Workers compensation insurance, although a compulsory statutory class of insurance, is complicated differing by state and territory. This makes it difficult for many businesses to understand their obligations and to ensure that they are appropriately insured on the lowest cost basis. In addition to these complexities, larger organisations may be in a position to consider alternate risk transfer opportunities such as self-insurance or burning cost/retro paid loss/loss prevention & recovery premium models.
As a result, it is prudent to review the insurance policies your organisation currently has in place to determine whether these the most appropriate options on both a cost and coverage effective basis.
The conduct of an initial insurance programme review usually leads to next steps:
Once there is a clear understanding of the optimal insurance arrangements it is usually the case that there needs to be a better understanding of the systems, resources and people applied to preventing and managing injuries and insurance within an organisation.
The most typical cause of increased premium is almost always the result of increased numbers and costs of claims being incurred.
Workers Compensation Services will assess organisational capability via an assessment which will involve review of policies, procedures and other supporting materials, interviews with key personnel, site tours and a sample file review of injuries/claims to determine if the current approach is in line with best practice or if opportunities for improvement exist.
One of the other key outcomes of an initial insurance programme review may be that further exploration of alternate insurance models or self-insurance is recommended.
The Workers Compensation Services team will prepare a detailed feasibility study in relation to the recommended option; not only addressing the financial considerations but the other risks and benefits associated with the option to ensure best fit for the organisation.
Our team is led by a recognised industry leader and represent some of the most talented and skilled professionals in Australia.
We have consulted for, reviewed, developed and improved conventional Loss Prevention & Recovery/Retro Paid Loss and Self-Insured programmes of numerous public sector, publicly listed and private companies in a multitude of industries.
Undertaking an independent review of your insurance arrangements could result in:
1. Cost reductions following a review of the structure of your policy structure, industry classification and declared remuneration.
2. Opportunities to consider alternate programme structures – self-insurance, burning cost etc. that would reduce overall costs to the organisation.
3. Ensuring that your organisation has in place compliant insurance arrangements covering all employees in accordance with the legislation.
4. Identification of the key drivers of cost and any underlying performance trends that will determine the management strategies that need to be implemented.
Your organisation may need an independent review of its insurance arrangements if:
1. You are not sure how your insurance arrangements compare to industry benchmarks.
2. You are not confident that you have all employees covered, accurately and on an equitable basis.
3. Your insurance programme costs are high and/or increasing.
4. You have not undertaken a formal review of alternate programme opportunities such as self-insurance or burning cost programmes.
5. You are looking at buying or selling an entity or division or changing your corporate structure.
6. Legislative changes have been introduced by the Regulator.
Once the decision has been made as to which insurance option/s are best fit for your organisation Workers Compensation Services will work with your organisation and the relevant insurers, Agents and/or Regulators to implement the new programme.
This can range from project management of the self-insurance or Retro Paid Loss application to the development of detailed marketing submissions to the insurance market to achieve optimal price and coverage on your behalf.
Getting the programme in place, however, is only the beginning of our job. As your advisor Workers Compensation Services will work with you to allocate costs, forecast and project costs, develop reporting to track costs and trends, meet and engage strategically with the insurer, Agent or Regulator and importantly be available to answer all your questions about your programme and any other tricky issues that emerge along the way.
Outsourcing allows company executives to focus on the core business while outside experts manage non-essential activitiesLearn More
We can help you design and implement robust injury management and workers compensation processes in your organisationLearn More