Our Corporate Governance

All our committees met in November to conclude the reporting period for the 2024 calendar year. Our Board also met, this time at our Paramatta office location and we took the opportunity to share lunch with all the staff that were present.

At the Board meeting, we received numerous reports from Management including the Work Health and Safety Due Diligence Report, the CEO report, Actuarial Monitoring Report and the Chief Risk Officer’s Report. We also received an update on matters such as the key cyber security measures used to monitor cyber security risk and an update on the Customer Advocate’s activities.

Other key matters on our agenda included discussion on the Treasury Managed Fund Claims Service Provider procurement process, the financial performance of the Nominal Insurer(NI)and the approach for the 2025/26 Premium Filing to the State Insurance Regulatory Authority (SIRA) due in March 2025.

The Board participated in an immersion into the needs and top pain points driving dissatisfaction in the Schemes. The Board had the opportunity to each visit two Schemes to deepen their understanding of the challenges Those We Serve face when accessing and utilising icare’s services and understanding the highest priorities to uplift the experience.

We also discussed scheme customer performance, including its measures, as well as the methodology used to calculate Customer Satisfaction (CSAT) and the underlying drivers impacting CSAT performance in the Workers Compensation NI Scheme.

Other matters discussed include the Operational Expenditure Review Work Plan from NSW Treasury and our response, performance of the NI Claims Model against its original objectives and the Commutations Pilot currently implemented with GIO.

In September 2024, we held the Board Audit Committee, the Board Risk Committee and then our Board meeting.

At the Board meeting, we received numerous reports from Management which all provided updates on relevant matters including the Work Health and Safety Due Diligence Report, the CEO Report, the Actuarial Monitoring Report, Financial Condition Report and the Chief Risk Officer’s Report. We also reviewed content for icare’s proposed FY2023/24 Annual Report which is expected to be finalised by mid-October 2024.

Some of the key matters for decision on our agenda included the FY25 Year-end Financial Statements for the icare entity and the six schemes (Workers Insurance, icare Self Insurance, Lifetime Care and Support Authority, Dust Disease Authority, Home Building Compensation Fund and Sporting Injuries Compensation Authority).

The Board also approved several documents including the Risk Management Framework, Risk Management Policy, the Risk Appetite Statement, Policy Governance Framework and the Pricing Policy. The Cyber Security Annual Attestation Statement was also approved, and a simplified version will be provided in our Annual Report.

The Board conducted an in-depth review of the Nominal Insurance Claims Model, examining preliminary assessment of its performance against the original objectives, which have been evolving since 2023 with the introduction of the new Claims Service Provider Contracts. We also received an update on the Treasury Managed Fund (TMF) Workers Compensation Claims Service Provider Procurement process.

The Business Plans for the Nominal Insurer and the Home Builders Compensation Fund were both approved for submission to the State Insurance Regulatory Authority (SIRA).

In August 2024, we held the Investment and Asset Committee, the Board Audit Committee, the Board Risk Committee and then our Board meeting, which was held at our Gosford offices.

At the Board meeting, we received numerous reports from Management which all provided updates on relevant matters including the Work Health and Safety Due Diligence Report, the CEO report and the Chief Risk Officer’s Report. We also received a report that gave a detailed overview of scheme customer performance across the dimensions of experience, service and conduct using a co-ordinated and consistent suite of customer measures.

Some of the other key matters on our agenda included the FY25 Enterprise Scorecard, FY2024-25 Statement of Business Intent (SBI) and Business Plan, FY24 Internal Audit and Risk Management Attestation and consideration of the Lifetime Care and Support Scheme and the Motor Accident Injuries Treatment and Care Benefit Levies for the period 15 January 2025 to 14 January 2026. The Board approved the levies which will now be submitted to the State Insurance Regulatory Authority (SIRA) to determine the collection methodology.

The Board shared lunch with the staff, and then took a deep dive into the Sporting Injuries Insurance Scheme, discussing the current challenges.

Management also gave an update on the progress of developing a consistent view of the steps and stages Those We Serve go through when engaging with our Schemes (icare Journey); the deeper understanding we’ve gained on the interaction preferences of Those We Serve; and the opportunities and implications of this work.

Other matters discussed include an update on the Operating Model Roll-Out, the progress of transformation activities across icare and the execution of our strategic priorities, and consideration of the draft Nominal Insurer Business Plan and Home Building Compensation Fund Business Plan, both of which are required to be submitted to SIRA in September 2024.

In July 2024, we held the People and Remuneration Committee, the Board Audit Committee, the Board Risk Committee and then our Board meeting.

At the Board meeting, we received numerous reports from Management which all provided updates on relevant matters including the Work Health and Safety Due Diligence Report, the CEO report, Chief Risk Officer’s Report and the Chief Financial Officer’s Report (which included the Insurance Liability Valuation Results at 30 June 2024 for approval).

Our Independent Assurer for the Enterprise Improvement Program, Promontory, were in attendance and spoke to their Final Report on the icare Improvement Program Closure which would highlight that at Program Closure on 30 June 2024, Promontory had assessed 58 of 63 Initiatives as complete and effective, 99 of the 107 Recommendations as complete and effective and 8 Recommendations and 5 Initiatives remain open with clear commitment by icare to take further time to fully embed this work.

Promontory reflected on the Program and commended icare for the strong commitment to deliver the Improvement Program and achieve quality sustainable outcomes.

Some of the other key matters on our board agenda for decision included the approval of a new Modern Slavery Policy, a commitment of expenditure to continue the managed services arrangement for the Guidewire platform and in-housing of the Treasury Managed Fund General Lines actuarial valuations for December 2025.

The Board also received updates on the Treasury Managed Fund Claims Service Provider Procurement process, the Board Strategy and Transformation process, results of the 2024 Culture & Engagement Survey Results and key discussions that took place at the board sub-committees during July.

In May 2024, we held the full suite of our Board Committees, being the Investment and Asset Committee, People and Remuneration Committee, Board Audit and Board Risk Committees, and then our Board meeting.

The Hon. Sophie Cotsis MP, Minister for Industrial Relations and Work Health and Safety visited us before the Board meeting commenced to discuss the Government’s priority matters relating to icare.

At the Board meeting, we received the Work Health and Safety Due Diligence Report, the CEO report (which included the Actuarial Monitoring Report and Customer Performance Report) and the Chief Risk Officer Report, which all provided updates from Management on relevant matters.

Our Independent  Assurer for the Enterprise Improvement Program, Promontory, were in attendance to provide an update on the status of the Program, ahead of  releasing their Tenth Quarterly Update Report. The Report acknowledges that icare “continues to make significant progress towards completing the  Improvement  Program” and  that  “...the implementation of changes to icare’s operations are achievements that icare can be proud of”. The full report is available on our website for viewing.

Some of the key matters for decision included the Home Building Compensation Fund (HBCF) Premium Filing, Contract extensions for the Treasury  Managed  Fund General Lines and HBCF Claims Service Provider and Salesforce Inc., and approval of funding for the Dust Diseases Board.

Amongst other items, the Board also approved the FY2025-2034 Budget, the Investment Strategy Review for the Workers Compensation Insurance Fund and several Policies.

Representatives from NSW Treasury joined us for a discussion on their operational expenditure review of icare, and the SIRA Board also joined us to discuss key matters relating to both icare and SIRA. The joint meeting with SIRA is one that we hold twice a year, on recommendation of the icare and State Insurance and Care Governance Act 2015 Independent Review.

Other updates provided to the Board included the Target TMF General Lines Contributions for FY24/25, Strategy Execution and Transformation update and key discussions  that took place at the board sub-committees during May.  

In March 2024, we held a Board Risk Workshop on the 20th, and the Board meeting on the 25th.

The  Board  meeting  was  held  at  the  icare  offices  in  Wollongong,  where  Directors  had  the opportunity to participate in a call monitoring session with the icare Claims Team (Test and Learn) and share lunch with the staff present in the office.

The  Test  &  Learn  team  is  influencing  scheme  performance  through  identifying  areas  where minimum standards can be established by icare as part of its service provider arrangements (e.g. Professional Standards Framework) and using learnings to inform metrics that can be provided to Claims Service Providers as lead indicators for better outcomes.

During  the  meeting,  the  Board  received  updates  on  key  matters  through  the Work  Health  and Safety Due Diligence Report, the CEO report, and the Chief Risk Officer’s Report. Management also provided an update on the status of the Improvement Program which is coordinating icare wide improvement activities.

Some of the key matters on the agenda included consideration of the Reinsurance Management Strategy for the Treasury Managed Fund and Construction Risk Insurance Fund, and approval of the Treasury Managed Fund Workers Compensation Claims Model Business Case.

Other  matters  discussed  include  the  draft  FY25-34  Budget,  Premium  Filing  with  SIRA  for  the Bushfire Fighters Compensation Fund, Contribution Targets for the Treasury Managed Fund, and an update in relation to the activities of the Customer Advocate.

In February 2024, we held an Investment and Asset Committee, a People and Remuneration Committee, a Board Audit Committee, a Board Risk Committee, and our Board meeting. Our new Board members, Leah Fricke, and Mark Morey joined us for their first icare Board meeting.

The composition of our committees has changed slightly. Leah Fricke was appointed Chair of the Board Audit Committee and Member of the Board Risk Committee, while Mark Morey has joined the Investment and Asset Committee as a Member. Kirsten Armstrong joins the People and Remuneration Committee as a Member.

At the Board meeting, the Board received the Work Health and Safety Due Diligence Report, the CEO report (which included the Actuarial Monitoring Report), the Chief Risk Officer’s Report, and the Chief Financial Officer’s report which all provided updates from Management on relevant matters.

The Board heard from a representative from Promontory Australia, the Independent Assurer on the progress of icare’s Improvement Program. It was pleasing to hear that a total of 67 (of 107) recommendations have been closed to date and work continues to close off the remaining recommendations. A copy of Promontory’s Ninth Quarterly Update Report to icare is available on our website for viewing.

The Board approved the Nominal Insurer premium filing for 2024/25, the Workers Compensation Dust Diseases Authority Target Contribution requirement and funding to the Asbestos and Dust Diseases Research Institute for the purpose of providing essential research and practical support for individuals affected by silicosis.

The Board discussed and noted several updates including on the NSW Treasury Expense Review, the Net Asset Holding Level Policy Contributions for Insurance for NSW and the SIRA Treasury Managed Fund Review.