Stronger As One: The Casualty Actuarial Society and Society of Actuaries Explore a Combination
The environment in which actuaries practice continues to change. From predictive analytics to technology that transforms how we work, there are new opportunities for our profession to impact business and societal issues. We also face competitive challenges from other professions related to data science that seek to benefit from these opportunities. The CAS and SOA Boards of Directors recognize that changes will continue, and that we need to lead – not react – to maintain our competitive edge, embrace new opportunities, and better serve our current and future members.
Together we agreed to explore a combination of the CAS and SOA into one new professional organization that has the scale and resources to support our members’ efforts to shape and grow the areas in which we practice.
Our Boards are currently conducting their due diligence to best understand how we can work together. While we are excited for the many opportunities a combination will offer our profession, we must pass several major milestones before an official combination of the CAS and SOA could happen. Those milestones include a formal presentation of the combination agreement in early October, votes by both Boards by mid-November, and member votes from both organizations in early 2019.
We are committed to keeping you informed as we begin this journey and value your feedback along the way. Today we launched StrongerAsOne.net, where you can find more information, including a video from us, a robust FAQ and a living “Updates” section. We’re also sending CAS and SOA leaders to meet directly with members for town hall discussions in several cities starting next month. For those who cannot attend in person, we’re planning a town hall webinar with both of us on October 9. We hope you’ll join us.
If you have any questions or comments, send them to mail@StrongerAsOne.net, and our team will share responses to frequently asked questions through the website as quickly as possible.
We believe we can unite our knowledge, resources and leadership to better serve our members, prepare candidates and equip employers. Potential benefits of a combined organization could include:
- New opportunities: More resources would be deployed to place our members at the forefront of leading edge developments in evolving fields and opportunities – especially predictive analytics. This allows us to better serve our North American members while expanding our relevance and growing internationally.
- Unified education system: Leveraging the best practices and innovations from both organizations, actuarial students would learn a common set of core fundamentals. Members and candidates could access rigorous and specialized education tracks and professional development opportunities to prepare them better for new opportunities.
- Enhanced diversity of thought and efficiency to serve members: Working together to address areas of common interest from different perspectives and avoiding duplicative efforts allows us to operate more efficiently and deploy improved resources to enhance the member and candidate experiences.
- Stronger global brand for the actuarial profession: A combined organization would increase the value of our actuarial credentials and allow us to speak with one voice on actuarial education and research, providing more clarity for the direction of our profession.
Together we are excited about the opportunity to build a stronger actuarial profession. Over the coming weeks, we will be sharing more information as we continue our journey. We look forward to working together and leading the way for the future of our profession.
Brian Brown, FCAS, MAAA
2017-2018 CAS President
Mike Lombardi, FSA, CERA, FCIA, MAAA
2017-2018 SOA President