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Rising in the Actuarial Profession through the CAS

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

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Rising in the Actuarial Profession through the CAS

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  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… join online today at www.CASstudentcentral.org

  25. 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. Resources • CAS - www.casact.org • CAS Student Central www.CASstudentcentral.org • Be An Actuary - www.BeAnActuary.org • American Academy of Actuaries - www.actuary.org • Feel free to contact me: • ronald.wilkins@partnerre.com

  27. 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.

  28. Appendix: CAS Demographics

  29. A Growing Society

  30. A Global Society

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

  32. Casualty Actuarial Society 4350 North Fairfax Drive, Suite 250 Arlington, Virginia 22203 www.casact.org

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