Gallagher Bassett entered the South Australian workers’ compensation market in early 2013 and reports an actuarial release on claims liability of $298 million in the workers’ compensation market for the 2013/2014 financial year. The release can be attributed to active claims management and a marked increase in return to work rates.
Gallagher Bassett has focused on bringing national experience and new ideas to managing workers’ compensation. GB engaged in initiatives proposed by WorkCover SA.
The company reports:
- An 11 percent ($2.5 million) decrease in the Income Maintenance paid for injuries incurred in 2013/14 compared to 2012/13 injuries a year earlier
- 32 percent ($870k) decrease in Income Maintenance for injuries in the June Quarter 14 compared to injuries in the June Quarter 13 at the same time development.
- Only 10 percent of Work Capacity Assessments were historically completed on time (2012). In excess of 95 percent are now completed on time (as of Sept Quarter 2014)
Proactive claims management, better application of the law and a greater focus on return to work outcomes resulted in decreased workers’ compensation costs, while improving outcomes for workers, the company noted.
Source: Gallagher Bassett
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