Since our inception in 2016, we have wanted to create positive impact in the lives of our customers. To support the continuation and refinement of our approach, we sought to measure our social impact in quantifiable and validated financial terms. As the NSW social insurer, we can now accurately demonstrate our value and social impact.
An independent Social and Economic Impact Report includes a social cost-benefit analysis (SCBA) of our investments to compare the economic and social value they deliver. It found that of the 13 investments included in the SCBA, 12 returned a positive social cost-benefit ratio highlighting the sum of the benefits for icare participants, employers and broader society was greater than icare’s investment.
The Report showed key impacts of our investments:
- Address unmet needs in the community, with close alignment to our three focus areas: injury prevention, recovery, and quality of life.
- Are successful in providing support for hard-to-reach cohorts and have extended into low/no service areas.
- Deliver a broader social benefit, supporting families and carers of icare customers, and acknowledging an injured person’s need for formal and informal supports.
The report shows our investments have broad benefits to people living with serious injury due to road accidents, workplace incidents, for employers and government agencies. This will assist in identifying the types of investments that create the greatest social impact, forging a path forward and further leveraging our funds for the benefit of the people of NSW.