The CAS Capability Model promotes the full range of the property/casualty actuarial skill set and the essential contributions of actuaries to the insurance industry. It articulates and provides guidance on attributes important for most property/casualty actuaries in the areas of:
- skills, and
Actuaries can use the CAS Capability Model to self-assess their traits, skills and knowledge of content areas, identify areas of opportunity to learn and grow, and then plan their professional development journey.
Employers can use the CAS Capability Model as a guideline for understanding the current capabilities of staff and identifying future continuing education or training for staff, thereby supporting actuaries’ career development.
The CAS Capability Model will be leveraged in the development of the CAS’s professional education offerings, ensuring the current and future relevancy of our programming and further enabling the CAS to help actuaries build skills for the future and advance in their careers.
The CAS Capability Model is a strategic resource that differentiates the CAS from other organizations serving the actuarial profession. The CAS is the gold standard in credentialing property/casualty actuaries, and the Capability Model demonstrates the same commitment to continuing education.
The CAS Capability Model is not intended to replace and should not impact any nation’s qualification standards.
The CAS Capability Model has three intended uses:
- Support actuaries in their career and professional development. It can be used to identify current levels of experience and desired future levels.
- Facilitate actuaries in identifying the CAS continuing education content that can help them develop areas of expertise.
- Promote the full range of the actuarial skill set and the essential contributions of actuaries to the insurance industry to current and potential employers, academics, students, and other stakeholders.
We have recorded two videos of how a typical ACAS and FCAS may use the Capability Model now.
- Review the Components of the Model – The first step is to review the capabilities important for most property/casualty actuaries and the levels of experience for each capability.
Each attribute is organized according to three levels of proficiency: Level 1, Level 2, and Level 3, with Level 1 being the most basic and Level 3 being the most advanced.
Level 1 individuals understand the content knowledge of the property and casualty actuarial profession, have the skills to apply this content knowledge in practice to derive solutions and communicate results, and have the traits to work effectively both independently and as part of a team.
Level 2 individuals have a strong command of the content knowledge of the property and casualty actuarial profession, the skills to apply this content knowledge and integrate concepts across areas to address complex problems and communicate findings to a variety of stakeholders, and the traits to collaborate with others to drive decision making.
Level 3 individuals have an advanced level of specialized content knowledge of the property and casualty actuarial profession, the skills to design novel solutions to solve complex problems, and the traits to be effectively lead multi-disciplinary teams within and across organizations.
- Complete a Self-Assessment against the Model – Once you understand the components of the model, you can self-assess your experience against the attributes and levels of the model. While this self-assessment can be completed now, to further facilitate self-assessments, the CAS is developing an online tool that will be launched later in 2023. In addition, based on your self-assessment, a custom learning plan will be provided, identifying CAS educational content that could assist actuaries in moving from one level to the next.
The CAS Capability Model is a dynamic tool that will evolve over time as the actuarial profession evolves. Feedback from practicing actuaries on the Model is welcome, as this feedback will help identify potential future updates.