You would have recently received your 2010/11 WorkCover Premium Illustration from your WorkCover Insurance Agent. WorkCover is typically the second largest labour cost for organisations and needs strategic management at the Executive level. Many organisations fail to realise that their WorkCover Premium is a variable insurance cost that can be reduced below their industry rate.
How? By reducing the most important factor driving your WorkCover premium – claims costs, more specifically the Statistical Case Estimate (SCE) attributed to each WorkCover claim. Claims costs consist of the actual amount spent on a claim + the SCE associated to each claim. The SCE can be reduced through strategic claims management provided by industry experts at P2 Group.
WorkSafe Victoria introduced the SCE model in 2004 to level out the playing field across all WorkCover Agents. Instead of a human case manager setting the estimate costs on individual claims, WorkSafe Victoria introduced a computer algorithm to recalculate all estimate costs on the fifth day of every month. During July a final calculation will be performed and a snapshot of the actual costs + estimate costs is entered into the premium renewal calculation with a final bill issued at the end of August.
Claims costs consist of a number of different attributes such as medical and like expenses, legal expenses, occupational rehabilitation expenses etc. but the attribute which has the most profound affect on claims costs is weekly compensation. By taking control internally of your injury management procedures and having your managers implement sustainable return to work plans for their injured workers, your claims costs will reduce.
P2 Group works with an organisation’s executive team to implement a self insurance approach to tackling their injury management and the associated claims costs.
Our clients save an average 50% on their WorkCover premiums in the first 1-2 years working with P2 Group adding directly to their bottom line. We put you in control of your WorkCover, to save you money and time. Click here to contact a P2 Group consultant to arrange an independent evaluation of your WorkCover premium.
Tags: claim costs, Injury Management, P2 Group, Statistical Case Estimate, workcover, workcover premium, WorkSafe
