Accident Compensation Corporation - Statement of Corporate Intent ...

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What is the scale of investment management? The following table provides a summary of ACC’s funds under management and the cost of ACC investing. Table 13: Quantity indicators for output class 2 Activity Budget 2009–2010 ($million) Forecast 2009–2010 ($million) Budget 2010–2011 ($million) Funds under management (average) 10,847 12,262 14,435 Investment costs 38 37 44 How efficient is investment management? ACC’s investment management efficiency is measured by expressing total investment management costs as the proportion of total funds under management. Table 14: Efficiency indicator for output class 2 Activity Investment management costs as a proportion of total funds under management (%) Budget 2009–2010 ($million) Forecast 2009–2010 ($million) Budget 2010–2011 ($million) 0.35 0.30 0.30 How effective is investment management? At a Scheme level, investment management effectiveness is measured in terms of actual returns against budget. As an output, effectiveness is measured as returns relative to similar investment funds (relative returns). This is done through the use of a blended market average benchmark which provides a like-with-like comparison against other funds. Table 15: Effectiveness indicator for output class 2 Activity Target 2009–2010 Actual 2009–2010 Target 2010–2011 Investment management performance relative to benchmarks 0.5% above blended market average benchmarks 1.72% (March 2010) 0.5% above blended market average benchmarks How good is ACC’s investment management service quality? ACC operates an ethical investing policy and avoids investing in activities that are either repugnant to the laws of New Zealand or regarded as unethical by a substantial majority of New Zealanders. ACC is a signatory to the United Nations Principles for Responsible Investment which provides a general framework for ethical investment and cooperates with other Crown financial institutions on investment issues, such as the New Zealand Superannuation Fund, Government Superannuation Fund Authority and the Earthquake Commission. As funds management is an internal service, measures of service quality are not included in this document. 46
Output class 3: Claims management What is claims management? ACC’s claims management seeks to rehabilitate injured people covered under the Scheme by providing appropriate medical treatment, social and vocational rehabilitation services and compensation to ensure a swift return to work, independence or everyday life. How does claims management support ACC’s objectives? The claims management output seeks to support clients to achieve independence (Outcome 2). Achieving this objective efficiently also supports financial sustainability (Outcome 1) by delivering client outcomes at the lowest practicable cost. How does claims management work? ACC manages claims that range from the relatively minor (requiring some primary health services such as a one-off visit to a GP) to claims from individuals who suffer serious injuries requiring life-long services and support. Operationally, claims are managed by: • processing and assessing new claims • providing telephone-based support and management of low-complexity claims through short-term claims centres and inquiry service centres • providing face-to-face claims management for higher-needs claims through the branch network • providing specialist claims management for targeted cohorts of claims, e.g. seriously injured and long-term clients. In order to rehabilitate clients, ACC must purchase a wide range of health and rehabilitation services. Operationally, this is achieved through: • identifying the most appropriate and effective services • procurement and monitoring of health providers • provider relationship management. What is the scale of claims management? The ACC Scheme is entitlement-based. That means each claim is evaluated to determine whether it meets the legislative standards. ACC does not have the ability to ration its services as demand is determined by the number of covered injuries that occur and whether those who are injured seek treatment. Therefore, measures of the quantity of services delivered are not meaningful. 47
Page 1: Statement of Intent 2010-2013 Our r
Page 4 and 5: Foreword from the Board Chair The l
Page 6 and 7: ACC’s strategic direction Overarc
Page 8 and 9: Guide to this document This documen
Page 10 and 11: • Rehabilitation: specific provis
Page 12 and 13: section 2: Funding This section des
Page 14 and 15: ACC managed $11.1 billion in invest
Page 16 and 17: The claims management and health pu
Page 18 and 19: section 4: Operating intentions Thi
Page 20 and 21: National injury prevention targets
Page 22 and 23: Impact measures The impact measures
Page 24 and 25: Outcome 2: Rehabilitate injured peo
Page 26 and 27: Key initiatives to support Outcome
Page 28 and 29: Exploration of alternative service
Page 30 and 31: Outcome 3: Reduce the incidence and
Page 32 and 33: Key initiatives to support Outcome
Page 34 and 35: Key initiatives to improve organisa
Page 36 and 37: Health purchasing contract manageme
Page 38 and 39: section 6: Collaboration and respon
Page 40 and 41: Reporting requirements Consultation
Page 42 and 43: ACC subsidiaries The following two
Page 44 and 45: Output class 1: Levy collection and
Page 46 and 47: How effective is levy collection an
Page 50 and 51: The following table provides a summ
Page 52 and 53: Output class 4: Injury prevention W
Page 54 and 55: How efficient is injury prevention?
Page 56 and 57: section 8: Forecast financial infor
Page 58 and 59: • Earners’ Account - a $277 mil
Page 60 and 61: • independence allowances are bud
Page 62 and 63: Investment income Future investment
Page 64 and 65: Forecast financial statements Paren
Page 66 and 67: Balance sheet As at 30 June 2011 to
Page 68 and 69: Summary of significant accounting p
Page 70 and 71: Non-Earners’ Account The Non-Earn
Page 72 and 73: Deferred tax is accounted for using
Page 74 and 75: Revaluations Fair value is determin
Page 76 and 77: w) Unexpired risk liability At each
Page 80: www.acc.co.nz 0800 101 996 This pap

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