Highlights from the November 2019 CAS Board of Directors Meeting

In pursuit of the Board’s efforts to serve and communicate with the members, this is another installment in our on-going series of blog posts summarizing highlights from CAS Board of Directors meetings. We hope that these posts help CAS members understand the role of the Board and the strategic issues the Board is addressing. As you review the highlights, if you have a reaction or suggestion for the Board to consider, please leave a comment below or feel free to contact me directly.

Topics at our most recent meeting addressed three broad themes:

Preparing Future Actuaries

  • Board Education Task Force Report: The CAS Strategic Plans states that future CAS members will be provided with a basic education system that reflects contemporary and relevant analytical techniques. The current state is not satisfying the objectives in the Strategic Plan, so the Board Education Task Force was formed to develop recommendations for alternative education and testing methods. The Board considered a variety of recommendations, which will be shared with members and candidates as they are implemented.
  • Technology-Based Exams (TBE) Task Force Report: The Board accepted the final report of the TBE Task Force, which included a recommendation for a future delivery solution. This solution was considered based on a variety of factors, including global accessibility, software capability, administrative support, and industry experience. The CAS Executive Council is now tasked with implementing the recommendation, and an announcement with more details will be made in early 2020.
  • Predictive Analytics Task Force Report: The Board continued its discussion on the current state of predictive analytics education, offered both within the CAS and externally. Based on the discussion, the admissions department will be asked to review the rationale of weights of topics covered on the CAS Syllabus of Basic Education.

Building Relationships and Opportunities for Members

  • Update from the Actuaries Institute in Australia: The Board welcomed Jefferson Gibbs, Vice President of the Actuaries Institute in Australia, who provided an overview of the current areas of strategic emphasis of the organization, with a focus on recent changes to the credentialing program.
  • Actuaries in Non-Traditional Roles: The Board agreed to form a task force charged with providing recommendations to CAS leadership on how to expand the actuarial footprint outside of the insurance industry.

Expanding Membership Rights

  • ACAS Rights: The Board reviewed the results of the Member Advisory Panel (MAP) survey on ACAS voting rights and whether ACAS should be entitled to stand for election to the CAS Board of Directors. The survey was commissioned based on the results of the 2018 Quinquennial Membership Survey, which saw a drastic increase in support for ACAS rights as compared to the 2013 Membership Survey. The MAP survey results were consistent with the broader membership survey results. Therefore, the Board directed the Executive Council to develop proposals for amending the Constitution and Bylaws to expand ACAS rights.

Again, we welcome your feedback in the comment section below.

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