“ Great things are done by a series of small things brought together.”  

—Vincent Van Gogh 

In an age of groundbreaking technologies like generative AI, it’s easy for us to focus on transformational shifts and overlook the power of incremental steps. This sentiment has been on my mind lately regarding the CAS and our amazing volunteers and staff. For example, if we look at the Property and Casualty Predictive Analytics (PCPA) requirement, the project portion of the requirement would not be possible without our knowledge gained from putting together the Case Study Project requirement of the Certified Specialist in Predictive Analytics (CSPA) certification. The groundwork for this certification was laid by CAS Past President Bob Miccolis and those volunteers and staff who labored to create The CAS Institute. Each of these efforts were accomplished by a series of small things brought together. Similarly, many of the CAS recent launches and achievements, like the University Recognition Program and floating exam break, were the result of a series of incremental work and wins.

In this column, I would like to share the progress toward some of the 2024 priorities I shared in my initial President’s Message.

CAS Strategic Plan

The Strategic Plan Task Force has been hard at work refreshing the CAS Strategic Plan for the next three years. The task force is reviewing a variety of resources to support their work beginning with the recent Quinquennial Membership Survey, which provides a wealth of input to assist the board in setting the short- and long-term direction of the CAS. Other resources include a SWOT analysis and interviews and focus groups with CAS volunteer and staff leaders. Membership input will be sought throughout the process and there will be several opportunities for members to provide input to the new Strategic Plan. Members will see a series of announcements and calls to action like pulse surveys beginning later in May and extending through the summer. We are also planning two virtual town halls open to all members. With the benefit of all this input, the task force is aiming to develop a draft of the next Strategic Plan for presentation and discussion with the board in August, with an unveiling to the membership to follow.

Admissions

Forty recent ACAS or near-ACAS candidates participated in the PCPA beta test to help us calibrate logistics, length, material and grading. Over one-third of the participants came from outside North America, representing multiple countries and regions across the world. In addition, we recently announced the Actuarial Professional Analysis effort to define the skills and knowledge needed by the actuary of the future. This analysis will include how we validate basic skills, which will help with our actuarial pipeline.

We recently announced the Actuarial Professional Analysis effort to define the skills and knowledge needed by the actuary of the future.

Governance

We are nearing completion of Phase 1 implementation, which sets the groundwork for governance work and adjusts our approach to board committees. We are now moving into Phase 2, which is focused on the overall governance structure of the CAS, board policies and procedures, and roles and responsibilities. We will be seeking feedback from the CAS membership on Phase 2.

Connecting with Members and Other Actuarial Organizations

In my January/February column, I mentioned that it was important to connect with members working internationally as well as with peer actuarial organizations. Many of these relationships have been established by CAS leaders who preceded me; my hope is that my participation would be another small thing in the series of small things leading to great things.

Institute of Actuaries of India (IAI)

In February I traveled to Mumbai with CAS Fellows Ron Kozlowski and Kendra Felisky to attend the Global Congress of Actuaries (GCA), hosted by the Institute of Actuaries of India (IAI). The trip included university visits as well as bilateral talks with IAI on potential collaboration. Ron and Kendra met with faculty and students at a few universities, including the Sri Sathya Sai Institute of Higher Learning, which has undergraduate and graduate programs in actuarial science as well as a few dozen students taking CAS exams. Most of these students have passed MAS-I and a dozen have passed MAS-II. Those who graduate work for P&C companies. Although we currently only have a few members in India, this visit shows the potential for the CAS to have a large impact on future P&C actuaries there.

National Association of Insurance Commissioners (NAIC)

We are fortunate to have current and former CAS Board members who work in regulation.

At the urging of board director Wanchin Chou, FCAS, CPCU, CSPA, CCRMP, I followed up my trip to India with a visit to Phoenix to attend the NAIC Spring Meeting. Since this was my first NAIC meeting, I learned not just about current insurance regulatory issues, but also about the different interested parties. I also learned about how the CAS, the SOA and the Academy participate and engage the NAIC. There’s definitely an opportunity for the CAS to do more — in the past, seasoned CAS leaders helped represent us and raise awareness, but with current issues like climate risk, advanced modeling and generative AI, there’s an opportunity for the CAS to contribute more at these events. The highlight of my trip was a meet and greet set up by Kris DeFrain, FCAS, to talk with CAS members working in regulation, including South Carolina Department of Insurance Director Michael Wise.

Instituto Brasileiro de Atuária (IBA)

A few days after returning from the NAIC, I had a business trip to São Paulo and stopped by Rio on the way to meet with IBA President Raquel Marimon and CAS Affiliate Member Cristina Mano. Cristina has attended many CAS Meetings. The three of us discussed problems common to all actuarial organizations: marketing our profession to future actuaries, showing the value of actuaries to employers, keeping our basic and continuing education relevant and learning how to engage our members and our volunteers. IBA’s Annual Conference will take place in August and the CAS will be hosting a one-day, pre-congress program focused on property and casualty risks.

International Actuarial Association (IAA)

IAA President Charles Cowling and I spent a good amount of time together at the GCA in Mumbai. The themes from our conversation included the role of actuaries in emerging issues, including climate risk and artificial intelligence. Many countries have built accounting and other requirements around sustainability — the actuaries practicing in these countries are actively involved in the discussion and advise both on the quantification as well as on how to think through issues. On artificial intelligence, the IAA hosted an AI Summit in Singapore in April, which I attended and spoke at virtually. I plan to reconnect with Charles and the IAA at their upcoming Council and Committee Meetings happening near the end of May in Seoul.

A favor

I close my message with a small ask to the readers: Consider doing one small thing today that could be part of a series of small things that may bring great things to pass. If you need a suggestion, that small thing could be signing up to volunteer at the CAS, which may lead to you meeting new friends, learning new skills and other opportunities. Thanks for reading!