Page 60 - ic92 actuarial

The Insurance Times

become less important each year, with independent
ratemaking substituting it.

The elimination of bureau advisory rates, the push for
deregulation of commercial lines rate and form filing,
and the continuing competitive pressure in the insurance
industry have accelerated the change from statistical
rate indication to market place pricing. So, casualty
actuarial science must adapt rapidly to the changing
pricing environment by incorporating the marketing and
business paradigms essential for competitive pricing
recommendations.

Second, the success of the actuaries has led to the new
roles and new demands. Membership in the CAS has
increased rapidly, and many students are flocking to join
the various departments of insurance. Large number of
new actuaries deal with more business oriented
operations, not just with ratemaking or reserving.

Their employers nowadays demand versatility at
marketplace pricing and general insurance operations,

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