Louise Francis, past CAS VP-Research & Development and Alice Underwood, new CAS VP-Research & Development, co-authored this blog post.
Last August, David Menning wrote a blog post about how much statistics should be included within the basic education process. He asked if statistics were covered at the right level in the current basic education structure and whether there should be more coverage or less.
There was a lot of reaction to the post. Several respondents expressed that actuaries need to know more about statistics and be better prepared in the statistics related to predictive modeling. One commenter noted that actuaries are no longer the “go-to group” to build class plans and that this could occur in other areas of practice.
The issues surrounding the technical skill-set of actuaries are often viewed as an educational issue, whether basic or continuing education, but we believe this issue also affects research. CAS Call Paper Programs have featured papers about predictive modeling and data mining and the CAS Grants Task Force has funded some predictive modeling research projects — but is this enough? Are CAS actuaries positioned to take the lead in developing and applying advanced statistical approaches?
What can the CAS research division do to help actuaries to acquire and refine the skill set for advanced applications like predictive modeling? Please “Leave a Reply” below.