File loads are integral to claims management and those adopted by insureres and/or claims agents may be a very significant differentiator in key performance indicators. In some cases little technical attention is given to establishing appropriate file loads – in many cases benchmarking against the competition forms the basis. In this paper we present a model methodology to establish appropriate file loads for different claim types and claims streams, concentration on long-tail. The cost benefit effect of reducing file loads is demonstrated by the trade off between increased management expenses and the value achieved through the improvement in claims outcomes.
This paper compares premiums and the cost of compensation in various CTP schemes throughout Australiasia. Each jurisdiction is unique, and comparisons can be dangerous. However, we do it anyway.
Maximising the value of your FCR
Financial Condition Reports (FCRs) for general insurers form an important part of APRA’s regulatory regime. Gae Robinson provides some thoughts on getting the best value from your FCR.