TAC Annual Report tabled in Parliament today

17 Sep 2014

The Transport Accident Commission (TAC) has provided benefits and support to a record 47,115 people over the past financial year.

The TAC's Annual Report was tabled in State Parliament today, showing the amount it paid out as a result of transport accidents exceeded $1.1 billion for the first time in its 27-year history.

Despite the TAC processing a record 22,012 new claims, up from 19,354 the previous year, it recorded an after-tax operating profit of $499 million. The TAC's performance from insurance operations was $325 million, up from negative $12 million last year.

TAC Chair John Walter said: "This is a strong result and one that is driven by efficiency gains, improved claims management, strong investment returns and an effective focus on accident prevention".

"Ensuring the TAC's financial strength while delivering a better overall client experience has been a fundamental part of our long-term strategy and it is pleasing to see that strategy is being implemented," Mr Walter said.

TAC Chief Executive Officer Janet Dore said major improvements to service delivery and claims handling were also among the highlights of the TAC's performance during the 2013-2014 financial year.

Ms Dore said a significant amount of effort had been invested in simplifying and streamlining the claims process, resulting in substantial improvements to the overall client experience.

"We are pleased to now report that the vast majority of claims are accepted within five days of first contact, down from 70 days,"  Ms Dore,  said.

Key outcomes which the TAC has achieved or contributed to in 2013/14 include:

• $1.101 billion in support services and benefits to 47,115 clients
• New claim lodgement and eligibility processes resulting in faster access to TAC services
• Lowest ever Victorian road toll at 242 – 40 fewer than the previous year
• High client satisfaction score maintained
• Launch of an $8 million Enhanced Crash Investigation Study looking at the causes of serious injury crashes in unprecedented detail
• Legislative amendments to boost specific payments for clients while ensuring the financial viability of the scheme
• Core administration cost growth controlled to below CPI at 1.9 per cent among efficiency targets achieved
• Staging of international Towards Zero Road Safety Symposium
• Investment in Victorian State Trauma System to improve access to treatment following transport accidents, including $7.7 million for air ambulance services
• Positioning of Geelong as a centre of excellence for insurance and disability services

Mr Walter said a new strategic framework was being developed to guide the organisation beyond 2015.

"During the past five years we have been successfully working towards the goals of our TAC 2015 strategy. We are now looking forward to building on those achievements as we plan our way into the next decade," he said.

• 2014 TAC Annual Report PDF, 4.81MB