Self Insurance – The Key to Success

Some larger businesses, or councils, are eligible to provide their own Workers’ Compensation insurance, with the approval of the relevant state regulator.

Self Insurance is the term used to describe the business strategy whereby a company applies for a license to manage its own losses for workers’ compensation claims, as an alternative to paying premiums to a WorkCover Agent or insurer.

In a previous article, we’ve outlined a few key considerations of self insurance for your business. 

The Importance of Planning

Our industry is seeing change at an unprecedented rate. We are witnessing a new technological revolution with the promise of AI, predictive and prescriptive analytics driving decision making and automation driving process work, which will lead to, according to some sources, up to 70% straight through processing.

For us at GB where this environment is our lifeblood, to keep up with this change requires a huge commitment to planning and change management. Even then, the challenge to keep up is significant.

For businesses that manage their own risk, we have to question the availability of resources to keep up with this change. The challenge is, if you get left behind, will you be able to afford to continue as you are now?

This is why partnerships can be extremely beneficial to self insurers – you can access technology, thought leadership and strategy.

We believe planning is key - a strong plan is an investment in a body of work that will ensure you are across the rate of change and are well placed to succeed in a changing environment.

A well thought out and well executed plan will show the wider business that the self insurance program is an important strategic output that not only supports the business goals but is also striving for excellence and cost effectiveness.

Outsourcing Case Management

Self-insurers can case-manage their employees workers compensation claims however there are a number of benefits in outsourcing claims management to a Third Party Administrator (TPA) such as GB.

GB recommends a feasibility analysis with a qualified broker or actuary as a referral for self insurance.

The benefits of outsourcing claims to a TPA include:

  • Faster, more focused claims management
  • Lower overheads and reduced cost
  • Immediate access to highly-trained specialist claims administrators
  • Improving control over claims outcomes
  • Safeguarding customer relationships and protecting brand reputation.
At GB, your tailored self insurance plan will include:
  • Bespoke claims management to support either a complete or partial outsource model
  • Robust Governance Program to satisfy audit obligations, improve WHS initiatives and manage risk
  • myGB client benefits that give you access to training, events and our social media analysis too
  • Specialist consulting team ready to deploy for one-off-project work or as a labour hire solution
  • Business insights through performance and system reporting capabilities 

New Leadership Delivering Quality Outcomes for Clients

GB’s Shaun Meehan was recently appointed to lead GB’s Self Insurance Division. As the General Manager – Self Insurance, Shaun is responsible for the overall management and performance of the national self insurance business unit.

Shaun is highly experienced with a key focus on delivering quality outcomes for clients. He previously led GB’s SA Workers’ Compensation and SA, WA and NT operations, specialising in self insured workers’ compensation claims.

Shaun will lead GB’s National Self Insurance Contracts as well as our NT Government and Comcare contracts.

This is an exciting time for GB’s Self Insurance division. Our self insurance team have a demonstrated record of successfully implementing and supporting self-insured licensees’ claims in all jurisdictions, including Comcare.

In addition to GB’s significant experience partnering with Comcare self insurers GB is recognised as a self insurance and claims management partner of choice by many Australian government departments.

We have also supported in excess of 20 licence implementations and variations in the past 10 years.

Our services improve return to work outcomes, reduce risk, control costs and ease our clients’ self insurance administration burden. If you would like to know more, get in touch with GB and we’ll be able to review your eligibility and take you through your options.

Self insurance business plan

Sign up to GB Advantage