Last calendar year, the NSW Workers Compensation landscape shifted dramatically with iCare’s decision to expand the pool of Claim Service Providers (CSP) responsible for managing claims, and allow some employers the flexibility to choose the provider that aligns best with their individual needs and claims handling expertise.
Currently, to be classified as an eligible employer and as such be able to select your preferred CSP, under the existing framework a business must fall into the following categories:
- Those with an Average Performance Premium (APP) exceeding $500,000.
- Those belonging to a group with a Group Average Performance Premium (GAPP) surpassing $500,000.
However, in what is welcome news to the NSW Workers Compensation market and commencing June 30, 2024, iCare have announced that a broader range of employers will be afforded the opportunity to select their own Claims Service Provider.
Employers meeting the following criteria will become eligible:
- Those with an Average Performance Premium (APP) exceeding $200,000.
- Those belonging to a group with a Group Average Performance Premium (GAPP) surpassing $200,000.
Who are the Claims Service Providers?
Claims Service Providers (CSPs) are firms entrusted with the management of claims on behalf of iCare.
The following entities currently serve as Claims Service Providers but there is the possibility for additional CSP’s to join the network as exemplified by the DXC and Gallagher Basset additions this year:
- Allianz
- DXC (New)
- EML
- Gallagher Bassett (New)
- GIO
- QBE
All six CSPs are equipped to handle various types of workers’ compensation claims, encompassing both physical and psychological injuries.
Notably, four of these entities—Allianz, DXC, EML, and Gallagher Bassett—specialize in managing claims related to psychological injuries. They boast Case Managers with specialized training and expertise tailored to handle the intricacies of such complex claims.
Generally speaking, the rapport established with your chosen provider significantly influences the management of your claims and their expertise in particular injuries can have a substantial impact on your claims result and ultimately Workers Compensation premium.
Our advice to our network is to reach out to our dedicated team of Workers’ Compensation specialists, who are readily available to address any queries you may have regarding the aforementioned points and the potential impact this update may have on your business.
Our team is here to provide you with the guidance and support you need to navigate these changes effectively.