iCare, the regulator of the Workers Compensation Scheme in NSW have made significant changes to the workers' compensation scheme. iCare are currently managing all the premium functions which were initially managed by the Scheme Agents.
From 1 January 2018 iCare will appoint Employers Mutual Limited (EML) to manage all new claims. CGU and QBE will no longer have their workers' compensation license come January 1, 2018.
Claims currently managed by these insurers have been transitioned to GIO as both GIO and Allianz continue to manage their existing portfolios.
A concern for employers with any existing claims is that they may have to deal with two different insurers as well as iCare on premium related issues. This could be overwhelming and extremely confusing.
On too many occasions when a workers compensation performance deteriorates the Scheme Agents are blamed for the poor performance. It is important to realise that the responsibility of improving workers compensation performance ultimately lies with the employer.
Like all insurances, employer’s need to have policies in place to ensure they are adequately protected. In this changing and challenging environment, it is no longer adequate for employer’s to solely rely on their Scheme Agent to improve their workers' compensation performance. Employer’s that take a pro-active attitude and employ experts to assist in improving their workers' compensation performance are seeing the benefits of premium reductions.
Ensuring a seamless transition and avoiding any negative impact on clients is a job Insurance House has taken very seriously. The team has been in frequent consultation with insurers and iCare, resulting in their thorough understanding of the changes, keeping abreast of issues and staying up to date with any and all future changes.
The Workers Compensation Team at Insurance House has more than 80 years combined industry experience supporting Australian employers with workers compensation consulting services with proven results.
Implementing early intervention programs which have resulted in significant premium reductions for our clients’ is one such example. The cost of the consultancy programs is minimal considering the impact claims costs can have on an employer’s workers compensation premium.
Contact Insurance House about a no-obligation workers compensation health check to ascertain the key drivers that may affect your premium or register for our upcoming webinar to learn more about these important changes and how they affect you.
To speak with our National Workers Compensation Manager, Mark Farrugia call 03 9235 5252 or email firstname.lastname@example.org.