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The CAS is pleased to announce the release of its Summer 2023 E-Forum. This edition has one independent research paper and two reinsurance call papers.
Papers include:
E-Forum no longer requires submissions to conform to an established template in Word. With the implementation of its new microsite, the need for a template has been eliminated. Authors no longer need to spend extra time formatting their submissions in Word (e.g., headers, footers, fonts), but they still need to indicate section headings and subheadings.
As the dust settles on the initial surge of inflation yet its impact persists, how can insurance professionals keep up with the changing trends and preemptively address the challenges? What are the ripple effects of enduring inflation and how does it redefine our strategies?
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Are you looking for an exciting volunteer opportunity with the CAS? The Admissions Department is seeking new graders for the fall for the following exams:
Exam 5 (Basic Ratemaking and Estimating Claims Liabilities)
Exam 6U (Regulation and Financial Reporting US)
Exam 8 (Advanced Ratemaking).
The exams have the following domains, which correlate with questions that volunteers grade:
To learn more about the Ontario Conference of Casualty Actuaries (OCCA), please visit their website.
Valuable data that could be used for business insights and decision-making is often only available in free form text fields. This presentation will review one method of converting text to more usable information by using Latent Dirichlet Allocation (LDA) topic modeling. This discussion will include an overview of where this method was applied to voicemail transcripts to quantify the most common reasons claims participants call claim representatives, with the results helping to prioritize IT investment in building out self-service functionality.
A high-level introduction to auction theory and its applications to insurance ratemaking. Examples in the webinar will focus on individual large risks and range rating, but the theory has very wide applicability across types and lines of insurance. Key messages include: The process of buying insurance coverage may be described as an auction; An actuary who is responsible for ratemaking should us conservatism to control for their own fallibility; The appropriate amount of conservatism in ratemaking can be modeled out using the tools of auction theory.
The Casualty Actuarial Society (CAS) is pleased to announce the winners for the 2023 Volunteer Awards.
The New Members Award is given annually to one or more members of the CAS who have made significant volunteer contributions within five years of their most recent credential.
The 2023 New Members Award is awarded to:
Dear CAS Members:
Balloting for the 2023 CAS election has closed and all candidates have been contacted regarding the results.
David Cummings has been elected President-Elect.
Wanchin Chou, Sandy Lowe, Joe Milicia, and Kathleen Ores-Walsh have been elected to the Board of Directors.
Volunteering as a Candidate
Volunteerism is a core value of the CAS, and about one-third of CAS members volunteer for the organization each year. CAS candidates have increasingly expressed an interest contributing as volunteers too, and there are a number of ways that candidates can serve as volunteers. Candidates should check with their employer to make sure they support the time commitment for volunteer activities.
Volunteer Opportunities
Candidate Advocate Working Group
In this session, we will show how Covid-19 impacted driving behavior and crash trends, how these trends continue to be felt throughout the auto insurance industry, and how insurers can use new sources of data to improve profitability in a challenging market. We will share the fundamental idea and empirical evidence for the relevancy of crash location and other dynamic information in the context of auto insurance.
While analytics are becoming common across insurers’ various functions, simple heuristics like loss ratios are still common for agency and distribution channel analytics at many P&C companies. In this session we will discuss similarities and differences between modeling agencies vs. policy level pricing analytics, challenges to consider, potential terms to include in models, and considerations when discussing with business areas.
Inspired by the recent popularization of Generative Pretrained Transformers (GPT), the model that powers OpenAI’s ChatGPT, this presentation will provide an overview of large language models and explore their potential applications in the insurance industry. GPT models have achieved groundbreaking results in a variety of natural language processing tasks. We will examine the potential impacts of GPT and similar models on the insurance industry and actuarial work. We will also explain how these models work to enable a deeper understanding.
Principles of the Casualty Actuarial Society for Basic Education
The primary purpose of the Casualty Actuarial Society (CAS) basic education process is to ascertain whether candidates for the CAS designations have satisfied CAS learning objectives. The CAS Board of Directors adopted the following principles on May 6, 2001.
The CAS Board of Directors recently approved an update to the 2023 election procedures to address last-minute technical issues with casting ballots online.
Voting members who have technical barriers to casting their ballots through the online elections ballot and who cannot have their issues resolved prior to the deadline for the submission of ballots may submit their votes via email to Mike Boa, Chief Communications Officer, at mboa@casact.org and have their votes included in the final tally.
The CAS regrets to announce the recent passing of CAS Past President Bob Anker.
Robert A. Anker, FCAS, who served as President of the CAS in 1997 and as Chair of the Board in 1998, died on August 4, 2023. Bob became a Fellow of the CAS in 1970. An obituary was published on the Dignity Memorial website.
The Exam MAS-I (Modern Actuarial Statistics I) working group is looking for volunteers to round out their writing roster. A Writer is someone who has passed the exam and is expected to have a strong understanding of covered topics for the exam. The Writer may be a top performer from a recent exam sitting. Additionally, a Writer is either a Fellow of the Casualty Actuarial Society, or an Associate who does not plan to take any CAS exams within the next three years.
Join CAS member leaders in an exciting literary adventure!
Earlier this year, the CAS Leadership Development Committee (LDC) launched its first-ever book club. The first discussion took place in March on Simon Sinek’s Start with Why: How Great Leaders Inspire Everyone to Take Action.
There are many reasons to join the LDC Book Club. Here are just a few:
What a great newsletter to be featured in! I am incredibly excited about the reinvigoration of the Leadership Development Committee newsletter to further the vision of the LDC commun
As organizations grow and evolve, so must their leadership.
Since taking on my role on the board, I have frequently been asked “What does the Board of Directors do?” The easy answer is that our role is to set policy and strategic direction f
The CAS is accepting registrations for the Course on Professionalism from all qualified Candidates that meet the following registration requirements:
Credit for any six (6) actuarial exams in the 2023 education structure-regardless of Internet courses or VEE status.
OR
If you do not have credit for exam 3F - Credit for any five (5) actuarial exams in the 2023 education structure-regardless of DISC courses or VEE status.
OR
"Meet the CAS Volunteer Group" is a series release by the CAS Volunteer Resources Working Group to educate members and volunteers about the work taking place within specific committees, working groups, and task forces. Each month a new infographic will be released that provides details about the volunteer group, how their work supports the CAS membership, quotes from the volunteer and staff chairs, and a listing of the hard-working volunteers who accomplish the group's goals.
This month we are featuring the Property and Casualty Predictive Analytics Task Force:
The CAS has lost contact with the following members. If anyone knows the whereabouts of or how to contact these members, please contact the Administrative & Customer Support at acs@casact.org.
