Important Changes to WorkSafe Insurer’s Panel in Victoria
On Monday 4 April 2016, WorkSafe announced changes to its agents’ panel in Victoria. The changes were made following an extensive tender process which reviewed its existing workers’ compensation agent panel and a number of prospective new agents.
Four of the five existing panel agents were successful in their applications and will be reappointed, however one of the existing panel members, QBE, was unsuccessful. QBE has an existing market share of 19.5% and its portfolio will now be shared by two other agents – Gallagher Bassett, and a new agent to Victoria, Employers Mutual.
The new panel will take effect from 4.00pm on 30th June 2016 and will comprise:
- CGU Workers Compensation (Vic) Limited
27% existing share
- Allianz Australia Workers’ Compensation (Victoria) Ltd
22% existing share
- Gallagher Bassett Services Workers Compensation Vic Pty Ltd
18.5% existing share
- Employers Mutual Vic Pty Ltd (EML)
13.5% to be transferred from QBE
- Xchanging Integrated Services Victoria Pty Ltd (Xchanging)
19% including 6% to be transferred from the QBE portfolio
Given WorkSafe’s previous position, it is likely that there will be an embargo on the movement of clients across agents for a period of time, if not for all clients, it is likely for those which are currently part of the QBE portfolio.
Because of our substantial network within this market segment, Austbrokers Countrywide already has strong relationships with each of the agents on the new panel, both through our association with them in Victoria and in other states.
On the changes, WorkSafe Chief Executive Clare Amies said:
“The new agency agreement aims to further improve services delivered to Victorian employers and workers and ensure the sustainability of the workers compensation scheme.
The makeup of the panel has been designed to provide the best possible balance of skills, capability and innovation to ensure that Victorian workers and employers continue to receive ever better service,”
Clare particularly welcomed Employers Mutual to the new agent panel, but also noted “QBE has played a significant role in Victoria’s compensation scheme for many years, and I thank every member of the dedicated QBE team for their contribution.”
There are more than 210,000 employers contributing to Victoria’s workplace injury insurance system, and WorkSafe agents manage the claims of more than 90,000 injured workers every year.
Rest assured that Austbrokers Countrywide will continue to work with the agents very closely, particularly for those clients currently with QBE in Victoria who will be required to undertake a transition to a new agent.
If we can help, or you have any concerns, do not hesitate to contact us on 03 9835 1300.