ABILITY GROUP were contacted by a broker who had a client distressed about their significant increase in premium due to the impact of the new premium formula. The client had a material claim during their 3 years of experience. Given their industry the Christmas period is crucial for financial viability and having to pay the higher premium could have had a dire consequence.
ABILITY GROUP SUCCESS CLIENT SAVES MORE THAN MONEY – The premium increased for the prior year adjustment which generated an additional premium as well as the new renewal being processed in November under the new formula for 2015/16 which increased substantially for an employer who has a tariff premium just above $30,000.
ABILITY GROUP undertook a review of the situation, the claim involved and was able to identify savings for the client through a strategic review of the claim and the premium application. The saving was very much welcomed by the client who desperately needed the relief (from having to pay the incremental premium) to continue operating through the business critical Christmas and the new year period.
Employers with claims will be impacted by changes, it is important to check clients are paying the right amount of premium. With all the confusion and backlogs recently we encourage you to refer your client queries to ABILITY GROUP to review the situation with no obligations.
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