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An Update from the Casualty Actuarial Society
Presented by: Shane Barnes, FCAS CAS VP – Marketing and Communications Spring 2017 CANE - Foxwoods March 20th, 2017 In 2015, the CAS Board of Directors explored the question, “Why Does the CAS Exist?” The Board developed the following answer: The CAS exists to foster a vibrant community of actuaries, with the necessary analytical skills and expertise in property, casualty and related risks, who bring value to society by empowering business and government to make better risk decisions, and assuring the soundness of mechanisms used to finance risks. Inspired by that, the 2016 update on CAS activities is focused on the context of building and fostering a community of professionals.
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Why Does the CAS Exist? To foster a vibrant, global community of casualty actuaries To assure that members have the necessary analytical skills and expertise to deliver effective advice and bring value to society Empowering business and government to make better risk decisions Assuring the soundness of mechanisms used to finance risks To promote and protect the “brand” embodied in its professional designations
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Basic Education Strategy
Determining the basic education for the actuary of the future and adjusting the CAS system accordingly Reviewing foundational requirements Transformation of content delivery and validation methods Add more integrative forms of testing on Fellowship examinations Consider whether certain Associate-level educational content could be effectively delivered through a Massive Open Online Course Increase use of computer-based testing
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CAS Announced Two New Exams
Effective in 2018 Replaces existing requirements Addresses the emerging needs of future actuaries and their employers Increases the relevance of the CAS exam syllabus with respect to emerging statistical and analytics skills How do we know that the changes address the emerging needs of future actuaries and their employers? We conducted market research in the form of surveys and held discussions with employers regarding the topics and skills that will be needed in the future.
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Modern Actuarial Statistics I (MAS-I)
Similar to Exam S, but with more emphasis on applied modeling and a deeper coverage of generalized linear models First offered in the spring of 2018 Transition rule: Exam S = MAS-I Transition rule: candidates with credit for Exam S achieved through an examination administered prior to January 1, 2018 will receive credit for MAS-I
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Modern Actuarial Statistics I (MAS-I)
Topics Covered: Probability Models (Stochastic Processes and Survival Models) Statistics Extended Linear Models Time Series with Constant Variance
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Modern Actuarial Statistics II (MAS-II)
Replaces current CAS Exam 4 requirement, which is typically fulfilled through completion of SOA Exam C. (Exam C is being discontinued) Covers several topics from Exam C, along with new statistics and predictive analytics material First offered in the fall of 2018 Transition rule: SOA Exam C = MAS-II Transition rule: candidates with credit for SOA Exam C achieved through an examination administered prior to July 1, 2018 will receive credit for MAS-II
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Modern Actuarial Statistics II (MAS-II)
Topics Covered: Introduction to Credibility Linear Mixed Models Bayesian Analysis and Markov Chain Monte Carlo Statistical Learning
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2018 CAS Syllabus to Reach ACAS
Required CAS Learning Objectives Met Through Other Exams CAS Exams 1 – Probability 2 – Financial Mathematics 3F – Investment and Financial Markets Exam MAS I – Modern Actuarial Statistics I Exam MAS II – Modern Actuarial Statistics II Exam 5 – Basic Techniques for Ratemaking and Estimating Claim Liabilities Exam 6 – Regulation and Financial Reporting (Nation Specific) Actuarial Institute of Chinese Taipei, China Association of Actuaries, Canada, and United States This slide provides an overview of the requirements leading to the ACAS credential, or Associate of the Casualty Actuarial Society.
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CAS Basic Education: In Summary
Most robust and comprehensive framework for training property/casualty actuaries Proven commodity and highly-valued around the world by employers and other stakeholders Adaptive to meet the future needs of employers and other stakeholders
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Continuing Education Strategy
Streaming/online interactive programs Cost-effective continuing education opportunities Partnerships with other organizations that work closely with CAS members (e.g., CPCU)
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Research Strategy Five Strategic Research Topics
Predictive modeling and data analytics Modeling, more broadly Reserving methods, processes, validation Economic scenarios and stress-testing Cyber risk All of our research should be cutting edge, with practical application
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Research Strategy Approaches to achieve research goals:
Variance papers Calls for papers (with prizes) Funded research papers Papers by volunteer research committees and working parties Publication of papers by academics Library of Excel templates
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Introducing The CAS Institute
TheCASInstitute.org
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What is The CAS Institute?
Subsidiary of the Casualty Actuarial Society Provides specialist credentials and resources for quantitative professionals in selected areas, such as: Initial Offerings: Planned Offerings: Predictive Analytics / Data Science Catastrophe Modeling Capital Modeling / ORSA analysis Quantitative Reinsurance Analysis Other analytics and quantitative specialties The CAS Institute is a subsidiary of the CAS and brings the rigorous CAS educational standards to a wider community of quantitative specialists seeking to earn specialized, in-demand credentials and quality professional education to address talent demands, both today and in the future.
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Why was The CAS Institute Created?
To meet market needs for quantitative specialists To serve professionals in areas where quantitative skills and actuarial skills overlap or are complementary To allow the CAS to continue credentialing property and casualty actuaries and to address needs of broader audiences
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9/14/2012 CSPA Certified Specialist in Predictive Analytics - Credential Requirements P&C Insurance Fundamentals Extracts from CAS Online Courses 1 & 2; extracts from Intro to Ratemaking / Reserving (CAS Exam 5) One Online Module – similar to CAS Online Courses 1 and 2 Exam through The Institutes (multiple choice, short answer) Data Concepts, Tools & Analysis – with P&C Applications Predictive Modeling – Methods and Techniques Computer-Based exam – ability to use software Case Study Project: P&C Predictive Modeling Application Individual project; not an exam or online module Assessed by Project Review Panel Online Course on Ethics and Professionalism Expanding the body of knowledge of the CAS community
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The CAS Institute – Timeline
When will the CSPA courses and exams be offered? Oct 2016 First course is open: Property-Casualty Insurance Fundamentals Online module and study materials now available Nov 2016 iCAS Membership opened and includes a Practice Community for Predictive Analytics and Data Science in P&C Insurance Experienced Practitioner Pathway also opened in Nov 2017 2nd course opens March Materials for 3rd exam – Apr/May Projects open Oct/Nov 1st exam – Jan/Feb 2nd exam – July/Aug 3rd exam – July/Aug .
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Experienced Practitioner Pathway
For professionals who have been practicing in the field of insurance predictive analytics and modeling for a minimum of five years. Application process; does not require completion of courses or exams. Candidates must demonstrate experience and expertise in: P/C Insurance Data Management and Analysis Statistical and Predictive Modeling and Machine Learning Predictive Modeling Project
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What Value will The CAS Institute Credentials Provide?
Provides recognition of expertise, knowledge, skills, and practical applications Set credential-holders apart from others Provides a practice community to meet colleagues Helps advance and enhance a specialist’s career The iCAS program may cover similar topics to a traditional Master’s or PhD program, but the expectation will be that candidates are seeking specialized industry recognition of their practical, on-the-job skill set. The iCAS program is aimed at going deeper into the areas of specialist knowledge than is common to typical academic, insurance or actuarial body of knowledge. More complete details on value bullets: Provides recognition and evidence of expert, specialized knowledge. Demonstrates knowledge of practical applications specific to the insurance industry. Sets candidates apart from other professionals. Enhances skills and provides opportunities for additional job duties to help advance careers. Provides a platform for a community for quantitative professionals working in the insurance industry. Establishes professionalism standards (e.g., code of conduct, CE requirements).
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iCAS Membership and Practice Communities
Open membership – credential not required iCAS members automatically enrolled in 1st practice community for Predictive Analytics and Data Science Membership required for: Obtaining waivers for credential requirements Registering for predictive modeling exam or case study project Applying for CSPA through Experienced Practitioner Pathway Annual dues: $250 2017 dues waived – Charter Member join by 9/30/17 Members agree to follow the iCAS Ethical Principles for Professionals
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Questions and Discussion
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