As the CIA looks back on 2022-2023, we take pride in the strong connections that have been built between members, volunteers and staff. Moving forward, the CIA is more committed than ever to empowering actuaries to make a positive impact on society. At the core of the CIA’s work lies the belief that building strong connections is essential for driving progress and innovation.
With the end of the CIA’s 2020-2023 strategic plan, we have remained steadfast in our efforts to achieve our top two strategic priorities:
- providing knowledge-based services and products
- engaging the membership
Collaboration between members and stakeholders is crucial to building a more resilient community of actuaries. Together, we are shaping a better world by leveraging the power of actuarial science, building deeper connections and achieving greater heights.
“As we reflect on another successful year at the CIA, we celebrate the launch of our new, modern brand that better represents the diversity and innovative minds of our members and the incredible engagement of our actuarial community through volunteerism, professional development events and webcasts. Our collective efforts have yielded major accomplishments, including the implementation of IFRS 17, the redesign of the CIA’s research program, updates to our CIA Bylaws and Rules of Professional Conduct, and major headway in the development of our new education program. As we wrap up the 2020-2023 strategic plan, we look forward to serving the needs of Canadians through continuing advancement of our profession and visionary leadership.”
– Hélène Pouliot, FCIA, CIA President, 2022-2023
Providing knowledge-based services and products
Professional development events
Providing high-quality knowledge-based services and products is essential for empowering members to succeed in their careers and make a positive impact on society. Over the past year, we organized several notable professional development events that have helped achieve this goal.
Our annual conference, act22, was a resounding success, featuring a wide range of professional development panels that provided attendees with crucial expertise in areas such as pension, insurance, risk analysis and more. We further built on several of these topics through a significant and diverse number of webcasts offered throughout the year which were well attended and allowed members to learn and engage from the comfort of their own homes.
The Pension and Investment Seminar was another highlight of the year, marking the first in-person gathering for CIA members following the pandemic, and providing a wonderful opportunity for members to reconnect and network with each other. We also held the first Building Leadership Success Seminar, which was designed to help actuaries develop the skills and competencies needed to be successful leaders in their organizations.
The Predictive Analytics Seminar was held once again in partnership with the CAS Institute and the Society of Actuaries. This seminar provided a one-of-a-kind event that brought together experts in the practice areas of life, health and property and casualty (P&C) to discuss the latest trends, techniques and best practices in predictive analytics.
“Over the past year, the CIA remained focused on building stronger connections within the profession, through initiatives such as our successful annual conference and professional development events. We began the return from remote work due to the COVID-19 pandemic, embracing a new hybrid work environment to ensure that we continue to provide high-quality services to our members and to meet the evolving needs of our staff. The steady growth of our staff at our Head Office over the year also paralleled the growth of our membership, as we remain committed to supporting our members and advancing the actuarial profession in Canada.”
– Michel Simard, CIA Executive Director
Predictive analytics
As predictive analytics continues to play a significant role in the actuarial profession, our commitment to further developing this topic was reflected by the production of multiple resource documents and featured content on the CIA website and on Seeing Beyond Risk – produced with the help of the Committee on Predictive Modelling. These resources provide valuable insights and guidance for both beginners and experts in predictive modelling.
Furthermore, predictive analytics was a key focus of our efforts to elevate the profile of actuaries and demonstrate their value in the marketplace and has even been integrated into the new CIA brand by including data analytics in our updated corporate boilerplate.
As part of the transformation of the actuarial education system, predictive analytics has become a significant component of the upcoming ACIA modules and ACIA Capstone Exam. This important area will be a crucial part of the syllabus as new actuaries are certified, ensuring that they are well equipped to meet the evolving needs of the industry.
Redesign of the research program
Over the past year, the CIA’s research program focused on implementing the new policies on research and data that the CIA Board approved in March 2022.
We developed new operating procedures for identifying research initiatives and constructing the research portfolio, restructured the Academic Research Grant Program to better meet the needs of academic actuaries and introduced a new Contributed Research Program to facilitate the dissemination of time-sensitive research and research ideas. The Contributed Research Program has three streams – a working paper stream, a peer-reviewed paper stream and a refereed paper stream – and enables members and non-members alike to disseminate their research or research ideas in a timely manner while still benefiting from an appropriate amount of review.
With the new processes and procedures, our research program now operates more efficiently and with greater predictability. Members should expect even more exciting developments on the research front in the coming years.
IFRS 17
The implementation of the International Financial Reporting Standard (IFRS) 17 was a major priority for the CIA over the past several years. We developed guidance to inform members on how to integrate this new standard into their actuarial work and to ensure that they were fully informed about the changes. Final guidance has now been issued on IFRS 17 for the areas of life, P&C and workers’ compensation.
To help educate members, we organized several sessions at act22 and the Appointed Actuary Seminar, providing insights into what exactly was changing. Further, we hosted webcasts throughout the year and, as a result, members now have a suite of tools and information to help them transition to the new standards.
Public statements and research reports
The CIA’s commitment to promoting sound risk management practices and safeguarding the financial well-being of Canadians continued through several key activities over the past year.
We issued public statements on important issues affecting the actuarial profession and broader society. A policy statement on big data and risk classification emphasized the appropriate use of big data in insurance ratemaking, while advice statements to the Government of Quebec, the Department of Finance Canada, the Canadian Association of Pension Supervisory Authorities and the Office of the Superintendent of Financial Institutions, among others, highlighted the expertise of the profession and provided valuable input on proposed changes and consultations.
This year, we also released several important research reports that offered key insights and proposed integrative frameworks for impact analysis and uncertainty quantification. Notably, the final report in a series analyzing the impact of COVID-19 on Canada’s life insurance industry offers decision-makers a better understanding and management of risk. Another report assessed the impact of marijuana decriminalization on vehicle accidents, harnessing the power of modern statistical and machine-learning techniques.
Through these activities, we build stronger connections with decision-makers, experts and stakeholders in the actuarial profession and beyond, promoting sound risk management practices and safeguarding the financial well-being of Canadians.
Engaging the membership
Partnerships with professional organizations
The CIA has continued to strengthen partnerships with other professional organizations to promote diversity, equity and inclusion within the actuarial profession.
This year, we collaborated with the Actuarial Students’ National Association to establish the ASNA-CIA Diversity, Equity and Inclusion Scholarships. This new initiative includes three awards to support underrepresented groups and promote diversity within the actuarial community with two winners being selected for 2023.
During Black History Month, we partnered with the International Association of Black Actuaries, hosting a successful event in Toronto. The occasion celebrated Black actuaries and demonstrated the CIA’s ongoing commitment to promoting diversity, equity and inclusion in the profession. Similarly, the CIA worked with the Network of Actuarial Women and Allies to develop content for International Women’s Day under the global theme of #EmbraceEquity.
The CIA is now a Silver Sponsor of the Sexuality and Gender Alliance of Actuaries (SAGAA). SAGAA facilitates connections between 2SLGBTQI+ actuaries and allies, providing a safe space for dialogue, community-building and career encouragement, while also educating the broader actuarial profession on 2SLGBTQI+ issues.
In addition to these partnerships, the CIA has also gained official status as a Supporter of the United Nations Environment Programme Finance Initiative. This move highlights the Institute’s commitment to shaping a sustainable financial agenda and its role in addressing climate change.
Developments in Canada’s actuarial education transformation
The transformation of the Canadian actuarial education system continues to make great strides. This evolution of the system to create a pathway to the profession that is uniquely Canadian is crucial in meeting the challenges of today and tomorrow and presents an opportunity to make the profession more accessible to a wider range of individuals.
The release of the ACIA syllabus marks a major step towards bridging the gap between education and the workplace. It covers the new ACIA modules and Capstone Exam, which are designed to better prepare aspiring actuaries for the demands of the profession. For those pursuing Fellowship, the newly released FCIA syllabuses outline the learning outcomes for five specialty tracks, designed to help actuaries develop the skills and expertise needed to excel in their chosen field.
To keep new members, actuarial students and other interested parties up to date on the latest education-related developments, we have launched a new mailing list to provide them the most current and relevant information. Non-CIA members can sign up here.
Governance changes
Over the past two years, we underwent a comprehensive review of our bylaws, which resulted in a new modern and streamlined bylaw structure. Several substantive changes related to membership and the disciplinary process were implemented which reflect our commitment to maintaining the highest standards of professionalism and ethical conduct in the industry. These revisions ensure that our bylaws and policies provide a solid framework to guide our members and reinforce our commitment to protecting the public by holding our members to the highest standards of accountability and ethics.
CIA volunteers
We continue to recognize the importance of working with volunteers and leveraging their expertise to achieve strategic objectives. Our history is rooted in the strength of volunteers, who founded and continue to grow the Institute through their efforts in research, standard development, education and much more.
More than 850 volunteers were engaged and contributed to various projects and initiatives, including the launch of IFRS 17. With the completion of that project, as well as the restructuring of the research program, several project oversight groups will close, and the total number of volunteers overall is expected to decrease over the next few years.
The CIA remains committed to building stronger connections with those who contribute their time and expertise to the Institute.
Refreshed CIA brand
To better face the new challenges and work present within the actuarial profession, we refreshed our brand to reflect our modern identity as a professional, experienced, diverse and proudly Canadian organization.
Our brand refresh has been recognized for its excellence by the MarCom Awards, where we were honoured with the 2022 Platinum Award in the Branding Refresh category. This achievement is a testament to the hard work of both staff and volunteers, who have been dedicated to refreshing our brand in a way that reflects the CIA’s values and resonates with members.
Read the full report on the CIA website
Delve into the pages and discover the full extent of our carefully curated annual report. Explore the captivating design elements that bring the Institute’s story to life, and don’t forget to review this year’s comprehensive financial statements for a deeper understanding of the 2022-2023 financial performance.
