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The Rising Demand for Pricing Actuaries and Data Scientists in 2025

The insurance world is changing fast, and as it does, hiring strategies must adapt. With Managing General Agents (MGAs) continuing to revolutionize how products are brought to market, the roles of Actuaries and Data Scientists are being redefined, and traditional insurers are evaluating how to enhance their internal capabilities.

The demand for these types of professionals is stronger than ever, and insurers are scrambling to secure the expertise they need to keep up with MGAs. Beyond this being just a hiring trend, this evolution is a strategic necessity that will determine which companies thrive in today’s fierce new world.

MGAs are shaking up distribution strategies

MGAs are rewriting the rules of insurance distribution, particularly in the Property and Casualty (P&C) space, where 43% of the top 100 insurers have at least one MGA relationship.

These specialized entities excel in niche markets, using their expertise to connect insurers with underserved or highly specialized customer bases. Now, insurers gain flexibility, agility, and access to new distribution channels – without channels without the heavy investment of building those capabilities in-house.

Yes, it’s a savvy strategy, but there’s a catch: MGAs can only thrive if the insurers behind them are profitable.

Both sides need professionals who understand the importance of underwriting creativity and long-term profitability. They need a balance of intuition and hard data, and that skill is essential for ensuring that these partnerships will pay off. Enter the Pricing Actuaries and their greatest ally, the Data Scientists.

From Reserving to Pricing: This year’s talent focus

During the COVID-19 pandemic, Reserving Actuaries took center stage. But as the industry moves into 2025, Pricing Actuaries, with their ability to connect underwriting strategy with razor-sharp premium models, are now in the spotlight.

Why the change? MGAs operate at the intersection of entrepreneurial risk-taking and disciplined profitability. To support these ventures, insurers need Actuaries who collaborate cross-functionally and will work directly with MGAs to bring technical brilliance to real-world problems.

The Data Scientist factor: Turning insights into action

Data Scientists are also becoming indispensable. Armed with advanced analytics and artificial intelligence tools, they provide insurers with the insights needed to analyze risk exposures, refine pricing, and make faster, smarter decisions.

In a world where precision pricing and rapid response times can make or break profitability, Data Scientists’ contributions are invaluable.

The talent war is heating up in insurance

If you’ve tried to hire top-tier Pricing Actuaries or Data Scientists lately, you’ve probably felt the heat. Everyone is reaching for these professionals, and the talent is becoming very aware of their worth in this market.

Much like top revenue producers seeking entrepreneurial opportunities at MGAs, high-performing Pricing Actuaries and Data Scientists gravitate toward roles where they feel valued, empowered, and integral to the company’s success. They want meaningful projects, make a direct impact, and have access to state-of-the-art tools.

For insurers, this means it’s time to step up their executive search strategy. A strong Employer Value Proposition isn’t just about competitive pay (although that matters, too). It’s about creating a culture of collaboration across underwriting, actuarial, and data functions. It’s about emphasizing career development, flexibility and the chance to shape the future of the industry.

The savviest insurers are going one step further: offering Pricing Actuaries with the most advanced tools and technology.

The role of technology in empowering Actuaries

Historically, Data Scientists have had access to a wider range of advanced analytics tools comparatively, partially because they work with a broader spectrum of data – text, images, social media, etc. As actuarial science has evolved, so too has their need for similar systems. The importance of providing Actuaries with new technology, not legacy systems, is clear.Insurers understand and, in fact 60% named “replacing legacy systems” a key focus.

With actuaries gaining access to technologies like machine learning models, cloud-based analytics platforms, and real-time data streams, a new level of collaboration has been unlocked. This is unlocking a whole new level of collaboration, where Pricing Actuaries and Data Scientists are working side by side to create solutions that are as smart as they are strategic.

Forward-thinking Pricing Actuaries are keenly attuned to opportunities for innovation, collaboration, and sharpening their technical expertise, especially given that 80% of Actuaries are concerned about not having the right technical skills for the future.

By prioritizing technological advancements, insurers signal a commitment to the future and to empowering Actuaries to excel in their roles and their importance in the organization. This positions them as a destination of choice. This is the environment insurers need to create to attract professionals who value growth, innovation, and recognized impact.

The takeaway: Adapt to thrive

Supporting MGAs effectively is essential. Insurers must continue to build their internal capabilities to take advantage of the agility and precision MGAs fully bring to the table.

The insurers who will lead the market are those who take recognize the value of the flexibility and precision that MGAs offer. And to do so successfully, it critical to hire and empower talented Pricing Actuaries and Data Scientists. It’s not just about hiring, it’s about creating an organization that understands the balance of between strategy, technology and results. That is how insurers will thrive in 2025. Stay tuned!

At Ezra Penland, we never stop our desire to acquire knowledge of emerging trends that can make our clients more successful. Our focus is not just on your current hiring needs. With our broad understanding of the market, we can provide insights that will allow you to create (and retain) the Analytics teams you need in order to achieve success. understand these challenges and opportunities better than anyone. Contact us to learn more!

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