Insurance Programme Reviews

Although it’s a compulsory statutory class of insurance, Workers Compensation Insurance can be complicated and, therefore, quite difficult for most business owners to get their head around. This is particularly true of larger corporations who may have many offices or off-shoots in different parts of the country. Because the rules governing Workers Compensation Insurance can vary greatly between each state and territory.

This makes it extremely difficult for many businesses to understand their obligations and – harder still – 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 – no, essential – to review the insurance policies your organisation currently has in place in order to determine whether these the most appropriate options for you. Both on a cost and a coverage effective basis.

The conduct of an initial insurance programme review from Workers Compensation Services usually takes in the following:

Step 1: Opportunity Assessment; and/or

Step 2: Feasibility Studies.

Opportunity Assessments

Once there is a clear understanding of your optimal insurance arrangements, we usually then need to gain be a better understanding of your systems, resources and people applied to preventing and managing injuries and insurance within your organisation.

That’s because the most typical cause of increased premiums is almost always the result of an increased number of claims and the costs of claims being incurred.

Workers Compensation Services will assess your organisational capability via an assessment which will involve a full review of policies, procedures and other supporting materials (like interviews with key personnel, site tours and a sample file review of injuries/claims) in order to determine if your current approach is in line with best practice or if opportunities for further improvement exist.

Feasibility Studies

One of the other key outcomes of our initial insurance programme review may be that a 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 our recommended option. Not only will we address the financial considerations but all other risks and benefits associated with that option to ensure it’s the best fit for your organisation.

Expertise you can count on

Our review teams are led by only by recognised industry leaders who represent some of the most talented and skilled professionals in Australia.

We are proud to have consulted for, reviewed, developed and improved the 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.

All of whom have been very appreciate of our services and their savings.

Benefits of a review or opportunity assessment

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: such as self-insurance, burning cost, etc, that would reduce overall costs to the organisation.

3. Staying Compliant: We ensure that your organisation has in place compliant insurance arrangements covering all employees in accordance with the current 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.

When to undertake a review

Your organisation may need an independent review of its insurance arrangements if:

1. You aren’t sure how your insurance arrangements compare to industry benchmarks.

2. You aren’t 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 haven’t 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.

Would you like more information? Please call 1300 096 197 or email us