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Why is life so challenging and difficult at times? I ask myself this question, and I struggle to find a satisfactory answer. For many of us, 2020 has brought on circumstances that take “challenge” to a whole new level! Misinformation and uncertainty have wreaked havoc on the best-laid plans in our personal and professional lives. Graduations, weddings, funerals, exams, promotions – many have been put on hold or eliminated entirely as we wait for some concrete picture of what the future will hold.
Recent events including protests in response to the brutal killings of several unarmed Black people — George Floyd, Breonna Taylor, and Ahmaud Arbery to name a few — reignited passionate conversations around systemic racism in North America and across the world. We have had to revisit questions like: Does racism really still exist? To what extent? How is it systemic? And, what can we do about it?
When I heard that a new organization called the Sexuality and Gender Alliance of Actuaries (SAGAA) had been formed, I was thrilled. As a bisexual woman who didn’t feel comfortable being “out” at work, this felt like the actuarial organization I didn’t know I needed. I’m now out and on the board of SAGAA, and I hope that the organization can make all actuaries who identify as LGBTQIA+ (Lesbian, Gay, Bisexual, Transgender, Queer, Intersex, Asexual, plus others) feel comfortable being who they are.
The actuarial field is changing fast! There are new technologies, analytics, and methodologies, which is why it is crucial for actuaries to continue their training. This process of learning extends beyond taking actuarial exams. Through continuing education (CE), actuaries can stay up-to-date with the changing industry.
Victor Carter-Bey is the newly appointed CEO of the CAS. Recently I was given the opportunity to interview him to learn more about him, his role and his vision for the CAS.
The author (left) with Carter-Bey.
Rehan Siddique (RS): What is your professional background?
Could you talk about an initiative you are passionate about within the CAS?
I’m very passionate about the job task analysis that is underway, and how that will be used to set the stage for changes to the education and syllabus in the future. Think of a job task analysis as a clear description of what people do and know when completing a task. To make sure our credential is preparing our members for what they do on the job, we need to ask our members directly and then do what actuaries do best — analyze the data.
If you are one of those students who likes to listen to music while you study, may I suggest a Candidate's Code of Ethics Playlist? This short playlist was based on the seven rules that all people who have registered for a CAS-specific exam, but who have yet to become an ACAS, must follow. The Code of Professional Ethics for Candidates ensures that the public, whom we are responsible to, can count on high standards of conduct and practice from all those who are associated with the CAS — especially those providing actuarial services.
The Casualty Actuarial Society (CAS) Board of Directors has adopted a revised version of the CAS Examination Discipline Policy, effective with the Spring 2018 examination sitting. The policy, which is published in the CAS Syllabus of Examinations, provides examples of improper examination conduct and describes actions the CAS may take if a candidate violates any examination rules.
Revisions were made to the first paragraph of the full policy, which now reads:
"I would prefer even to fail with honor than to win by cheating." — Sophocles
One of the biggest issues candidates seem to have with TBE is the potential for cheating. In conversation after conversation with friends and colleagues, the same questions keep coming up: How will they prevent this? How can they keep people from doing that? I have to admit I am somewhat baffled by this phenomenon. This is the last thing I expected to be on people's minds when they heard about TBE!
CAS Fellows to vote on ACAS suffrage this summer
The question of whether Associates should be allowed to vote was posed in the last three membership surveys (2018, 2013 and 2008), and the percentage of members that believe that Associates should be allowed to vote has increased with each survey:
In honor of The CAS Institute (iCAS) conferring the 100th designation of the Certified Specialist in Predictive Analytics (CSPA) credential, I recently sat down with Maggie Kong, FCAS, CSPA, and Chris Macella, CSPA, of Allstate Insurance Company to talk about their iCAS experiences.
The property-casualty insurance industry has seen considerable consolidation in the last couple of decades — and it seems that this wave of insurance mergers and acquisitions (M&A) is not about to stop. A number of companies are turning to M&A strategies to thrive under the pressures of the current mature market, low interest rates and catastrophes (among many other challenges).
While most actuaries credentialed through the CAS are based in North America, there are a number of CAS members who live and work in other parts of the world. In fact, according to the CAS website, there are members in 42 countries across the globe. Some of these might be local actuaries while others have relocated from abroad for their work. While some might apply directly to a position in another country, there are a number of other ways for actuaries to gain international work experience.
I remember well the presenter at an insurance conference that I attended more than 10 years ago. He told a dramatic story of being in a car full of children while pulling up to a drive-thru for some food. The clamor from the back of the vehicle with shouts of what each of them wanted was too much for him to handle. He barked at the order-taker, "I want $20 worth of food." The voice on the other end of the speaker tried to clarify, but he simply repeated his demand for $20 worth of food.
For those of you employed by insurance companies offering personal lines products, you probably have the opportunity to buy insurance from your own company. When I started working, my initial thought was, “Of course I’m going to buy insurance from the company I work for. I’m going to take advantage of the employee discount!” If offered, an employee discount can be a significant reason to purchase insurance from your company, but there are other considerations when making this decision.
I know, it’s not a question that crosses the minds of many people. It’s probably not a question that crosses the minds of even actuaries. It should, though.
One of the unique aspects to the actuarial career-field is the extensive involvement of recruiters specific to the industry. Many candidates are aware of the various recruiting firms playing in this arena. How do you know if using a recruiter would be helpful when looking for a new opportunity? The goal of this article is to provide some insights to consider when trying to decide if using a recruiter is best.
At long last, the email just arrived. You were granted an interview for that awesome job you applied for recently. Next week is your opportunity. What next? How do you prepare? How can you put yourself in the best position for success?
As predictive analytics has become more common within the insurance industry, actuaries and data scientists are often getting involved in predictive modeling projects outside of traditional pricing and reserving applications. Involvement in these projects can expand an actuary’s knowledge of the business and challenge them to address new problems. One area where actuaries have historically been consulted is in underwriting.
A common question asked by candidates searching for their first actuarial job is, “Should I work for a consulting firm or a traditional insurance carrier?” In Future Fellows December 2008 & March 2009, we addressed several myths about the similarities and differences of consulting firms vs. insurance carriers from the points of view of long-term actuaries. For this article, we decided to interview people at an earlier point in their careers: candidates.
You may have heard the word "blockchain" for a few years now. It entered the lexicon within the past 10 years and has bubbled to the surface of reporting and financial website conversations on an almost daily basis. But what is a blockchain? In the most basic terms possible, it is a "distributed ledger." The concept of "distributed" relates to the definition "dispersed over a large area." In a blockchain, a network of computers maintains and secures the database, and each participant, or "node," stores a copy of the blockchain records.
Actuaries have been using data science techniques for years. While the statistical methods are not new, there is now exponentially more computing power available. New technologies come with new risks. Thankfully, the theoretical concepts tested in actuarial exams have also prepared you to navigate the following data science pitfalls.
For CAS candidates taking the at times seemingly endless journey through the exams, there is fortunately no shortage of assistance. Textbooks, commercial study guides, practice questions and exams, and Examiner's Reports all help candidates master the material they need to reach the FCAS designation. But there is one resource that you don't often hear from – exam writers. Although you rarely communicate with them directly, there's an army of volunteers who work year-round to create your exams.
As you have hopefully seen in other articles included in this issue of Future Fellows, the CAS Candidate Liaison Committee (CLC) is in the process of revitalizing our efforts to reach candidates and relay candidate feedback. In addition to the new annual candidate survey, which is discussed in another article, we have also begun a series of Hot Topics Surveys that are designed to focus on single topics affecting the candidate community. They are shorter than the annual survey, with the aim to give the CLC a quick “pulse reading” on candidates’ viewpoints.
In July the Candidate Liaison Committee (CLC) conducted its first-ever survey of all candidates. We wanted to get a better understanding of the current candidate pool (you) and the varied opinions that candidates have. You guys definitely delivered — we received about 700 responses! Thank you to everyone who took the time to share their opinions with us.
We’ll address common themes over future articles, but we wanted to share some highlights from the candidate responses before doing any deep dives.
