Statutory lines insurance services

Taylor Fry Consulting Actuaries have extensive experience in the field of statutory lines insurance, being adviser to nine accident compensation schemes across Australia (and principal adviser to seven of these). These schemes cover workers' compensation, motor accident compensation and medical indemnity. We have held these appointments for a considerable number of years.

With large amounts of data, statutory lines are often an example where rigorous statistical techniques can add a lot of value to understanding the portfolio, reserving and pricing. We are well placed to implement such analysis and staff members have published a number of papers on the topic, some of which are:

• Individual claim modelling of compulsory third party (CTP) data by Gráinne McGuire;
• Combining GLM and data-mining techniques for modelling accident compensation data by Peter Mulquiney;
• Statistical case estimation modelling - an overview of the NSW WorkCover model, co-authored by Richard Brookes.

As well as advice on pricing and reserving, Taylor Fry Analytics can also offer advice on portfolio monitoring and claims management practices (i.e. which claims should receive the most intensive management to produce the best outcomes).