In the ever-evolving field of data science, Bongiwe Ngcobo is making her mark as a Data Scientist in the life insurance sector. With a Bachelor of Science in Actuarial and Financial Mathematics from the University of Pretoria, Bongiwe is driven by a passion for improving financial literacy and helping individuals navigate complex financial products. Her work in claims analytics not only supports business strategies but also ensures customers are well-informed about how their claims are processed. Bongiwe’s journey is a testament to resilience, critical thinking, and a commitment to lifelong learning, making her a beacon of inspiration for aspiring professionals in the STEM and finance industries.
Qualifications and Career Path
Educational Background
Bongiwe Ngcobo holds a Bachelor of Science in Actuarial and Financial Mathematics from the University of Pretoria. Her choice to study Actuarial Science was rooted in a desire to help others gain a better understanding of financial products and improve financial literacy across South Africa. She shares, “Actuarial Science is very broad and has so much to it that it was the best way to pursue this goal, in my view.”
Reflecting on Her Career Path
When asked if she would choose this career again, Bongiwe reflects with some ambivalence: “I don’t always know the answer to this question. A huge part of me says I would do it all over again because it has placed my career in the best place possible at the moment.” Bongiwe also expresses gratitude for the decisions she made in her younger years, recognizing their role in shaping her current achievements.
Skills Needed in Data Science
For those pursuing a similar career, Bongiwe emphasizes the importance of both hard and soft skills. Key technical skills include coding (especially SAS and SQL), data analysis, and technical writing. She also values teamwork, critical thinking, and time management, as these are essential in an industry where projects are complex and deadlines are a constant presence. “Grasp everything you can from varsity because, at some point in your work, something will be useful,” she advises.
Advice for Aspiring Data Scientists
Her advice for graduates is practical and forward-looking. She encourages dedication to studies, clarity on career goals, and persistence in applying for positions: “Apply, apply, apply. We live in South Africa, and unfortunately, unemployment is real. Jobs don’t fall on our laps. Apply as much as you can, make meaningful connections online and in person.”
Job Responsibilities and Industry Insights
A Day in the Life of a Data Scientist
Currently working in Claims, Bongiwe’s day-to-day involves analyzing claim payment trends and supporting various departments, including marketing. Her work helps departments understand how claims are processed and how to communicate these insights to clients. “We look at trends to assist and support other departments,” she explains, noting the cross-functional nature of her role.
Misconceptions About the Industry
Data science, especially in insurance, is more collaborative than people assume. Bongiwe addresses the common misconception: “You don’t work in an office alone. Contrary to that belief, you will encounter people a lot.” Far from being a solitary role, data science requires communication, collaboration, and frequent reporting.
Future of Data Science in Life Insurance
With the rise of artificial intelligence, Bongiwe is optimistic that her role will endure. She explains, “People speak in natural language that AI does not understand. Although technical coding can be done by AI, a person still needs to tell AI what to do.” She believes the human element will remain vital in shaping AI’s applications in her field.
Challenges and Rewards
Facing the Challenges
One of the primary challenges in Bongiwe’s role is understanding client needs, especially when those needs are not clearly defined. “Sometimes people don’t know exactly what they are looking for, and it is sometimes our responsibility to help them understand what they want,” she shares.
Finding Fulfillment
For Bongiwe, one of the most rewarding aspects of her career is the work-life balance and the financial support available for continued education. “Employers understand that work exists in the middle of life,” she reflects, valuing the flexibility that allows her to pursue personal goals alongside professional ones.
Turning Setbacks into Strengths
Reflecting on a challenging period during her final year at university, Bongiwe shares how adversity taught her resilience and shaped her approach to setbacks. “Failure is genuinely such a good teacher, shaping us and sharpening us into strong axes,” she notes. This experience has strengthened her ability to navigate work challenges without losing momentum or morale.
Professional Goals for the Year
This year, Bongiwe is focused on completing a project with significant potential to impact her organization’s approach to economic changes. She hopes it will provide insights into how to prepare for financial shifts affecting clients. “I really want to close off this cool project my manager has me working on,” she says, highlighting her commitment to creating value through data.
Personal and Financial Reflections
Childhood Dreams vs. Reality
As a child, Bongiwe imagined herself as a social worker, but she is confident that her younger self would be proud of her current achievements. “I like to believe I became the type of person my younger self looked up to,” she shares. For Bongiwe, her career is about more than professional success—it represents the realization of personal values.
A Life Without Financial Constraints
In a world without financial limitations, Bongiwe would devote her time to building homes, creating spaces that provide security and joy. “I love the security a home brings to people and families,” she says, envisioning a future where everyone can experience the stability of a family home.
Financial Lessons for the Next Generation
Bongiwe emphasizes four key financial principles that every child should understand:
1. Discernment in Spending: “Know who to help and who to not help.”
2. Budgeting Wisely: “If you can’t buy it twice, you don’t afford it.”
3. Giving Back: She encourages contributing to causes, whether at a church, charity, or orphanage.
4. Setting Boundaries: “Don’t let everyone into your wallet; learn to say no.”
These lessons reflect her holistic approach to financial health, combining practical wisdom with a strong sense of responsibility to others.
Bongiwe Ngcobo’s journey in data science, informed by her background in Actuarial Science, is a testament to her commitment to improving financial literacy and creating positive change. As she balances her professional ambitions with her personal values, Bongiwe serves as an inspiring example for anyone considering a career in data science or life insurance. Her advice, shaped by resilience, experience, and a genuine love for helping others, offers a roadmap for aspiring data scientists and life insurance professionals alike.
Connect with Bongiwe Ngcobo
Occupation:
Data Scientist
Industry/Sector:
Life Insurance
Social Media:
IG: bongi.n_ngcobo | Linkedin: Bongiwe Ngcobo
