Self Insurance Management

While a number of businesses would want to be backed by a comprehensive insurance plan, some would rather opt to self insure to save a substantial amount of funds every year. This is completely understandable, as running an Australian-based enterprise can already be quite costly. 
However, keeping in mind the ever-changing compliance mandates, rehab plans, plus an overwhelming checklist of return-to-work-safely strategies, it can be challenging to manage self-insurance claims.

The good news is that there’s now an easy way to simplify and streamline the whole tracking process. Here at Solv, we’re more than happy to introduce our advanced and intuitive management system. Whether you’re a small, up-and-coming business or a large, established enterprise, our online tools will surely be able to help you track self insurance workers compensation, generate your submission files,  and much more. 

Retire inefficient processes when you use our solutions.

What are the different types of self insurance available?

Self-insurance is when a company applies for a license to manage its own losses for compensation claims. To give you a better idea, just about anything related to business risk management can be self insured. This could include general liability insurance, commercial property insurance, and, of course, worker’s compensation insurance. 

Regardless of whether you manage both insured or self insured cases, we at Solv know that there’s not a lot of support out there for those managing claims and injury in the workplace. That’s why we’ve set out to become the market-leading platform for self insurance management systems.

Trusted by Australia and New Zealand’s compliant workplaces, we work with regulators across all states to ensure that all legislative changes get automatically updated in the platform. What’s more, our solution operates on cloud hosting, making accessing our platform via the internet easier than ever. 

Worried about data privacy? Not a problem. Solv is hosted by Microsoft Azure, with an ISO 27001 accreditation. We’re dedicated to your security, so we even make it a point to back up your data daily. 

Just by using our self insurance management tool, you can have an organised record of employee injuries and claims. You can even have the option to adjust visibility within the team and limit access according to their location and position. 

Request a demo today and join us at Solv for seamless integration!

How much does the average self insurance cost in Australia?

When looking into the cost of self insurance for workers compensation, it is important to note that the average figure would depend on the specific operations in your business. For that reason, it is incredibly important that you implement the appropriate Work Health and Safety (WHS) protocols within your physical location or site. This could potentially reduce work-related injuries and claims, ultimately leading to a lower average cost. 

However, when you compare this to the average traditional worker’s compensation cost of 1.48% of wages (based on the 2022 analysis),[1] it becomes easy to see why businesses would choose to go with the self insured method. Instead of paying this recurring premium, you can potentially pay less while still giving your employees the same amount of support. 

Additionally, if you pair self insurance with the injury management or claims management systems at Solv, you can spend less time on administrative tasks and more time focusing on proactively managing your workers. Switching to this paperless and online approach will even benefit workflow since pre-populated forms or letters can be generated with just a few simple clicks. In line with this, you can even apply your Return to Work (RTW) guidelines to the system so your team can be informed even if they’re not physically present. 

All the self insurance functionality you need is built in Solv.

What is the difference between self insurance and fully insured?

Some of the primary differences between being self insured and fully insured are the sign-up processes, monthly or annual costs, and overall coverage.

• Application process. For self-insurance, you must apply for an official business permit that allows you and your management team to handle potential losses, injuries, or claims internally. As for full insurance, you would have to go through a similar application process, but renewals will be based on the company’s contract terms rather than local government requirements. 
• Recurring fees. One of the advantages of self-insurance is that you typically won’t have to deal with recurring fees, as you’ll only pay when applicable. On the other hand, full insurance can have different rates with varying payment setups, thus making it difficult to find the best suitable offer. 
• General scope. Choosing self-insurance makes it so you’ll have to pay for all possible aspects from savings, business capital, or sources of income. In contrast, full insurance will cover all of the cost or perhaps the majority of it depending on the agreement. 

Maybe your organisation has no system in place yet to efficiently manage claims, or maybe you have an existing framework but would like to take advantage of industry-leading solutions to optimise your workflow. Nevertheless, if you choose self-insurance for your business, don’t hesitate to reach out to us at Solv for a comprehensive demo.

We’ll show you the ins and outs of our management tools, especially the comprehensive reporting features that can help you identify gaps and quickly turn data into smart decisions.

Request a demo today.

References

[1] https://www.icare.nsw.gov.au/employers/premiums/premium-updates#gref