You can be excused if you missed the recent important changes regarding RTW in NSW. At ABILITY GROUP we’ve got this and outline the key changes as well as how these changes impact NSW Category 1 and Category 2 businesses. If this makes no sense to you, then you should read more.
Earlier this afternoon, icare announced the 2018 NSW workers compensation agents. Following CGU announcing their exit from NSW workers compensation, further important changes were announced today by icare. Per our previous articles it was widely expected the current 5 agents (Allianz, CGU, EML, GIO & QBE) would be reduced to 3 for 2018 onward.
Given the timing of today’s announcement, it is our current understanding that from 2018 onward, the following will occur:
icare recently held NSW briefing sessions to update consultants / brokers on the upcoming changes regarding the insourcing of premium & credit/payment functions from insurers. A phased approach is hoped to facilitate a smooth transition. In the next few weeks the new portal will be launched for new business only, this is for new companies taking out a policy for the first time. The next major phase of change is currently scheduled for April, where all client renewals will be managed through icare for the financial year 2017-18.
In August 2016, our Significant NSW icare Changes article outlined the latest NSW workers compensation changes taking effect in 2017. icare (previously WorkCover NSW) will directly administer policy and billing for the NSW workers compensation scheme. Details since the original announcement have been sparse however we understand NSW businesses will be able to use either an online portal, icare Customer Support Centre or Service NSW to provide wage declarations, make premium related payments and related matters. Many businesses are concerned with the service they will receive following the change, however we see these changes as exciting. At ABILITY GROUP will continue to actively support our clients and brokers with personalise and responsive service.
icare’s latest announcement regarding the ongoing NSW workers compensation reforms hit the market earlier today. icare’s latest changes take effect in 2017 and will impact how businesses, and brokers, approach workers compensation in NSW. icare is “moving closer to our customers, putting their needs at the centre of everything we do”. The latest changes will transform workers compensation insurance in NSW by controlling how businesses (customers) buy and renew their policies via a new online portal.
We have already heard significant speculation regarding what these changes mean and how the industry will evolve as result. So what do these changes mean and therefore what can our clients and brokers expect?