CAS Strategic approach to DE&I
Adopted by CAS Board of Directors, February 14, 2022
The Casualty Actuarial Society (CAS) is committed to fostering a diverse and inclusive actuarial community in which all members are encouraged to contribute to the advancement of the profession.
The CAS promotes involvement and advancement in the property/casualty (P&C) actuarial profession regardless of characteristics of a person’s identity. Our merit-based credentialling process, in which exam grading is blind to a candidate’s personal information, is an essential component of our structure, and one we will always uphold.
Despite this, data shows that certain groups are significantly underrepresented among actuaries when compared to other STEM fields and the insurance industry. Our 2018 research revealed gaps in awareness and access to support resources that contribute to this issue. Data also shows that certain groups are underrepresented in leadership within the CAS.
To promote equality of opportunity along the entire actuarial career path and to foster a sense of belonging and community among members of all identities, the CAS pledges to:
- Listen to those who best understand the challenges impacting their own communities in developing solutions to increase representation and inclusion, especially through strategic partnerships with other organizations*.
- Narrow the gaps in awareness of the actuarial profession and access to influencers and role models.
- Set goals for improved awareness of the profession in the United States as measured by the distribution of students early in the pipeline. The goals will be informed by insurance industry and STEM degree benchmarks, and we will maintain transparency and accountability around progress and challenges.
- Increase the financial accessibility of our credentialling program.
- Encourage equal opportunities for members to develop and advance to leadership within CAS volunteer roles.
- Offer optional continuing education for general business skills related to diversity, equity, and inclusion.
- Advance the body of knowledge of the P&C actuarial profession through research and education on issues of unintended bias in insurance, in collaboration with stakeholders in the insurance and financial services industries.
- Work closely with international partners in support of diversity and inclusion efforts outside of the United States.
*Including, but not limited to, Abacus Actuaries, International Association of Black Actuaries (IABA), Network of Actuarial Women and Allies (NAWA), Organization of Latino Actuaries (OLA), Sexuality and Gender Alliance of Actuaries (SAGAA) and South Asian Network of Actuaries (SANA).
CAS Approach to Race and Insurance Pricing
On December 4, 2020, the CAS Board of Directors approved a recommended CAS Approach to Race and Insurance Pricing, with four key areas of focus and goals:
Basic and Continuing Education – to provide members and candidates with a strong foundation in the historical issues of systemic racism and their potential impacts on insurance, covering concepts of disparate impact and discrimination, past and current research, and professionalism implications.
Research – to develop methodologies that identify, measure, and address disparate impact, to evaluate emerging technologies and to prepare actuaries and insurers for potential regulatory actions, in alignment with the CAS Core Values of continual improvement and innovation.
Leadership and Influence – to play a leading role in the discourse on potential racial bias in insurance pricing, among our membership as well as across the insurance industry and with the public.
Collaboration – to proactively engage and partner with regulators, insurers, actuarial bodies, consumer groups and other organizations addressing issues related to race and insurance and to ensure that diverse perspectives contribute to CAS-commissioned efforts.
CAS SOA Joint Committee for Inclusion, Equity and Diversity
In 2019, the Joint Committee for Inclusion, Equity and Diversity was created as a partnership between the Casualty Actuarial Society and the Society of Actuaries. The purpose of the committee is to advise on and oversee inclusion and diversity strategy, in line with organizational strategy of both the Society of Actuaries and the Casualty Actuarial Society, for the actuarial profession in the geographies and practice areas we serve. The JCIED will invest in resources and programs to achieve the greatest effect on inclusion and diversity for SOA and CAS members, candidates and potential future members, in areas of awareness, recruitment, advancement, leadership, education, professional development and culture.
JCIED Mission Statement
The CAS/SOA JCIED works to promote:
- Our profession as the STEM career of choice for candidates of all perspectives, experiences and backgrounds
- A strong sense of belonging such that our members fully contribute to advance the profession
- Equitable opportunity for education, research and leadership for our stakeholders
CAS Non-Discrimination Statement
Adopted May 12, 2018
The CAS promotes involvement in the property/casualty actuarial profession regardless of race, ethnicity, gender, religion, age, sexual orientation, national origin, physical or mental ability, appearance, military service or geographic location.
CAS Diversity Statement
Adopted May 12, 2018
In principle and in practice, the CAS values and seeks diverse participation within the property/casualty actuarial profession. In support of those values, the CAS encourages an inclusive community where differences are celebrated and all have the opportunity to participate to their fullest potential in the CAS’s success. The CAS commits time and resources to accomplish this objective.
The Value of Diversity
Adopted May 12, 2018
To meet the ever-changing needs of an increasingly complex world, our membership needs to mirror the marketplace and our local communities. In order to maintain the public’s trust, we must understand the risks and challenges they face and provide protection, products, and services tailored to their needs. To ensure products and services are designed for a diverse customer base, we must attract and retain the best talent who will bring unique life experiences and professional capabilities that enrich all of us and our respective communities.
Hence, diversity is foundational to creating an innovative and competitive membership able to relate to the multi-faceted issues facing today’s employers. Having a diverse membership helps to build a broad array of backgrounds and talents to approach and solve business problems in the modern global economy. Having an actively involved, diverse membership reflective of the broader general population helps the CAS recognize the full horizon of issues that are central to the success of our members, their employers and society as a whole.