Employers with icare Workers Compensation policies must report changes, especially wage declarations, on time to remain compliant. Failure to do so can trigger audits, penalties, or prosecution.
At ABILITY GROUP, we understand that managing workers compensation policies can be complex. One of the most important responsibilities for employers is icare changes reporting. Keeping your policy details accurate ensures compliance, fair premiums, and protection for both your business and employees.
Insurancenews.com.au reported that icare will now measure return?to?work rates using insurer work status codes, rather than weekly payment cessation. Measure that icare will now report in its regular workers’ insurance claims performance data,” the insurer said.
SIRA Chairman Carmel Donnelly told a NSW inquiry that focus must be on “real return to work,” stressing correct metrics. She warned that rewarding benefit cessation creates perverse behaviours, instead of early coordinated support that truly aids recovery.
icare argued the payment?based metric reflects financial outcomes, while SIRA prefers a social focus. The insurer is working with actuarial experts to refine both measures for a more accurate view of return to work.
The 26-week return-to-work rate based on the status code measure was 80.6% in June, experiencing a deterioration from, 88.8% in July 2018.
Using the cessation of benefits measure, the rate was 80.8% in June, down from 81.9% in July 2018 and 85.6% at the start of that year.
The rate has come under increasing pressure since March as a result of COVID-19 and business disruptions. The effects include a reduction in available suitable duties, with impacts varying across industries. Manufacturing appears to be remaining stable while industries including accommodation, cafes and restaurants, retail trade, cultural and recreational services have seen declines that are expected to continue over the coming months. “We are working with our service partners to provide every available opportunity for workers to return to paid employment as the economy recovers,” icare says.
The insurer says the net promoter score (NPS) for workers insurance increased in June to a record +23. The NPS for employers reached a high of +8, while for injured workers it was +28 for the first time since September 2018.
Source: Insurancenews.com.au
Title: icare changes reporting after SIRA pressure
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