iCare (formerly WorkCover) has taken control of the underwriting and credit functions of the Workers Compensation insurance system during 2017.
How Does This Affect Your Business?
From 1 March 2017 the placement of new Workers Compensation Insurance policies will be directly with iCare, as opposed to the scheme agents which has traditionally occurred. Our specialist advisors in our Workers Compensation team remain on hand to arrange policies on your behalf, should you require the right service and advice.
iCare also recently announced the results of their tender review and the remaining ‘Claims Agents’ are EML, Allianz and GIO with QBE’s tender application unsuccessful. (CGU have recently withdrawn from the NSW Workers Compensation Scheme.) QBE and CGU will cease all involvement from 31 December 2017. The involvement of the three remaining claims agents are as follows:
EML will manage their existing portfolio and all new claims lodged after 1 January 2018.
Allianz and GIO will manage all existing portfolio of claims that they have and any new claims lodged until 1 January 2018 from their existing clients.
At this stage it hasn’t been confirmed by iCare, but it is our understanding that the CGU and QBE portfolio may transfer across to GIO on 31 December 2017.
iCare will take over the credit control function and payments of premiums will need to be made directly to iCare.
Clients with Workers Compensation policies due on or after 30 April 2017 will receive information on how to renew their policies with iCare, as opposed to dealing through one of the scheme agents. The adjustment of these policies will still remain the responsibility of the current Scheme Agent (Insurer).
Importantly, our Workers Compensation team remain on hand to assist employers with specialist Workers Compensation service and advice.
Claims will continue to be managed by your existing scheme agent, and once again, our team are on hand to assist with this process, should your business require advice.
If you need additional advice for your business, please contact Mark Shoesmith on 6588 7630.