Change Challenge Opportunity - Actuaries Institute · Carmel Donnelly A/Chief Executive SIRA NSW...
Transcript of Change Challenge Opportunity - Actuaries Institute · Carmel Donnelly A/Chief Executive SIRA NSW...
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Change Challenge
Opportunity
Carmel Donnelly
A/Chief Executive
SIRA NSW
State Insurance Regulatory Authority (SIRA)
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Some insights….Customer experience & outcomes
Data & digital innovation
Better injury prevention
Stakeholder engagement
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Customer experience
& outcomes
Policy holders
• affordable
• flexible, easy
• fair price
• value for money
• fraud addressed
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Customer experience
& outcomes
Injured people
• access to help
• perceived injustice
• adversarial experience
• complexity
• stress & delay
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Increase access to benefits
Increase % of benefits to more seriously injured people
Faster, simpler benefits
Less adversarial claims & dispute resolution
Reduce fraud
Reduce Green Slip premiums
NSW CTP changes
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Data and digital innovation
System performance
•Data lake
•Real-time claims & policy data ingestion
•Dashboard metrics & predictive modelling
•Insurer supervision model & tools
•Fraud detection capability
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Data and digital innovation
For customers
• Online claims & dispute resolution portals & CTP assist
• Green Slip Price Check & rating engine
• Intuitive claim journey apps & widgets
• Telematics and risk exposure based pricing
• Then…..
• Autonomous vehicles, robotics, artificial intelligence
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Better injury prevention
Huge community benefit
Expected lower social costs
Demand reduction
?
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Better injury preventionReduced demand
Service provider impacts
Unexpected results?
Consult, listen, reflect
How do we grow value?
Sustainable provider role
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“CTP reform is very difficult reform. That is why no government has
successfully navigated it in nearly two decades. Former State
Government Minister John Della Bosca said attempting CTP reform
was akin to the first 30 minutes of Saving Private Ryan. John was
right..…..
JFK—John F. Kennedy—famously popularised the Italian saying that
victory has 100 fathers and defeat is an orphan:
La victoria trova cento padri, a nessuno vuole riconoscere
l'insuccesso.....
The CTP reform …..has many fathers and many mothers….”- The Hon Victor Dominello MP
Stakeholder engagement
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THANK YOU
www.sira.nsw.gov.au