Amid stiff competition, icare Foundation has won the Social Impact Measurement Network Australia Awards (SIMNA) in the Effective Investment category for its Social and Economic Impact Report.
The Foundation’s first Social and Economic Impact Report outlines the benefit-cost ratio for 13 of icare Foundation’s investments. It documents how our investments are helping icare address our three biggest challenges: injury and loss prevention, health and wellbeing, and recovery.
Barney Smith, icare Foundation GM, said that the aim of the Foundation since its inception in 2016 has been to create positive impact in the lives of icare’s customers.
“We decided to undertake an analysis so that we could determine our value and social impact, to ensure we are on the right track and to further refine our approach where recommended,” said Barney.
“Winning the award is great validation for our report and the direction we are taking. It endorses Urbis’ findings that our investments have broad benefits for people living with serious injury due to road accidents and workplace incidents, as well as our customers – NSW employers and government agencies.”
The report includes a social cost-benefit analysis (SCBA) of our investments to compare the economic and social value they deliver. 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 highlights the key impacts of our investments:
- Addressing unmet needs in the community, with close alignment to our three focus areas: injury prevention, recovery, and quality of life.
- Successfully in providing support for hard-to-reach cohorts and extending into low/no service areas.
- Delivering a broader social benefit, supporting families and carers of icare customers, and acknowledging an injured person’s need for formal and informal supports.
“We can now confidently identify the types of investments that will create the greatest social impact,” said Barney.
“The report confirms the direction we are taking to drive impact in this space, through measurement in quantifiable terms. It endorses our team’s unwavering commitment to delivering best practice and strengthens our determination to drive social value and social impact from our operations, programs and investments.”More about the Social and Economic Impact Report