Workers Compensation

Workers Compensation in the Digital Age: How Data Analytics is Revolutionising the Industry

At Brett & Watson, we specialise in providing actuarial services for the workers compensation sector, where we work across a range of states, schemes, and industries, including aged care, disability, wineries, universities, the food industry, and manufacturing. Our clients face a range of challenges, including managing claims, estimating liabilities, and determining whether it is financially feasible for them to become self-insured.

Workers compensation can be a big liability component of your balance sheet, and organisations need to be able to accurately estimate how much will need to be paid for those claims, including claims not yet reported. This can be particularly difficult in sectors where there is a higher risk of workplace accidents or injuries, such as manufacturing or aged care. Our clients also need to comply with state regulations and guarantee that they have the funds available to pay out claims if necessary, which requires accurate liability valuations. In addition, some organisations may be considering becoming self-insured to reduce costs, but need to know whether this is financially feasible and how to make it work effectively.

We understand the challenges that our clients face, and our aim is to provide them with the insights and guidance they need to make informed decisions about their workers compensation.

Below is a list of services we provide to help clients in this sector make informed decisions.

Liability Valuations For Accounting Purposes

We provide valuations of your workers compensation liabilities to ensure compliance with accounting regulations. Our experienced actuarial team will analyse your claims data and provide a comprehensive report that outlines the current and projected cost of your workers compensation claims, taking into account the individual circumstances of your portfolio.

Liability Valuations For Regulatory Purposes

As a trusted partner for businesses in the workers compensation sector, we understand the importance of regulatory compliance. We provide liability valuations that meet the requirements of regulators.

Assessment Of Financial Feasibility For Purposes Of Self-Insurance

Self-insurance of workers compensation can be a viable option for some businesses, but it’s important to assess the financial feasibility of this option before making any decisions. We work with our clients to analyse their claims data, evaluate their risk profile, and provide an expert assessment of the feasibility of self-insurance.

Measurement Of Performance

We use data analytics to measure the performance of our clients in the workers compensation sector. By analysing claims data and identifying trends, we can provide actionable insights that help businesses improve their safety and return to work outcomes. We can provide customised reports that give clients a clear picture of their performance and highlight areas for improvement.

Clients in every mainland state

Modelling the future for strategic decision-making.

Ready to take charge of your future with data-driven insights? Contact us using the form alongside, and let’s connect to shape your success together.