Navigating the Future of Insurance: Insights from Jessica Leong

A Global Career in Actuarial Science

Jessica Leong's journey through the actuarial profession is a testament to her adaptability and determination. Born in Australia, she ventured to London for her first job, then to New York with her husband, and finally settled in Chicago. Her career path exemplifies the global nature of the actuarial profession, which is increasingly becoming a career of choice for those with a strong mathematical background and a desire for international exposure.

The Role of Data Science in Modern Insurance

At Zurich North America, Leong leads a team of data scientists focused on three main areas: underwriting, claims, and customer risk management. One notable project involves a claims model that predicts the complexity of workers' compensation claims, enabling proactive management and better outcomes. This approach not only enhances Zurich's operational efficiency but also improves customer satisfaction and employee well-being.

Challenges and Opportunities in Data Privacy and Bias

Leong acknowledges the challenges of data privacy, regulations, and bias in data science. Zurich has implemented rigorous reviews by legal, compliance, and privacy teams to ensure ethical data usage. The pandemic has further complicated data analysis, as historical data may no longer be predictive of future trends. This has necessitated innovative approaches and a reliance on judgment and diverse data sources.

In conclusion, Leong's insights highlight the evolving nature of the actuarial profession, driven by advancements in data science and analytics. For aspiring actuaries, her advice is to embrace continuous learning, develop strong analytical and problem-solving skills, and stay informed about global trends in insurance and risk management.