Good morning, and welcome to Austin, Texas! I was excited when Dave Cummings invited me to give this address to new members. I know he said I was invited because of my leadership through times of change. But I’m sure he also recognized that as a fan of cowboy boots, I’d have the appropriate footwear for the occasion.
I’m honored to be here sharing this celebration with you, the CAS’s newest class of Fellows and Associates. What amazing accomplishments, and my heartiest congratulations to you all!
You, our new Associates, have demonstrated deep technical knowledge and have shown perseverance and resilience to reach this stage.
And you, our new Fellows, have achieved a designation which is the culmination of years of hard work and a real commitment to the actuarial profession.
Today is a day to sit back and enjoy your accomplishment. I know that in the lead up to this day, there was little time to take a breath and smile. Make sure you do that.
And, don’t forget to thank all of those who supported you along the way: the families, friends, and the coworkers — all those who picked up the slack or simply smiled and said, “OK,” when you once again said, “I can’t; I have to study”.
You’ve proven you can learn lots of complex material. That’s a terrific achievement. What’s next?
I recently heard Neil deGrasse Tyson speak, and he encouraged the youth in the audience to maintain “an insatiable curiosity.” That resonated. You’ve learned a lot, and you’ve acquired exceptional skills. Don’t stop now! Our profession provides endless opportunities to ask questions and to discover new ways of approaching reserving, pricing, and all our analyses. Our profession provides endless new frontiers as well: AI, climate risk, emerging perils, among others. Keep asking: What else could I uncover? How could I expand this model? What field outside actuarial science has something to teach me?
Staying curious means you’ll never run out of things to learn. Staying curious also means you’ll learn to appreciate the expertise of others. You might learn a new respect for the knowledge of the other professionals we work with. You’ll be amazed at the perspectives you can gain from underwriters, claims adjusters, accountants, lawyers, marketing professionals — yes, even friends and family.
Be excited to go to work. You’ll spend lots of time there. If you’re not excited, keep looking (there’s that curiosity again). P&C actuarial science encompasses so many areas; there is something for each of you.
Volunteer. You are part of a diverse community of professionals. Volunteering is a great way to give back while enjoying the privilege of getting to know people in all areas of the profession.
Be yourself. Follow your desires. Not all life paths are linear. Detours can enhance your skill set and your life. I’ll share a memory.
When I started my career in actuarial work, I thought I was giving up any opportunity to work and live internationally. It was a long time ago, and I was working for Insurance Services Office (now Verisk), a company providing services to the U.S. insurance industry.
It was a great job, but I took a detour. I applied to a program that would help with residence and work permits in Germany, and I was accepted. I resigned from a secure position with a clear path to advancement to take a chance on a unique experience. Remember, in the olden days there were not so many CAS members abroad. I was lucky enough to find a job in reinsurance.
Fast forward a few years, I’m back in the U.S. and back at my old employer. But now, my old employer is expanding internationally. I get to work with leadership on those international initiatives.
Remember, whatever you are doing today won’t be what you are doing tomorrow, even if you never change positions. We live in a rapidly changing world.
I started out doing rate reviews with a calculator and paper worksheets. We once worked on rate reviews state by state. We needed to change our severity trend — imagine that — with a calculator and paper worksheets. My boss at the time locked the door, so we would get the work done on time!
When I came back two years later, after leaving the country, there were five shared PCs in a bullpen that you had to sign up to use. Look at your workstation now!
Your wildest imagination won’t take you where you’ll be at the end of your career! But I do hope it will help you come up with ways to enjoy today’s success! Whatever you do, enjoy your celebration!
Nancy Braithwaite, FCAS, is a CAS Past President.
