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Analysis of experience (Analysis process (credibility of the results of…
Analysis of experience
Within the framework of the ACC, the experience should be monitored
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Data required
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this may be tabulated by age or other factors, e.g. gender, length/ category of employment.
Analysis process
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for small schemes, or infrequent events, it may not be possible to obtain meaningful results.
For statistical factors, observed rates are calculated using the observed events and the relevant exposed to risk. these rates are then compared to the assumed rates.
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Use of the results
Consideration should be given to whether the period under investigation was typical and likely to be representative of future experience
it may not be, e.g. due to:
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if so, it may be appropriate to adapt the assumptions for experience in the investigation period, remembering the need to be prudent.