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Insurtech is modernizing the life settlement industry, and it needs talented women in tech to drive innovation forward.
What is a life settlement exactly?
It's a process that allows life insurance policyholders to sell their policies to third-party companies or investors in exchange for a sum. The resulting settlement is larger than the policy's surrender value but less than the total death benefit. Buyers continue to pay premiums on the policy and eventually collect the benefit.
This alternative asset class is supported by a growing stakeholder ecosystem with evolving roles for women in tech, from data compliance and UX design to product management and workflow engineering.
Engineering an Insurtech Career Pathway
Insurance industries are rapidly integrating insurtech products, which requires technical expertise.
For example, women in tech are needed to build and maintain platforms that allow buyers to compare life settlement policies and find brokers. From the B2B end, insurtech automation streamlines policy administration through automated billing and underwriter matching. Platforms like the Abacus life solutions platform demonstrate how technology can bring transparency and efficiency to life settlement operations, supporting both buyers and administrators.
Careers in Life Settlement Data
Women who specialize in data analytics and management can serve the life settlement industry by maintaining data integrity.
This sector requires high-level accuracy for medical records, life expectancy reports, and historical market performance. Data management must also comply with strict HIPAA policies, creating additional opportunities for women as compliance analysts and compliance engineers.
Analysts are also needed to visualize this data for clients.
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Managing the Life Settlement Stakeholder Ecosystem
Think about the number of stakeholders involved in one life settlement alone:
Insurance brokers
Insurance providers
Policy holders
Policy buyers
Medical underwriters
Legal and compliance teams
Insurtech engineers
A stakeholder ecosystem this complex requires smart workflow systems that streamline life settlements without delay. Women in tech are needed to design workflow orchestration and automated solutions for optimal output. These tasks are typically ascribed to workflow engineers or product owners.
Insurtech Product Managers and Owners
Product managers are also vital to the life settlement industry.
While product owners are often tasked with tactical execution of the platform, product managers lay out vision strategies for objectives, product lifecycles, and market impact. Meanwhile, product owners work with engineers to develop agile workflow environments for insurtech product development.
Translating complicated insurance policy language into easy-to-understand materials is another role of the product manager. This role really blends insurtech with marketing, making it an ideal tech role for women with additional experience in marketing, communications, and creative arts.
UX Design
UX designers tie everything together by creating user-friendly interfaces that facilitate positive stakeholder experiences, whether it's a policy buyer or a broker. This role involves A/B testing features, device responsiveness, and aligning UX design with branding identity. UX design is another role that bridges tech and creativity.
Life Settlement Valuation
Pricing life insurance policies and settlements is a complex process that requires statistical analysis,machine learning, and life expectancy projection to assess present and future values. Risk profiles and interest rates are also calculated in these valuations.
Women with both tech and actuarial experience have an opportunity here to build a career in policy valuation. Female data scientists also play key roles in modeling data for policy valuation.
Find Your Niche in Life Settlements
The life settlement industry is only expected to grow as insurtech continues to evolve.
As a woman in tech, you have a real opportunity to apply your experience while developing key skills for leadership positions in product management, analytics, data privacy, insurtech UX, and more. Stay up to date on the industry to uncover opportunities that align with your skillset.