"On the one hand, Workers Compensation might appear as a 'commodity' when compared to other forms of insurance and risk management. You may think it's the same "product" no matter where you go. But there's more than meets the eye."
"In one case, over a two-year period, we were able to reduce an $895,000 premium by $368,000 by progressively putting in procedures and strategies. It meant spending lots of time with the client reviewing, analysing and implementing. However by being proactive, we were able to reduce their existing claims costs and streamline the managing of claims.In another case, a major motor vehicle retailer was paying $994,000 in premiums through their previous broker.
The Austbrokers Workers Compensation and Policy Management teams were able to identify some significant discrepancies. For example, the client had been incorrectly classified and there were some alarming claims management issues and lack of procedures.
Through the implementation of procedural changes and some high level negotiating, Austbrokers was able to bring the premiums progressively down to $635,000 in a space of two years.
We often hear the comment, 'Workers Compensation is pretty straight forward isn't it? So what do you actually do?" Here is an indication of our services:
- Review current policy and premium structure in all States of Australia.
- Review classification rates in all States.
- Conduct quarterly reviews with company representatives and agents where applicable.
- Monitor renewals and ensure all documentation is correct and received in a timely manner.
- Ensure invoices have been received for all policies and are accurate.
- Ensure all instalments and premiums are paid when due.
- Market underwritten States prior to renewal.
- Provide ongoing reports forecasting future premium costs and the impact of claims, in all States where applicable.
- Provide ongoing technical advice in relation to claims procedures and company structure. We assist in Rehabilitation and Occupational Health & Safety Procedures using external providers where required.
- Review all current claims and provide a report on status, accuracy and options regarding the ongoing management of outstanding claims.
- Co-ordinate Certificates of Currency to be issued.
"Workers Compensation is pretty straight forward, isn't it?...No!"