WCD – Reducing Premiums for Businesses
Industry: Construction Materials Group (National)
Issue of Concern: This multi divisional organisation required clear premium assessment to be in place as part of its overall approach to control of costs. This was driven by a strong risk management culture and active Board participation desiring greater transparency of costs and due responsibilities being assigned.
WCD’s Analytics Team: Existing mechanisms around premium and policy tracking were reviewed and the decision made to alter the overall regime and integrate a range of data compilation methods into a central function.
Savings: The exercise brought together a clear annual budgeting and allocation function, along with quality forecasting and KPI analysis. The organisation as a whole, given its focus upon OHS, control of risk and proactive injury management, has achieved reduction in their premium spend of 22% whilst increasing remunerations levels and diversifying operations.
Current Position Post Resolution: This organisation continues to pursue the various initiatives which brought about these savings. These are examined on a regular basis to ensure that they continue to deliver in line with the continued growth of the organisation.