Stakeholder Engagement

Tokyo APEC workshop confirms importance of accurate and quality data collection

On 21-22 June 2018, QGIF General Manager Bill Dwyer joined international experts at an Asia-Pacific Economic Cooperation (APEC) Workshop, sponsored by the World Bank, on Financial Management of Public Assets against Disaster Risks in Tokyo, Japan.

Alongside panellists from Mexico, Indonesia, the Philippines, New Zealand, the Asian Development Bank and Asia Pacific Financial Forum, Bill presented on QGIF’s disaster risk insurance arrangements for public assets and QGIF’s experience of developing data collection to inform modelling and understanding of our exposure to natural hazards.

Key learnings from the workshop included new methods of data management, emphasising the importance of accurate and quality data in understanding disaster exposure and how other economies are facing similar challenges when it comes to data management. Bill has returned with the knowledge of a variety of different approaches and tools for damage assessment to better inform our understanding of disaster risks and financial decision making.

The conference provided a unique opportunity to share knowledge and experience with leading experts and other economies who utilise a wide variety of program and entity types for the insurance of public assets.

In August, QGIF will distribute Property Asset Schedules to Agencies for completion.  These Asset Schedules provided important information regarding the nature, location, structural details and replacement values of all buildings and contents owned by each Agency.  The importance of providing accurate and timely data to QGIF cannot be underestimated.  This information is used to determine an appropriate premium having regard to the type, value and location of the assets to be insured, as well as the Agency’s claim history.  It is also critical in securing the most cost-effective reinsurance terms for the State’s $86.3B worth of assets.

Global Medical Indemnity Forum

On 4 and 5 December 2018, members of our team attended the first Global Medical Indemnity Forum hosted by the Victorian Managed Insurance Authority in Melbourne. Bill Dwyer, our General Manager, and Dan Wotton, our Stakeholder Relationship Manager, attended alongside their colleague from the State Actuary’s Office, Michiru Takizawa, Senior Actuarial Officer. The forum was the first of its kind and brought together a range of industry experts including state insurers, commercial insurers and underwriters (including a syndicate from Lloyd’s of London), clinical researchers, and clinical practitioners.

Keeping pace with the changing healthcare industry is a challenge for medical indemnity insurers worldwide. Around the world, clinicians and insurers are developing and applying unique solutions to improve patient safety, while reducing the cost and frequency of claims. One of the goals of the forum was to build a network of subject matter experts, to tap into the expertise of industry academia and government. The forum welcomed experts from England, Ireland, America, Singapore, New Zealand and of course, Australia.

As well as hearing from keynote speakers, the forum featured a patient advocate who shared her own experience of dealing with the medical profession and a misdiagnosis. Delegates were also given the opportunity to present initiatives that they had been working on, within their own jurisdictions. Dan presented on our work around the dissection of finalised Cerebral Palsy claims and their settlement figures.

The forum was a huge success with lots of business cards exchanged, a large network formed, and takeaway learnings for all involved. We found it particularly useful to hear other jurisdictions reinforce the need for uniform data collection to develop detailed analytics that can be provided to insured agencies. We look forward to working on uniform data collection in the coming year.

Following the success of the Crown Law roadshow earlier this year, Dan Wotton was invited to present at the annual Crown Law Legal Conference on 30 May 2018. The conference was held at the Queensland University of Technology.

The event offered attendees the opportunity to engage in legal discussion on topics relevant to the challenges that government officers may be dealing with.  The range of topics was diverse and included an overview of QGIF where Dan provided an oversight of the extensive coverage of the QGIF policy and highlighted the value proposition of the Fund to over 150 government officers.

Now, with Dan as our dedicated Stakeholder Relationship Manager, QGIF are able to engage on a deeper level and more regularly with our stakeholders. We are sure Dan will be presenting at many more of these events to come.  Should agencies be interested in QGIF providing a tailored QGIF overview to their organisation, Dan can be contacted at qgif@qgif.qld.gov.au.

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