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Please welcome two new member volunteers and three new candidate representatives to the Candidate Advocate Working Group (CAWG)! These volunteers help advocate candidates’ viewpoints to the broader CAS community. The candidate representatives are your voice in the CAS – don’t hesitate to reach out to CAWG@casact.org with any feedback, ideas or comments!
The Casualty Actuarial Society (CAS) has released results and analysis from its first survey on technology used by actuaries. The first annual CAS Actuarial Technology Survey features responses from over 1,200 CAS members and candidates and provides insight into preferred technology tools, self-reported proficiency levels, technology barriers, preferred techniques and potential areas to expand the actuarial tool box.
A new paper has been published on the Variance website:
“Rebalancing the Off-Balance Factor with the Complement of Credibility”
By Joseph Boor
This paper shows that allocating the off-balance credibility calculations created by using the complement of credibility both predicts loss costs better and is more reasonable as well.
A new paper has been published on the Variance website:
“Gaussian Process Models for Incremental Loss Ratios”
By Michael Ludkovski and Howard Zail
The authors of this paper develop a probabilistic model of loss development triangles based on Gaussian processes (GP), implement Bayesian GPs using R and Stan, and test performance over the NAIC database.
March 15-16, 2022
Online Event
The CAS is now accepting applications for the 2022 CAS University Award Program, a prestigious recognition program created to honor universities that prepare students for a career in the property and casualty insurance industry in innovative and exemplary ways.
Since the CAS Board of Directors approved the CAS Approach to Race and Insurance Pricing in December 2020, CAS volunteers and staff have been hard at work on activities to position CAS and our members as leaders in the industry dialogue on potential racial bias in insurance practices. As part of that approach, the CAS has produced four Research Papers that provide a foundation for actuaries and industry professionals as they develop solutions to identify and address potential systemic bias in insurance pricing and advance actuarial practice overall.
As we approach two years of living through a global pandemic, it’s a good time to talk about mental health. Everyone has been dealing with their own struggles, and then there is the added stress of taking exams! Throughout the remainder of 2022, we will be producing articles interviewing various people about their own experiences with mental health. To kick things off, I want to share my story.
Upon entering into the actuarial profession, you may remember being greeted with an alphabet soup of acronyms: CAS, IBNR, CERA, CIA, UCE, ASOP, MAAA and CCA. By the end of this article, I hope to provide clarity to Future Fellows readers about at least one of these: ASOPs or the Actuarial Standards of Practice. Don’t worry if you don’t know much about them. Several ASOPs are covered on exams, so if you are not familiar with them now, you will be as you progress to Exam 5 and beyond.
Hopefully everyone has seen the CAS’ Admissions Transformation Plan (ATP) that details the CAS’ plans for the future of Admissions. If not, please visit casact.org/atp. The ATP has a wealth of details and milestones on what changes you can expect in the next few years as Admissions evolves. But there’s also a lot of words in there that have specific meanings to the CAS.
Of all the courses I took while at school, one class prepared me for exam taking more than the rest: the lowly, one-credit, Stat 372 class, “Actuarial Problems.” It focused primarily on sample problems and the test-taking skills necessary for students pass Exam P, rather than every item on the exam syllabus itself. That class was 1/120th of the credits I needed to graduate, but it was responsible for firmly planting me onto the actuarial path as I passed my first exam.
SPOILER ALERT! If you haven’t watched Season 41 of Survivor or haven’t watched Episode 11 and don’t want to be spoiled, skip this article. Otherwise, please read on.
The reality show Survivor has been a phenomenon since it premiered in 2000. For 35 days (26 days in the most recent season), contestants compete to be the last person standing and win one million dollars. Survivor is about relationship building, physical endurance and strategy in the form of game theory played out on our screens.
The CAS is pleased to release the Winter 2022 E-Forum, which includes a report of the CAS Machine Learning Working Party titled “Machine Learning in Insurance.” This edition also features two submissions in response to the 2021 Call for Ratemaking Essays, conducted by the CAS Ratemaking Working Group.
Elastic nets are an innovation on traditional approaches to actuarial pricing models. GLMs have been a standard tool for building insurance pricing models for the last two decades. They have some known limitations, such as granting full credibility to the parameter estimates and being prone to overfitting on segments where data is sparse. Elastic nets introduce a penalty term, the effect of which is to shrink the model parameters toward or to zero.
The CAS is pleased to announce that CEO of Disaster Avoidance Experts Gleb Tsipursky will be presenting the CAS Spring Meeting keynote:
“How Insurance Actuaries Can Be the Heroes of the Post-Pandemic Recovery Via Behavioral Science”
Monday, May 16 at 9:30 AM EDT
The CAS Nominating Committee wants your input on the slate of candidates for the 2022 CAS elections for the Board of Directors and President-Elect. Any member may submit a nomination, and if you are a Fellow of the CAS, you are welcome to nominate yourself. Fellows may also submit a petition to be placed on the ballot; see additional details on petitioning below.
As an incentive for encouraging nominations, the CAS will award up to ten $100 Amazon gift cards to individuals whose nominees are selected by the Nominating Committee to be included on the 2022 ballot.
The Casualty Actuarial Society (CAS) and the Ratemaking Working Group (RMWG) is pleased to extend a call for discussion papers on ratemaking topics, with a goal to facilitate the publication of accessible and practical papers on ratemaking topics.
The Ratemaking Working Group will review papers for acceptance based upon:
The Exam Working Group needs volunteers for question writing for Exam 6U. Question writing will take place over the next 2 months. No travel is required, although there is an in-person summit if interested.
Volunteers must be an FCAS or long-term ACAS. ACAS members are welcome to serve on the Exam Working Group under the following conditions:
Contacts:
Margaret Kerr
Casualty Actuarial Society
mkerr@casact.org
