tac scheme update - actuaries institute · 2009-10 2010-11 2011-12 2012-13 2013-14 2014-15. actual...
TRANSCRIPT
TAC Scheme Update
Bruce Crossett – Head of Claims © Transport Accident Commission Victoria
This presentation has been prepared for the Actuaries Institute 2013 Injury Schemes Seminar.
The Institute Council wishes it to be understood that opinions put forward herein are not necessarily those of the Institute and the Council is not responsible for those opinions.
Why we’re here o TAC scheme is maturing o We’re operating in a changing
environment and new trends continue to emerge across both Road Safety and Claims
1987 2001 2009
Scheme Viability
Client Experience
Client Outcomes
Harry
Scheme overview 2012 2013 change
Registered vehicles 4.42m 4.52m +2.3%
Premium revenue $1.385b $1.457b +5.2%
Claims frequency 3.74 3.59 -4%
Funding Ratio 70.8% 84.9% +19.9%
Claims Liabilities $10.103b $10.030b -0.7%
>14 day hosp claims 908 897 -1.2%
What we’re doing
The Strategy aims to:
o reduce deaths by more than 30%; and o reduce serious injuries by more than 30%
Innovations in Road Safety • Distracted road users were the target of a TAC campaign launched in Feb
2013, aiming to highlight the dangers of taking your eyes of the road
What we’re doing in Claims
Recovery Helping our clients back to work and
health sooner
Independence Maximising our
client’s independence
Service Streamlining our processes to make it easier for
clients
Key Liabilities
o Low growth in care have resulted in positive releases for Attendant Care
o For more recent accident years, injury mix and payment experience have been positive
o Granting rate and Unit cost performing well
o Common Law lodgements continue to be a concern for the scheme
Client Focus Client Experience - Client Feedback Survey
7.35 7.31 7.337.63
7.707.85
8.058.25
8.408.50
7.457.65 7.63 7.70
6.606.807.007.207.407.607.808.008.208.408.60
2009-10 2010-11 2011-12 2012-13 2013-14 2014-15Actual 2009 targets Revised targets
Client Outcomes Index
61.8
63.8
71
66 66.7 67.3
65
6769
565860626466687072
2011-12 2012-13 2013-14 2014-15 2015-16Feb-13 Actual 12/13 Targets Revised Target
o Record client satisfaction for the organisation in 2012-13 of 7.63
o For the 0-12 month client cohort we achieved 8.6
o Introduced Client Outcomes Index in 2012-13
o Provides a platform for improved achievement in 2013-14
Challenges in a changing environment
Focus on efficiencyFocus on efficiency
Reducing death and trauma on Victoria’s roadsReducing death and trauma on Victoria’s roads
Shifting community expectationsShifting community expectations
Improving the skills and capabilities of our peopleImproving the skills and capabilities of our people
Liability control, particularly in Common Law, Attendant care and Paramedical benefitsLiability control, particularly in Common Law, Attendant care and Paramedical benefits
BEYOND
Designing our future together
Hilary
A final word…..
