Sustaining and Enhancing Value

Amid the challenges of the past year, there have been several opportunities to evaluate the CAS value proposition, that is, what we offer to our various constituents that encourages them to turn to the CAS and its members. The refreshing of the CAS Strategic Plan was the foremost opportunity to evaluate our value proposition because central to that process was the articulation of our Core Purpose (our “reason for being”) and our Core Beliefs and Values (“essential and enduring principles that guide us”). I’ll get back to those later.

A second opportunity to evaluate value arose in the process of conducting market research. The process included surveys and interviews of representatives of various CAS constituencies, focusing in part on the value of the CAS.

Finally, throughout the year, CAS leadership has the opportunity to speak at various forums on CAS issues, and have a dialogue with members about their questions and expectations.

As an organization, success requires that both our members and our constituents find value in what we do. In the recently approved Strategic Plan, the Core Purpose might be viewed as the value proposition for our audiences. It is:

“To advance and promote the practice and application of casualty actuarial science by continually expanding the body of actuarial knowledge as it applies to property & casualty and similar risks, by expanding the practice into wider areas of application, by establishing qualification standards, by delivering basic and continuing education programs, and by sustaining high standards of conduct and competence for casualty actuaries.”

Our audiences can (and should) expect that, when engaging a CAS member, they are receiving current, professional, and practical actuarial services.

The Core Beliefs and Values provide a wonderful backdrop to the reasons for the membership’s strong connection to the CAS.  These values are:

• Collaboration
• Community
• Continual Improvement
• Professionalism and Integrity
• Practicality

We are a professional organization first and foremost. But for many members (including myself) the sense of community that we feel whenever we have the opportunity to get together, along with the collaborative approach we have with casualty actuaries around the world, provides a value that I believe would be hard to match.

As noted above, we conducted market research about the CAS. We talked to our various constituents to identify how they view the CAS value proposition. Surveys and interviews were conducted with representatives of the following groups: Members, Candidates, Students, Academics, Employers, Regulators, and Recruiters. While each group obviously has a different perspective with respect to the CAS value proposition, the following is a general summary of their views of the CAS.

The CAS credentials remain the unquestioned standard for casualty actuarial education, research and professionalism. The credentials are recognized as such by employers, regulators, students, and academics. The respect for our credentials come from the fact that we have been leaders in the casualty actuarial space for nearly 100 years, with a singular focus on providing our members with the specialized knowledge, resources, and community of peers they need to be uniquely qualified for the work that we do. CAS members therefore are viewed as the “gold standard” for casualty actuarial practice.

But…

As we head into our second hundred years, we need to ensure that we not only maintain, but enhance our value position with our constituents. The world is changing; our environment is changing; and we need to continue to ensure that all of our activities are serving our members and constituents in a way that builds value.

To that end, I am asking for your help.  We need to hear from members: What can the CAS do to continue to provide value to you?  To your employer?  To future actuaries (students)?  To others? Leave a comment below.