I submitted my last President’s Message to AR before the combination proposal was announced and wanted to add a few thoughts about the proposal to combine the CAS and SOA into one new professional organization.
The actuarial profession today is facing many challenges. Will companies replace actuaries with data scientists? Will students continue to be attracted to the actuarial profession? Will advances in technology eliminate work that is done by actuaries? These challenges will be easier to confront if actuaries are united. A combination of the CAS and SOA will have more resources to prepare members for evolving fields and opportunities, including predictive analytics and work in non-insurance sectors. It will provide more job opportunities and a larger network for members. It will help establish a stronger global brand for the actuarial profession. It will provide economies of scale, enabling us to devote more resources to funding research and promoting diversity. And by reducing confusion and streamlining actuarial education, it will make the actuarial profession more appealing for bright young students.
From my discussions with SOA leaders, it is clear to me that we share a common set of values with the SOA. I have been a member of the CAS for over 30 years. As CAS president, I want our members in the future to have the best opportunities possible. The SOA leaders want the same thing for the profession. I believe the CAS-SOA combination is the best path to achieve this goal.
Editor’s Note: The CAS Board of Directors is scheduled to vote on November 11 as to whether to propose the CAS-SOA combination to the voting members for approval.