ABILITY GROUP recently achieved a landmark outcome for a client, saving them $400,000 in premium costs through a meticulous claim review and arbitration process.
When engaged, ABILITY GROUP immediately escalated the claim to senior insurer levels, recognising its potential impact. Ahead of arbitration, the team pressed for additional evidence and secured a delay in settlement. This proactive approach allowed time to develop a clear, achievable strategy in collaboration with solicitors and the client.
With the Easter long weekend approaching and most NSW insurers having finalised renewal premiums, ABILITY GROUP has been assisting clients and brokers with increased enquiries about icare (formerly WorkCover) Wage Audits. If an audit finds under?declared wages, employers must pay the outstanding premium plus late fees from the original due date. Where under?declaration exceeds 25%, employers are also charged the audit cost.
In 2015/16, many employers faced sharp increases in premiums due to prior year adjustments and a new renewal formula. For businesses with tariff premiums above $30,000, the impact was substantial, creating financial strain at the most critical time of year.
In 2015, ABILITY GROUP achieved a major victory for one of its clients, successfully saving $550,000 through a workers’ compensation premium appeal. This case highlights the importance of expert guidance in navigating complex legislation and premium formula changes that can significantly impact businesses.
Despite the NSW scheme changes taking effect back on 30 June 2015, the majority of medium to large NSW businesses are yet to receive their 2015/16 premium renewals. With iCare now authorising the NSW insurers to start processing 2015/16 renewal notices the challenge they now face is there is a 3-4 month backlog. Given the events over the last 4 months, we have covered this inside out. To help make these changes easier to understand, ABILITY GROUP provide a quick reference list below for our clients and partners:
Unofficial industry views suggest recent NSW workers’ compensation and premium formula changes left 75% of medium to large businesses expecting higher 2015/16 renewal premiums. ABILITY GROUP has already won NSW WorkCover appeals on behalf of our clients, reducing premiums payable. Higher renewal & need help?
