The CAS Board of Directors recently held an in-person Board retreat and meeting in Chicago, where we:

• Discussed a market intelligence report focused on the actuarial profession today and trends for the future.
• Revisited the CAS Strategic Plan’s envisioned future and pillars.
• Reviewed the key performance indicators that inform us of our progress towards achieving the ambitious goals of the Strategic Plan.

After two engaging days of extensive discussions, it is clear that the CAS must continue to maintain our focus to ensure our ongoing relevance in an ever-changing landscape, as there are ample opportunities in front of us to strengthen our position as the gold standard for credentialing property-casualty actuaries. The current Strategic Plan was adopted in 2020, and we are now completing the second year of what is a three-year plan. However, our work to achieve our goals will stretch beyond 2023.

During the retreat, we confirmed the continued relevance of our Envisioned Future, which is that:

CAS members are sought after globally for their insights and ability to apply analytics to solve insurance and risk management problems.

To help guide our efforts toward our Envisioned Future, the Strategic Plan is organized around three broad pillars focused on building skills for the future, diversifying our pipeline and expanding globally, all while building our overall organizational capabilities at the CAS.

There is much we can learn from our members, and open dialogue such as this should always be viewed as an opportunity to gather valuable input to improve our organization.

Our board retreat discussions found us in agreement that the broad structure of our plan has served us well and should continue to be our focus going forward. While the board is confident in the direction of our Strategic Plan, we also understand that there is room to adjust in response to the changing environment and lessons learned from the past.

The recent elections generated much discussion and debate among our members about the future of the CAS, particularly related to our governance, our transparency and our strategic approach to diversity, equity and inclusion (DE&I). There is much we can learn from our members, and open dialogue such as this should always be viewed as an opportunity to gather valuable input to improve our organization.

Governance

Just over a year ago during the 2021 elections, the membership did not approve the proposed bylaws change that would have retired the CAS Executive Council layer of governance and its role in CAS operations. The board recognizes the critical connection our volunteer vice presidents provide between our members and the CAS staff and the important role they play in the successful execution of our Strategic Plan. We have taken steps to ensure that our vice presidents are utilized to their fullest as the volunteer-staff model evolves. In addition, to ensure our governance meets the highest of standards and that we are operating in accordance to the current CAS Constitution, Bylaws and adopted Procedures, the board recently approved the formation of a temporary board-level committee that will work with an outside consultant to bring much-needed clarity to roles and responsibilities, authority levels and our committee structure. We look forward to providing updates on this important project.

Transparency

During the August meeting, the board also discussed the need for more transparency in our work. We recognize and understand that certain issues such as the proposed merger with the SOA, the rescinding of the Ratemaking Statement of Principles and the initial strategic approach to DE&I did not provide the opportunity for input and level of transparency that CAS members deserve. We will continue to take steps to increase transparency so that our members can provide comments on topics that impact our profession or need further clarity before they are implemented.

To aid in that effort, the Board adopted a resolution in August to post approved meeting minutes on the CAS website for members to access at their convenience. Previously, individual members needed to make a written request to receive minutes. In addition, the CAS Board’s Risk Management Committee was asked to review and report its assessment of the risks and benefits of making board materials available to members. Transparency will continue to be a focus of the board during my upcoming term as chair.

Our Strategic Plan goals are bold. I believe we will achieve them much more efficiently and effectively as a unified and focused organization.

Strategic Approach to DE&I

Our strategic approach to DE&I was developed to support the pillar Diversifying the Pipeline from our Strategic Plan, and it is critical to attract and retain diverse and talented candidates to our esteemed profession. We remain committed to our DE&I strategy, as adopted by the board this past February, and are also seeking member input as we review the strategy annually going forward. CAS members agree on many aspects of our DE&I strategy, and I hope that we can focus our energy on those areas and work together to achieve our goals. As we do that, I’d like to remind our community that professionalism is at the heart of the CAS. All members are entitled to their own diverse opinions, but it is imperative that those opinions be expressed in professional and respectful ways.

In addition, to support our community of diverse opinions and in accordance with the Article IX of the CAS Constitution, going forward our publications and any opinion of the CAS Board of Directors or a committee authorized by the Board to express an opinion will clearly indicate that any expressed opinions “do not purport to represent the views of the Casualty Actuarial Society, but only of the Board of Directors or the committee,” as the case may be.

Our Strategic Plan goals are bold. I believe we will achieve them much more efficiently and effectively as a unified and focused organization. I encourage you to join me in committing to working together collegially as we aggressively pursue the opportunities that will drive us towards achieving our envisioned future.