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Rising in the Actuarial Profession through the CAS March 4, 2014 Ron Wilkins.

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Presentation on theme: "Rising in the Actuarial Profession through the CAS March 4, 2014 Ron Wilkins."— Presentation transcript:

1 Rising in the Actuarial Profession through the CAS March 4, 2014 Ron Wilkins

2 Outline What is an Actuary? Why be an Actuary? What skills are needed to be an Actuary? How do you become an Actuary? What do Property/Casualty Actuaries do? How can I find out more?

3 Outline What is an Actuary? Why be an Actuary? What skills are needed to be an Actuary? How do you become an Actuary? What do Property/Casualty Actuaries do? How can I find out more?

4 What is an Actuary? A business professional who deals with the financial impact of risk and uncertainty Analyzes, manages and measures the financial implications of future risk Develops and validates models and communicate results to guide decision- making

5 Areas of Work Insurance Industry –Property and casualty (P/C) –Life and annuities Employee Benefit Industry –Retirement benefits –Health benefits Financial Services Industry –Banks, investments, risk management –Mergers & Acquisitions Government –Social Security –Regulation of insurance companies

6 Outline What is an Actuary? Why be an Actuary? What skills are needed to be an Actuary? How do you become an Actuary? What do Property/Casualty Actuaries do? How can I find out more?

7 Why be an Actuary? Advance by examinations Advancement opportunities expand throughout career Variety of avenues to choose High demand – less sensitive to economic cycles Interesting problems to solve A highly ranked profession –Actuary is rated the #1 job in America, according to a 2013 CareerCast.com report.

8 What makes the Casualty Actuarial Society different? Tangibles –Depth of training –Salaries –Employment opportunities Intangibles –Focus –Culture and sense of community –Spirit of volunteerism –Core Values

9 CAS Core Values Collaboration Collegiality Community Creativity/Intellectual Curiosity Excellence Integrity Professionalism Practical Applications

10 Outline What is an Actuary? Why be an Actuary? What skills are needed to be an Actuary? How do you become an Actuary? What do Property/Casualty Actuaries do? How can I find out more?

11 What Skills are Needed? Keen analytical, project management and problem solving skills Good business sense Solid communication skills (oral & written) Strong computer skills Knowledge of math and finance

12 Actuarial Skill Set: A Question of Balance Technical Competence –Ability to apply casualty actuarial techniques –Synthesis skills –Critical thinking/informed judgment Ability to communicate effectively –Relevance: A business perspective –Articulate judgments, assumptions, limitations –Audience may vary – Sr. Management vs. Peers Business sense

13 Outline What is an Actuary? Why be an Actuary? What skills are needed to be an Actuary? How do you become an Actuary? What do Property/Casualty Actuaries do? How can I find out more?

14 Becoming an ACAS Validation by Educational Experience (VEE) – credit for college coursework: –Applied Statistical Methods –Corporate Finance –Economics Two CAS Online Courses: –Risk Management and Insurance Operations – Insurance Accounting, Coverage Analysis, Insurance Law, and Insurance Regulation Written Examinations Course on Professionalism

15 Becoming an ACAS (cont.) Written Exams –Exam 1/P—Probability –Exam 2/FM—Financial Mathematics –Exam 3F/MFE—Models for Financial Economics –Exam 3L—Models for Life Contingencies and Statistics –Exam 4/C—Construction and Evaluation of Actuarial Models –Exam 5—Basic Techniques for Ratemaking and Estimating Claim Liabilities –Exam 6—Regulation and Financial Reporting (Nation Specific) Actuarial Institute of Chinese Taipei Canada United States

16 Study Benefits and other info Paid Study Time (100 – 120 hours per exam is not uncommon) Raises or bonuses for each exam passed. Company pays for exam materials, seminars, exam fees, etc. An internship can be a very helpful way to explore the profession.

17 Outline What is an Actuary? Why be an Actuary? What skills are needed to be an Actuary? How do you become an Actuary? What do Property/Casualty Actuaries do? How can I find out more?

18 Sample of Work Areas for P&C Actuaries Ratemaking Loss Reserving Modeling Capital Adequacy Reinsurance Evaluation Enterprise Risk Management

19 Ratemaking/Pricing Are current rates meeting our objectives? Are some classes performing better/worse than others? (Auto) How do driving patterns influence risk of loss? How does an insured’s loss experience influence its premium?

20 Loss Reserving What is Company’s unpaid claim liability as of 12/31/12? (Best estimate; Central estimate) What is the probability distribution of unpaid claims as of 12/31/12?

21 Capital Adequacy How adequate is Company Surplus to respond to adverse results (e.g., loss reserves higher than estimate)? How much capital is required to support different types of business?

22 Reinsurance (Insurer) What are risk/reward trade offs related to different reinsurance structures? (Reinsurer) Pricing and reserving issues, but with much less data.

23 Outline What is an Actuary? Why be an Actuary? What skills are needed to be an Actuary? How do you become an Actuary? What do Property/Casualty Actuaries do? How can I find out more?

24 Introducing… 24 join online today at

25 25

26 Student Central Online Community Stay connected! Future Focus blog shares insights, tips and perspectives from practicing casualty actuaries, university professors, students and others. CAS member directory will give you a sense of how far and wide, broad and deep our network is. View and connect with other student members Invitations to networking events Access to free webinars 26

27 Resources CAS - CAS Student Central Be An Actuary - American Academy of Actuaries - Feel free to contact me:

28 Some background info about me… Binghamton University, Class of 2000, Bachelor of Science, Mathematics Yale University, Class of 2002, Master of Arts, Statistics First actuarial employment: 2002 Completed exam process (FCAS): 2006 Hired by Partner Re: 2007 Current Position: vice president managing research projects related to capital modeling, reserving, and risk management in the company’s Connecticut office.

29 Appendix: CAS Demographics

30 A Growing Society Nov 2003Nov 2013 Fellows2,5034,230 Associates1,3181,812 Affiliates2620 Total3,8476,062

31 A Global Society 2013 Geographic Distribution United States5,152Hong Kong32 Canada521Switzerland32 Bermuda110Singapore20 United Kingdom53Germany13 China51Other78

32 CAS Members by Employment Type Employment TypeTotal Property/Casualty Insurance 43% Consultants 16% Other 13% Reinsurance 10% Retired 6% Organizations Serving the Insurance Industry 6% Brokers & Agents2% Government 2% Life & Accident, Health 2% Academic <1% Source: Casualty Actuarial Society, December 2012

33 Casualty Actuarial Society 4350 North Fairfax Drive, Suite 250 Arlington, Virginia


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