Promising opportunities for students and graduates via 2023 Actuarial Hackathon

Johannesburg - 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. In a bid to identify top industry talent and quench a 3-year post pandemic thirst for a challenge, MiWay has announced its 2023 Actuarial Hackathon – a one-week ‘modelling marathon’ that will test candidates’ ability to build a financially viable pricing model.

Inviting applicants to “put their best figures forward”, is Christiaan Marais, Head of Actuarial at MiWay who sees this year’s Hackathon as a “promising opportunity for students and graduates to apply the theory they have learnt to a practical, real-world example. The Hackathon is not only a chance for aspiring actuarial professionals to be recognised for their abilities but is also the best way to be introduced to the prospects that the insurance industry has in store for hard-working individuals. The MiWay Actuarial Hackathon is also an innovative way of scouting the talent pool for employment opportunities.”

The Hackathon, which will take place at MiWay’s head office in Kosmosdal, Centurion from 3-7 July 2023, will challenge entrants to develop a pricing strategy based data which will be 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 expert advice and guidance.

Participants will be offered a flexible schedule and working environment, and can choose to work from MiWay’s head office or remotely. Those choosing to work remotely will need access to a computer and stable internet access.

Entries are now 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 closing date for applications is 28 May 2023, 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.

Ultimately, the participant with the best pricing model will win a grand prize of R20 000 in cash. The runner-up will win R6 000 and the winner of third prize will walk away with R4 000. These prizes will be awarded in a celebratory prize-giving ceremony at the culmination of the competition.

As Christiaan explains, “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. 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.”

Those wishing to enter the Hackathon can enter online via this portal.