CAS Capability Model

Actuaries can use the CAS Capability Model to self-assess their traits, skills and knowledge important for most property/casualty actuaries, identify areas of opportunity to learn and grow, and then plan their professional development journey.
Traits Content Areas Skills
Contextual Skills to draw from priorexperience to understand what variables/factors/dynamics are relevant in any given situation. Intellectually Curious Desire to explore, discover, and understand, and a willingness to ask questions. Analytical Ability to apply theories by identifying connections or patterns in the context or business problem. Principled Ability to act in accordance with ethics guided by the Actuarial Standards of Practice (ASOP). Intelligent/Adept Ability to acquire and apply relevant knowledge and skills. Creative Ability to think above and beyond formal training and known environment to address business problems.
Level 3: Applies knowledge of the complex dynamics at the corporate or industry level and how various business functions interact while cultivating collaboration to understand what to do in any given situation. Level 2: Relates current business problems to and expands/builds upon past experiences or experiences of peers. Level 1: Considers the big picture of one’s work in the broader organizational and technical context.
Level 3: Synthesizes insights and expertise across disciplines to expand the boundaries of actuarial work. Level 2: Engages in self-directed and collaborative learning to understand actuarial designs, methodologies, and theories. Level 1: Asks questions to understand context around the task given.
Level 3: Asks questions to understand problems facing the business stakeholders and proposes an analytic framework. Level 2: Designs analytic steps to validate signals vs noises and provide justification for insights. Level 1: Applies statistical methods and actuarial methodologies in solving business problems.
Level 3: Models ethical behavior and is known as an ethical leader in one’s organization and the profession. Level 2: Engages in and helps guide decision-making processes where questions of ethics are present. Level 1: Understands and navigates professional situations where questions of ethics are present.
Level 3: Assess capabilities of various business partners to leverage their strengths and influence their decision-making to drive outcomes. Level 2: Looks for opportunities to apply new knowledge in business context and to teach others. Level 1: Seeks to learn independently as well as from peers/supervisors.
Level 3: Predicts future problems, creates novel solutions, and demonstrates expertise in scenario planning and management. Level 2: Designs effective solutions through in-depth understanding of business problems. Level 1: Applies formal training in a variety of business problems across different products/lines of businesses.
Risk Evaluation and Management Knowledge of risks in the insurance industry and understanding of how to determine the likelihood/plan for future events (e.g., capital models, catastrophe models, and Enterprise Risk Management). Actuarial Standards of Practice Knowledge of provided guidance on the techniques, applications, procedures, and methods that reflect appropriate actuarial practices. Property & CasualtyInsurance Industry Knowledge of industry operations (e.g., contracts, underwriting, and the regulatory environment). Finance Knowledge of company financials, financial reporting, accounting frameworks, and investments. Functional Expertise Knowledge of the functional areas in the actuarial space, such asratemaking, reserving, and reinsurance practices. Mathematics / Modeling Knowledge of mathematical branches (e.g., probability, statistics, predictive analytics/modeling, financial mathematics) and mathematical models applicable to the actuarial profession.
Level 3: The skills to oversee a risk management framework, facilitate setting of risk tolerance, and monitor internal and external environment for potential changes to the risk treatment approach. Level 2: The skills to assess the risk tolerance of stakeholders, monitor key risk drivers, evaluate potential stresses and potential emerging risks, and develop contingency plans. Level 1: The sources of risk in accordance with prescribed risk management procedures.
Level 3: How to contribute to the actuarial standards and guidance. Level 2: How to coach others on applicable actuarial standards and provide guidance. Level 1: How to comply with the professional standards for actuaries in the property and casualty insurance industry.
Level 3: Emerging trends in the industry relevant to one’s practice area and role and demonstrate thought leadership in predicting the impact of these emerging trends. Level 2: The property and casualty industry environment, including laws and regulations applicable to practice, as well as any imminent changes that may impact practice. Level 1: Industry operations, including how the actuarial function influences processes and regulations applicable to one’s practice.
Level 3: How internal and external changes impact finance principles, instruments, and reports. Level 2: The connections between various financial reports. Level 1: Common financial reports, accounting principles, and investment instruments.
Level 3: Expertise in at least one functional area by developing new findings, issuing new research, or finding new applications of the area. Level 2: Proficiency in one functional area; basic understanding of interactions across all other areas. Level 1: The primary functions in the actuarial profession, including ratemaking, reserving, and reinsurance.
Level 3: Design and selection of a dynamic, real time or production model. Level 2: Model design and selection to replicate a real-world process, evaluate model inputs, and interpret results. Level 1: How foundational mathematics are part of the actuarial process and how to build, operate, and validate a mathematical model.
Professionalism Ability to act in a professional manner and make ethical decisions aligned with professional actuarial standards. Data Analysis Skills to gather, analyze, and draw practical conclusions from data as well as communicate data findings to others. Critical Thinking & Problem Solving Skills to think through a problem by evaluating each component part and applying prior knowledge to find one or more solutions. Leveraging Technology Ability to use technology to improve processes and outcomes. Business Acumen Ability to apply knowledge of insurance products and business problems to make decisions. Business and Technical Communication Ability to share information about professional topics with individuals inside and outside of one’s own organization to drive business outcomes.
Level 3: Acts as a role model by promoting high standard and seeks to advance the profession’s reputation for ethical conduct. Level 2: Highlights potential conflict of interest or unethical/improper action and seeks resolution. Level 1: Performs work in accordancewith professional code of conduct.
Level 3: Works with complex data, across data sources, sets data governance standards, and provides business critical insights. Level 2: Uses advanced data visualization and statistical tools, programming,and machine learning tools to anticipate and address competing explanations, validate results, and provide insights. Level 1: Reviews and evaluates data (e.g., data cleaning, confirm integrity), manipulates data through aggregation and exploration, and documents findings.
Level 3: Designs innovative solutions to solve complex problems and deliver results. Level 2: Evaluates problems by identifying stakeholder requirements, proposing criteria for decision making, evaluating options against proposed criteria, presenting a solution, and managing an iterative process based on feedback. Level 1: Reasons through a problem or situation by identifying the important parts and collecting information to inform decision making.
Level 3: Uses cutting-edge technology(e.g multi-computer and enterprise-gradetechnology)to transform actuarial processesand outcomes. L e v el 2 : Uses latest technology (e.g., Scripting, operational risk controls, and robust database use) to solve standard business problems within the actuary's area of practice. Level 1: Uses standardized technology (e.g., SQL, spreadsheets, BI tools, data in csv/txt format) to solve rote tasks within the actuary’s area of practice.
Level 3: Understands and explains the business implications of decisions and strives to improve organization performance. Level 2: Influences business stakeholders through use of advanced knowledge of insurance products and the market. Level 1: Applies knowledge of the insurance products within which one’s employer operates.
Level 3: Provides leadership by driving conversations, addressing conflict constructively, and building consensus among and influencing stakeholders. Level 2: Adapts one’s communication style to the audience, presents complex data clearly, appropriately summarizes key messages and their impact, and evaluates the effectiveness of communication. Level 1: Communicates technical information to a variety of audiences by selecting an appropriate communication method and composing a clear and well-structured presentation of information.

CAS Capability Model

The CAS Capability Model is a visual framework that articulates and provides guidance on the traits, skills and knowledge important for most property/casualty actuaries.

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Level 1

Individuals understand the content knowledge of the property and casualty actuarial profession, have the skills to apply this content knowledge in practice to derive solutions and communicate results, and have the traits to work effectively both independently and as part of a team.

Level 2

Individuals have a strong command of the content knowledge of the property and casualty actuarial profession, the skills to apply this content knowledge and integrate concepts across areas to address complex problems and communicate findings to a variety of stakeholders, and the traits to collaborate with others to drive decision-making.

Level 3

Individuals have an advanced level of specialized content knowledge of the property and casualty actuarial profession, the skills to design novel solutions to solve complex problems, and the traits to effectively lead multi-disciplinary teams within and across organizations.

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Disclaimer

The CAS Capability Model (the “Model”) shared on this webpage is intended to serve as a resource for CAS members, other actuaries, and aspiring actuaries. The Model is not intended to provide proof of experience or expertise. Each individual is encouraged to exercise professional judgment and apply this Model as they see fit. If an individual completes additional learning to move up from one level to another level, there is no guarantee that they have the experience or expertise described for that level. An employer is not supposed to use this Model in hiring or in performance appraisals as there are so many unique factors to each employer and employee that this Model does not consider. The Model is provided “as is” and users accept the risk as to the quality, performance, and results of use of the Model. CAS, including its officers, directors, volunteers, employees and agents, make no warranties or representations with respect to the Model and disclaims all liabilities to any claims, losses, or damages in connection with use or application of the Model. All users of the Model undertake to indemnify and hold CAS harmless from any claims, losses, or damages arising from use of the Model.

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