1. 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.

2. 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

3. 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

4. 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.

5. 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

6. Modern Actuarial Statistics I (MAS-I)
Topics Covered:
Probability Models (Stochastic Processes and Survival Models)
Statistics
Extended Linear Models
Time Series with Constant Variance

7. 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

8. Modern Actuarial Statistics II (MAS-II)
Topics Covered:
Introduction to Credibility
Linear Mixed Models
Bayesian Analysis and Markov Chain Monte Carlo
Statistical Learning

9. 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.

10. 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

11. 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)

12. 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

13. 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

14. Introducing The CAS Institute
TheCASInstitute.org

15. 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.

16. 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

17. 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

18. 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 .

19. 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

20. 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).

21. 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 

22. Questions and Discussion