EY's role within the TMF
EY Actuarial Services in Sydney are industry experts on general insurance business covering government, corporate and private enterprises and schemes in Australia, New Zealand and the Asia Pacific region.
EY service the general lines portfolios within the TMF covering liability, motor vehicle, property, miscellaneous and a number of smaller schemes also managed by icare Self Insurance. These services cover a broad range of areas, including:
- contribution calculations covering:
- estimation of target premiums
- allocation of target contributions into deposit premiums for individual TMF-member agencies
- explanation of results to icare Self Insurance and various stakeholders such as large TMF-member agencies
- motor hindsight contribution calculations
- benchmark contribution allocations for budget agencies
- semi-annual budget forecast projections
- quarterly valuation of outstanding claims liabilities across all portfolios
- analysis of trends in claims experience to icare Self Insurace and TMF member agencies
- assistance with the maintenance of data quality.
- legal panel expenditure
- quarterly motor monitoring updates
- assisting icare Self Insurance with the setting of its strategic plan and targets for claims experience
- investigating the underlying causes of specific changes in claims experience and projecting the impact on future claims costs
- reinsurance advice
- providing information and advice to icare Self Insurance to assist with the claims management contract tenders.
Making a positive impact within the TMF
icare’s corporate objectives are at the forefront of EY’s service delivery. EY has relationships with stakeholders at every level within icare and offers assistance where required.
In addition to EY’s core work, the team has been involved in providing many additional services, including controlling claims management costs, data analytics, claims monitoring, reinsurance strategy, advising on reforms to government schemes and training and developing staff of government entities.
EY aim is to deliver exceptional client service. icare is working with EY to build and maintain a relationship that is founded on open, honest and frequent communication with a priority on responsiveness and accountability at all times.
EY works closely with the TMF’s other service providers and stakeholders to form a ‘control cycle’ of continuous improvement that links elements of the process together for key stakeholders and includes appropriate feedback loops at every step. This is key to the success of our work and ability to successfully achieve our objectives.
EY ensure there is a strong focus on the general lines of the TMF and provide additional insights to assist icare to manage the risks and the claims costs of the portfolio.