Taylor Fry

 

Actuarial

Policy Analysis & Scheme Design

Taylor Fry has built a reputation for providing rigorously researched and practical advice for policy decisions. We work closely with our clients, take the time to understand exactly what change is needed and analyse the range of potential solutions to ensure that our clients achieve optimum solutions. Whether you need to refine and update existing compensation schemes or design new ones to meet government objectives, we have an unparalleled wealth of experience in the provision of policy analysis and scheme design advice.

Sound understanding = the optimum solution

Optimum policy solutions arise from a genuine understanding of what is causing the existing policy to underperform or fail. Our rigorous analysis:

  • identifies where the existing policy is failing
  • spells out the range of remedial actions
  • analyses the range of remedial actions to determine the optimum solution.

Sometimes small changes such as tightening definitions or removing anomalies may be sufficient to improve scheme outcomes. In other cases, stakeholder needs have changed and the policy needs updating. A customised Taylor Fry analysis of the remedial options ensures that your solutions are easy to implement, meet your requirements, and have minimal side-effects.

Case study: third party motor bodily injury

Our client wanted to analyse the costs of their third party motor bodily injury cases. They asked us to ensure that their cost allocation policy was optimally effective. Our analysis of alternative methods of allocating costs to cases, including the effects of these allocations on the duration and costs of cases, allowed them implement a scheme that reduced costs and accelerated case finalisations.

How do we make sure we really understand what you need?

Through many years’ experience we have developed and fine-tuned a systematic approach to policy analysis and scheme design.

First, we work closely with scheme management to build our understanding of the data that need analysing. During this stage we check our understanding of scheme operations in the area/s under consideration and assess precisely how your data are recorded and coded.

Once we have understood the fundamentals, we check the internal consistency of the data to make sure that the facts accord with everyone’s understanding. We then check that the results of our analysis are consistent with the scheme’s actuary and management’s understanding.

On the basis of this process, we produce genuinely sound analyses of policy options. Working as an integrated part of the team considering the scheme design, we are able to guide the process of implementing scheme changes.

CONTACT US TODAY

Richard Brookes

Richard.Brookes@taylorfry.com.au

(02) 9249 2911

Daniel Smith

Daniel.Smith@taylorfry.com.au

(03) 9658 2306