Workers Compensation

At Finity we provide assistance with workers compensation pricing to centrally funded schemes, regulators of privately underwritten markets and private insurers.

The nature of the work for the centrally underwritten schemes and the regulators of the privately underwritten markets is broadly similar. It encompasses derivation of average premium rates plus relativities studies of rates between industry rating groups (usually ANZSIC Class or some variation thereof). For the centrally underwritten schemes, the pricing work usually goes beyond this, covering experience rating in addition to the areas listed above. For the privately underwritten markets, this work is used to inform the market, and our work in Tasmania and the ACT is available to the insurers for use in setting premium rates for the coming underwriting year.

For the private insurers, the pricing services offered also involve deriving average premium rates and relativities between industry segments, but are usually formed through reference to the overall scheme prices/experience, with efforts concentrated on the larger segments of the insurer’s book. Segmentation analysis can also be used to identify better or worse performing segments of the insurer’s book, where segments may be defined based on industry class, size of employer, etc.