Final report of the NSW Treasury Operational Expenditure Review of Insurance and Care NSW
The final report of the NSW Treasury Operational Expenditure Review of icare was released today.
The Review had 14 findings, and concluded that "Insurance and Care NSW (icare) appears to operate at a level of efficiency and cost-effectiveness that is broadly comparable to similar commercial and public sector insurers across Australia."
The Review also finds "icare's operational expenditure has been managed responsibly over the recent past."
The Treasury Review was consistent with Promontory's July report on icare which noted that governance and accountability had significantly strengthened along with icare's strong commitment to deliver quality, sustainable outcomes.
An icare spokesperson said of the Treasury review: "We welcome the opportunity to build on our track record of transformation, working closely with Government to address the recommendations.
"icare will continue to work to realise cost savings and efficiencies, including those sought by Treasury, while delivering the care and support that injured workers, business owners and the government agencies of NSW rely on us for.
"In consultation with government and our people, over the past few months we have carried out our own operational savings review aimed at further enhancing services and realising additional efficiencies within our structure.
"This internal work has identified initiatives that will deliver a more than 5% reduction in ongoing core operating expenses - aimed at improving the outcomes we deliver for around 4 million workers in NSW, via more than 80,000 claims, each year," the spokesperson said.
