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Selecting the Right Insurer for Your Business

We can help you select an insurer who will be the best fit for your business

Overview

Workers compensation in Australia is highly jurisdictional with each state and territory having its own framework for administering their particular scheme.

As a result this can mean that a business with a multi-state footprint can have multiple insurers insuring its workers compensation program.

The relationship between a business and the insurer team managing their claims is a critical one that must be built on open communication, collaboration and a commitment to high levels of service.

Where this fit exists we more often than not see good execution of claims management strategies geared towards achieving safe, timely and durable return to work outcomes.

In States like QLD, SA and SME businesses in NSW there is little-to-no choice in selecting who will manage their workers compensation policy and claims.

However in WA, ACT, TAS, NT, VIC and large businesses in NSW there is the ability to select an insurer who they wish to partner with in these jurisdictions.

Motivations for doing so include:

  1. Accessing better claims service and in turn higher quality claims management outcomes
  2. Enhanced claims and injury reporting offering better insights into workers compensation data
  3. A  consolidated approach to account and relationship management
  4. Accessing more competitive premium rates by consolidating a program with the one insurer in states where this can be realised.

Gallagher Workplace Risk has sizeable books of business with all insurers in the Australian market and are well positioned to provide guidance around the best fit for a particular business.

As part of this process Gallagher Workplace Risk can facilitate a robust formal tender exercise including developing the response for tender document issued to the market, facilitating presentations from the prospective insurers, ensuring a smooth transition to the new insurer and implementing strategies for best practice management of any tail claims (if applicable).

Whilst there are significant advantages to exploring your insurance options – many of them listed above – there can be some pitfalls that businesses must be aware of as part of this process.

Gallagher Workplace Risk is well versed with this process around the country and thus are well positioned to help our clients understand any potential risks and navigate them accordingly.

Our specialised consultants would welcome the opportunity to discuss your workers compensation program in more detail and whether there are efficiencies that could be accessed as a result of exploring this process.

Please CONTACT our team for more information.