulate predictions in relation to risk based on statistical, financial and mathematical data.
Their findings provide a framework for determining policy premiums, insurers’ claim reserves and the capital needed to protect business continuity from unforeseen events.
Various data visualisation tools and platforms are used to make it possible for actuaries to present complex analysis results.
In a bid to identify top industry talent, MiWay is inviting interested applicantsto “put their best figures forward” and apply for the hackathon.
It says it provides a chance for aspiring actuarial professionals to be recognised for their abilities, and also serves as an opportunity for participants to be introduced to the prospects the insurance industry has to offer.
Christiaan Marais, head of actuarial at MiWay, believes this year’s hackathon is a promising opportunity for students and graduates to apply the theory they have learnt to a practical, real-world example.
“The MiWay Actuarial Hackathon is also an innovative way of scouting the talent pool for employment opportunities. The hackathon has proven to be one of the most effective ways of bringing together like-minded critical thinkers and problem-solvers who are a perfect fit for a career in short-term insurance,” says Marais.
“The competition will also give entrants the opportunity to test their modelling skills, resourcefulness and perseverance. We look forward to reviewing the entries and providing a valuable learning experience for the next generation of insurance actuaries.”
Entries are open to third year and Honours students, as well as graduates in the fields of actuarial and data sciences.
To enter, candidates will need to solve an actuarial puzzle – the successful completion of which will serve as the qualifier into the judging round of the competition, where the final entrants will be selected.
The hackathon, which will take place at MiWay’s head office in Centurion, from 3 to 7 July, will challenge entrants to develop a pricing strategy based on data provided to participants. The week-long experience will expose participants to MiWay’s hybrid-working model and include daily check-ins with experienced actuarial team members, who will provide advice and guidance.
The participant with the best pricing model will win R20 000 in cash. The runner-up will win R6 000 and there is R4 000 for third place.
The closing date for applications is 28 May, after which MiWay’s internal team of specialists will review the entries and make a final selection of participants, who will be invited to take on the challenge.
Those wishing to enter the hackathon can apply online.
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