icare has launched a new online broker hub to centralise crucial information for brokers.
This platform is designed to simplify the process for brokers supporting employers in maintaining safe workplaces and assisting injured workers in their return to work.
icare’s new online broker hub provides resources to help brokers guide employers in reducing premiums, including discounts of up to 5% for full upfront payments and other safety-related incentives.
Tony Wessling, group executive for workers’ compensation at icare, highlighted the hub’s potential to enhance support for brokers and employers in New South Wales.
“The work we do is driven by the need to prevent workplace injuries, and making sure employers have the important cover needed to protect their workers,” he said. “We continue to listen to the feedback we’re receiving from the industry and provide brokers and employers with access to ongoing industry expertise and valuable resources. The broker hub is now available to further support brokers to make the right decisions about workers compensation insurance for NSW employers.”
This new initiative is part of broader enhancements to the workers’ compensation framework by icare and its claims service provider (CSP) partners. These enhancements include the quarterly release of performance data and more CSP options for larger employers.
“The changes we have introduced are all about increasing the transparency and accountability of how claims are managed for injured workers and their employers. I want more businesses to be able to select the most suitable claims service provider for their workplace, resulting in a better claims experience,” Wessling said.
At present, large employers can switch their CSP annually when renewing their workers’ compensation policies with icare. Beginning mid-2024, medium-sized employers will also have the option to select a CSP based on performance data.
Medium-sized employers are defined as those with an average performance premium (APP) exceeding $200,000, typically corresponding to businesses with over 300 employees, though this can vary by industry and other factors.
Additionally, small businesses will benefit from overall improvements in transparency and performance.
Last month, icare announced an 8% increase in average workers’ compensation premium rates in NSW for the 2024-25 financial year, aiming to support the Nominal Insurer scheme’s return to a break-even funding level.
