icare has delivered pricing stability for NSW employers with average premiums remaining at 1.4 per cent of wages for five years despite increasing medical costs and inflation, reducing total premium costs by $1.1 billion and providing $300 million in premium discounts in the three years to 2018.
To provide fairer premiums for NSW, icare has improved rewards and incentives for employers with good safety records. Premium pricing is directly linked with employer accident prevention and return to work practices.
icare is building an interactive policy portal, giving employers the benefit of seeing all their information on one site, at a glance.
We’ve also launched an industry insights hub (i-hub) to provide employers with resources to guide them through important workers insurance processes. The i-hub also provides tips on how to address industry-specific issues.
How are we doing it?
Understanding your workers insurance
icare understands employers have many demands on their day and workers insurance is a small part in running a successful business.
To simplify workers insurance we’ve set out to make it easier to understand, including explaining how annual premiums are calculated, and stepping out the fairness and accuracy of premiums.
Many factors are considered when calculating premiums including the industry in which a business operates, risks in that sector, annual wages paid and safety record.
Family-owned construction business Buildcorp Group has kept its premiums at 50 per cent below the industry average for the three years to 2019 by making processes safer and developing a culture where staff are encouraged to speak up when something doesn’t look safe.
Buildcorp’s safety campaign targeting young and new employees was so successful it reduced injuries among these new workers to zero and embedded a proactive safety culture across the organisation.