What is The CAS Institute?
The CAS Institute, or iCAS for short, is a wholly-owned subsidiary of the CAS that provides premier specialty credentialing and professional education to quantitative specialists in selected areas. The CAS Institute expects to begin by offering a credential in predictive analytics and data science, followed by others over time in catastrophe model analytics, capital modeling and quantitative reinsurance analysis.
Why was The CAS Institute created?
The CAS Institute was created to provide premier specialty credentialing and professional education to technical, quantitative specialists in selected practice areas. The CAS leadership recognized the market needs and the opportunities to serve quantitative professionals in complementary fields of advanced analytics and data science that address today’s quantitative challenges in insurance and other sectors. The iCAS program was created to meet these additional market needs for further specialization while simultaneously allowing the CAS to continue its focus on credentialing property and casualty (P&C) actuaries. The CAS will continue to offer its ACAS, FCAS and CERA actuarial credentials to professional P&C actuaries as it has in the past.
What credentials will be offered by The CAS Institute?
iCAS will offer specialty credentials for selected quantitative practice areas. The inaugural credential will be in the predictive analytics and data science domain. The name for this first credential will be announced when it is launched. Additional specialty credentials are being considered by iCAS in other quantitative domains, including but not limited to catastrophe modeling, ORSA and capital modeling, and quantitative reinsurance analysis.
How does The CAS Institute differ from the Casualty Actuarial Society?
The CAS Institute is a wholly-owned subsidiary of the Casualty Actuarial Society and provides specialty credentialing and professional education to quantitative specialists in selected areas. The Casualty Actuarial Society is the premier credentialing and professional association for property and casualty (P&C) actuaries, offering the ACAS, FCAS and CERA credentials to its members.
The CAS will continue to offer its actuarial credentials to professional P&C actuaries as it has in the past. The CAS Institute welcomes CAS-credentialed actuaries to also become certified specialists in selected quantitative practice areas as a complement to their ACAS, FCAS and CERA credentials.
What is the difference between the credentials to be offered by The CAS Institute and those currently offered by CAS?
The CAS Institute offers specialty credentials in selected quantitative practice areas (e.g., predictive analytics) that target both actuarial and nonactuarial professionals across multiple sectors, including insurance and risk management. The Casualty Actuarial Society (CAS) offers actuarial credentials (ACAS, FCAS and CERA) to members of the CAS who are professional property and casualty (P&C) actuaries working within the insurance sector.
Who might be interested in obtaining one or more of The CAS Institute’s specialty credentials?
iCAS specialty credentials are designed for any professional seeking recognition through a credential in specialized quantitative practice areas such as predictive analytics, data science and catastrophe model analytics. These professionals include both nonactuaries and actuaries. In both cases, nonactuaries and actuaries will be able to set themselves apart from other professionals in quantitative practice areas through iCAS specialty credentials.
How will The CAS Institute’s credentialing process work?
The iCAS program will follow a credentialing process similar to those used by other respected, well-recognized credentialing bodies, including the CAS and The Institutes. Candidates for iCAS specialty credentials will follow a relevant course of study, including self-study programs that meet specified learning objectives for practicing in the subject matter area for any given credential. Knowledge and competency assessments will include examinations. Eligibility requirements for any iCAS specialty credential may grant credit to the candidate for previously completed academic courses, academic degrees, professional technical papers, and/or other evidence of practical specialized knowledge and experience in the given field of study.
What is the relationship between The CAS Institute and The Institutes (CPCU)?
The CAS has partnered with The Institutes, a leading provider of professional education for the risk management and property-casualty insurance sector. The CAS will be contracting for certain services from The Institutes to accelerate the delivery of the iCAS program, particularly for credentialing exams for quantitative specialists.
The Institutes, formerly known as the American Institute for Chartered Property Casualty Underwriters (AICPCU) and the Insurance Institute of America (IIA), has over 100 years of experience providing professional education and certifications to individuals in the insurance and risk management industries. The CAS strategic alliance with The Institutes will also enable complementary offerings between the two organizations for professional education to the insurance and risk management industry, particularly as regards the application of data analytics in the industry.
How will The CAS Institute ensure quality of its specialty credentials?
The CAS Institute leverages the integrity and relevance of the CAS’ recognized high-quality educational standards to its specialty credentialing program. The iCAS curriculum and assessment processes will be streamlined but operated in a manner similar to rigorous CAS processes that have been recognized globally for over 100 years.
Each iCAS specialty credential offering will be overseen by an expert panel each comprised of industry specialists and thought leaders in relevant quantitative practice areas. Each panel will be responsible for creating the curriculum, setting the competency levels, directing development of educational materials, overseeing high-quality examination and scoring and establishing eligibility requirements for each specialty credential.
The CAS has partnered with The Institutes to provide advice regarding the iCAS credentialing process to meet the highest standards of excellence in professional education. The Institutes will also provide iCAS with state-of-the-art methods for delivering professional education and competency assessment for iCAS specialty credential candidates.
Are The CAS Institute’s specialty credentials specific to the insurance industry?
The iCAS specialty credentials are currently focused on quantitative professionals in the insurance and risk management sectors. The CAS Institute will explore offering specialty credentials in additional sectors to quantitative professionals in the future.
What value do The CAS Institute’s credentials provide to candidates?
For professionals working in quantitative practice areas such as data science, predictive analytics or other quantitative roles in the insurance industry, iCAS specialty credentials provide recognition and evidence of expert, specialized knowledge. Professionals holding iCAS specialty credentials can leverage this recognition in order to enhance their skills, set themselves apart from other professionals, secure additional job duties, attract premium compensation and/or advance their careers.
When will the first courses and exams be offered?
The CAS Institute has begun offering its programs in the latter part of 2016. Since this is a new program, some necessary resources are still being developed. Please visit TheCASInstitute.org for future updates.