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?
Significant NSW icare Changes – The scheme has undergone rapid change over the last 3 years and the latest icare changes are significant on many fronts.
The latest changes annouced by icare on 15th August 2016, involve the underwriting, credit and related functions being centralised from the NSW agents (Allianz, CGU, EML, GIO & QBE) to icare.
An online portal will be created for businesses and brokers to buy and renew NSW policies. The changes are designed to become more customer (businesses) centric and allow the agents to focus specific functions.
Based on the limited information available at time of writing, ABILITY GROUP believe these changes will result in NSW Workers Compensation Scheme becoming similar to South Australia. The NSW Government (icare) therefore becomes the NSW Compensation Insurer with the agents now becoming Third Party Administrators (TPA’s). As a TPA the NSW agents will focus on claims management.
Needless to say these changes will evolve of overtime. Should you have any questions, contact us to discuss.