Private Health Insurance & the AASB17 journey
To help navigate the AASB17 journey this article offers an implementation pathway which any fund can adopt.
Appointed Actuary
Finity is the leading provider of Appointed Actuary services to both general and health insurers in Australia and New Zealand.
Appointed Actuary services for general & health insurers
We are the Appointed Actuary for over 30 general insurers and 30 health insurers, working to the APRA and RBNZ requirements. Our reviews and analysis provide you with essential business insights, as well as industry trends and benchmarks.
Independent advice for boards & senior management
Advice tailored to your unique circumstances, your business mix and operating environment, working with boards and senior management.
Actuarial Valuation Reports (AVRs)
Financial Condition Reports (FCRs)
ICAAP support
Actuarial Valuation
Our actuarial valuations ensure general and health insurers meet prudential and professional requirements set by APRA and RBNZ.
We tailor our advice and approach to actuarial valuation with the insurer’s circumstances in mind. We will:
- Get behind the data and provide deep, clearly communicated insights
- Set suitable risk margins, using cutting-edge models
- Integrate qualitative considerations, such as the insurer’s approach to claim management and trends in the legal environment
- Access our deep industry research to benchmark outcomes.
FCR
As well as meeting prudential requirements, our FCRs are designed to assist management and boards by bringing our industry insights as well as our deep understanding of the practical issues facing insurers.
Our FCRs address both financial and non-financial aspects of an insurer’s operations that can impact on its prospective financial condition.
Finity’s in-house financial projection model produces integrated projections of the profit and loss statement and the insurer’s capital position, including APRA capital. The model can be used to project outcomes under a range of business scenarios.
Meet some of our specialists
Gae Robinson
PrincipalGae Robinson
PrincipalPh +61 2 8252 3369
Mobile +61 424 625 698
LinkedIn: https://www.linkedin.com/in/gae-robinson-194069169/
Qualifications
BSc (Hons), FIAA, FNSZA
Gae is a Principal of Finity with nearly 30 years’ general insurance experience. Her primary areas of expertise are long tail business and Appointed Actuary roles. Gae is currently the Appointed Actuary for four licensed general insurers, and leads Finity’s Appointed Actuary practice team, which supports all of Finity’s Appointed Actuaries in their client work. In the workers compensation space, she has has provided reserving and pricing advice on schemes across Australia and New Zealand.
Areas of Expertise
- Appointed Actuary
- ICAAP
- Workers Compensation
- Medical Indemnity
Talk to me about
- Appointed Actuary
- Appointed Actuary Role
- External Peer Review (EPR)
- ICAAP support
- Reserving
Andy Cohen
PrincipalAndy Cohen
PrincipalPh +61 2 8252 3346
Mobile +61 423 519 139
LinkedIn: https://www.linkedin.com/in/andy-cohen-105b9515/
Qualifications
BSc, FIAA
Andy Cohen is a Director and Principal of Finity and has over 30 years’ experience in the general insurance industry. He is or has been the Appointed Actuary to 14 insurance and reinsurance companies.
Andy has extensive experience in a wide variety of insurance classes including workers’ compensation, public liability, lenders mortgage insurance, trade credit insurance, professional indemnity and reinsurance.
He provides advice on reserve levels, pricing, financial projections, capital management and reinsurance strategy.
Areas of Expertise
- Appointed Actuary services
- Workers compensation
- Reinsurance
- Professional indemnity
- Lenders mortgage insurance
- Extended warranty
Talk to me about
- Appointed Actuary & Reserving
- Industry-based mutuals, specialised insurers, self-insurance
- Appointed Actuary & Reserving
- Capital management
Jamie Reid
PrincipalJamie Reid
PrincipalPh +61 2 8252 3309
Mobile +61 437 562 290
LinkedIn: https://www.linkedin.com/in/jamiereid1/
Qualifications
BSc. (Hons), FIAA
Jamie is a Principal in the Sydney office of Finity, and is the leader of Finity’s private health insurance (PHI) practice. He has advised insurance businesses on actuarial and financial management issues. He is a qualified actuary with more than 15 years’ experience. Jamie manages Finity’s health insurance practice, with particular expertise in medical claims inflation. Jamie has worked with a wide range of clients, covering all major lines of insurance in many different countries.
Areas of Expertise
- Health insurance
- General insurance
- Accident compensation
Talk to me about
- Health insurance
ICAAP support
We advise on ICAAP framework design and capital management strategies, and can assist with the documentation including summary statements and annual ICAAP reports.
We undertake scenario and stress testing for insurers ranging from the small and simple to the large and complex – using approaches tailored to the individual circumstances.
Risk margins
We advise on the suitable risk margins to include in liability provisions for both accounting and regulatory purposes. Our sophisticated methodology integrates models of independent risk, systemic drivers of risk as well as capturing the correlations created by each source of risk. We focus on:
- Understanding and capturing the impact of tail-risk exposures
- Qualitative considerations and explicitly integrate these within our overall risk margin methodology
- Relevant benchmarking of risk margin outcomes for our clients
- Integrating smart capital management models.
"While our advice is underpinned by rigorous quantitative analysis, we place considerable importance on qualitative considerations and explicitly integrate these in our valuations and FCRs.”
Insights to inform & inspire
ICAAP best practice for insurers
Gae Robinson, our resident ICAAP expert, shares her passion for ICAAP in this preview of her present...
Innovative products. Practical insights. Infinite possibility.
Powered by smart, results-oriented people with unrivalled depth of industry experience, we can provide a unique perspective across a wide range of business challenges.
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