Actuaries ensure the responsible management of funds in the icare tmf (Treasury Managed Fund). Annually actuaries deliver six seminars per year; four for workers compensation, and two for general lines.
Responsive to agency needs, the seminars focus on primary and secondary issues. These issues include:
• On the scheme itself for new staff or senior staff
• How contributions are calculated.
• Emerging issues (e.g. the ageing workforce)
• News on the industry and outside icare tmf
icare self insurance will deliver accessible information on the scheme at different levels within agencies. The ongoing project will deliver the following key objectives:
• Define the services actuaries
• Define the role of each actuary
• Provide agency comparisons
Actuarial providers are required to support icare self insurance in delivering information about the scheme to agencies and to claims managers.
icare tmf responsibilities
icare self insurance is tasked with identifying the roles and responsibilities of agencies, claims managers and the actuaries in the icare tmf scheme. The governance that overlooks these relationships is documented and available to agencies.
Clear, Agency-oriented Advice
Actuarial advice will be required to be clearer, with presentations that provide answers to agency's questions.
Advice provided will need to reflect an agency perspective rather than a whole-of-scheme perspective or claims manager perspective. icare self insurance’s client services team will have an oversight role of the analysis. Actuaries will be required to support icare self insurance to deliver advice.
Monitoring will be handled outside of the actuarial contracts, working with actuaries and close to icare self insurance.
Performance Management for Delivery Issues
Working alongside agencies, icare self insurance will assist in providing clear direction on timing of reports and invoices as well as set, and distribute the scheduling. Performance management will be introduced to ensure clarity around what’s expected, including a timetable on hindsight adjustments.
icare self insurance alongside its actuaries will continue to demonstrate how the Workers Compensation Prediction Model works and the limitations to information.
Consistency between Reports
icare self insurance strives to communicate the differences between the advice from actuaries, compared to the advice from claims managers, as well as the information agencies access.
These providers of information are necessarily varied. Actuaries make predictions and form trends. Claims managers and agencies access information on actual experience. Claims managers and agencies also analyse data with different assumptions.