The relationship between boards, management, auditors, internal actuaries and consulting actuaries can become a complex affair. To a large extent these relationships become the responsibility of the consulting/approved actuary and their team of insurance experts.
Actuaries must take full responsibility for their advice and reports and must therefore be satisfied as to the validity of information provided to them or work undertaken on their behalf.
Ongoing legislative amendments and APRA reforms continue to highlight the importance of compliance with relevant prudential requirements.
The General Insurance Advisory group at PricewaterhouseCoopers understand insurance through years of training, education and experience in dealing with insurance business. Our experts come from diverse backgrounds including loss adjusting, engineering, forensic accounting and law. Our insurance Claims Services (post loss) comprises a dedicated team of skilled professionals with significant claims experience.
These technical skills which include loss management, loss assessment and quantification, claims settlement and negotiation are complemented by our operational expertise in general insurance consulting.
We have assisted clients in the development of strategies to improve overall claim portfolio management for insurers, self insurers, government departments, compensation schemes and companies with self retained risk. Many of our assignments have assisted actuaries in understanding the drivers of adverse developments in claim portfolios particularly in respect of Workers Compensation and CTP schemes. We have also conducted leakage and profit improvement reviews for insurers which have realised cost efficiencies within claims and underwriting departments.
Our team working in conjunction with our actuaries are not only able to assist insurers but corporations and public utilities in realising optimal insurance arrangements through a careful selection of appropriate self retention limits and overall insurance cover.
Our team is able to provide particular support when considering
- Adequacy and accuracy of outstanding claims provisions
- The integrity and accuracy of claims data
- Verification and analysis of claims quantification
- Indemnity and liability issues
- Strategies for the early resolution of cohorts of claims
- The inter relationship between claims management and injury management including infant, spinal and brain damage claims.
