CASE STUDY: WORKERS COMPENSATION
Our client is a labour hire business for the disability sector, and they have 1,500 employees.
Our client engaged Insurance House to manage their workers compensation program in May 2016. Their Workers Compensation premiums were increasing, and our client had no mechanisms in place to understand why this was happening.
The Insurance House solution
Insurance House responded efficiently to our clients’ needs resolving the majority of long-term claims and managing injuries from the time of incident.
Insurance House also prepared quarterly reports to inform and educate management around the performance of their workers compensation program. These reports focussed on:
- Premium analysis
- Claims trends
- Injury trends
- Claims cost analysis
In conjunction with the client, Insurance House implemented divisional performance tracking to monitor managers and their team’s performance against key indicators whilst improving engagement and accountability.
The Workers Compensation team also conducted an education session with the Board that drove Board engagement, and further understanding of premium drivers.
Measurable benefits to our client
- Reduction in the number of open claims
- Reduction in claims costs
- Continual trend in the reduction of claims costs since Insurance House’s appointment in 2016
- 17% reduction in Workers Compensation premium for the 19/20 policy year (in comparison to previous policy year)
- Increased level of staff engagement and improved attitude to workplace safety
Ongoing trend forecasting has predicted further premium reductions in years to come.
VIC: Mark Farrugia, Head of Workers Compensation,
NSW: Iain Lumsden, NSW Workers Compensation Manager
This is general information only. To read the full General Advice Warning click here.
Before making a decision to acquire a financial product, please consider the relevant Policy Wording or Product Disclosure Statement (PDS).