icare's Initiative to Streamline Claims Handling
NSW's state insurer, icare, is preparing for a significant transformation of its primary workers' compensation scheme, which is set to launch in June 2024. This overhaul will introduce expanded options for claims service providers (CSPs) and enhance transparency regarding their performance.
Traditionally, only large employers had the flexibility to switch CSPs upon renewing their workers' compensation policies with icare. However, starting in June, thousands of mid-sized employers will be able to select the provider that best aligns with their business' requirements.
To facilitate informed decision-making, icare will also introduce a new comprehensive online resource offering a wealth of performance data and industry insights from the six CSPs managing claims for icare.
From claims turnaround times to rehabilitation success rates, this data will help to empower businesses to make informed decisions and select the most suitable claims service provider for their workplace. It will also help to raise the benchmark for accountability and efficiency amongst these providers.
This move towards greater choice marks a departure from icares previous one-size-fits-all approach. In 2017, a single insurance agent, EML, was appointed for all new claims. However, subsequent reviews of the scheme highlighted the need for increased competition and diversity, prompting a shift towards offering six CSPs in October 2022.
Beyond choice, launching the new model in June will set a new standard for transparency and efficiency in claims handling within the Australian insurance landscape. It prioritises clear and easily accessible information, enabling businesses to make informed decisions based on more than just cost alone.
How Coverforce can help
Our experienced Coverforce Workplace Services (CWS) team can assist your business with embedding safe working processes and efficiently managing and reducing your workers' compensation premiums. Contact them directly on (02) 9376 7979 to find out more.
Your local Coverforce insurance broker can provide your business with sound risk management advice and quality insurance coverage at competitive rates. For personalised advice for your business, you can contact your local Coverforce Office today.
The information provided in this article is of a general nature only and has been prepared without taking into account your individual objectives, financial situation or needs. If you require advice that is tailored to your specific business or individual circumstances, please contact Coverforce directly.
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