Industry: Construction Materials Group (National)
Issue of Concern: This multi divisional organisation required clear premium impact / management 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
Timing: Commenced 2001 and ongoing
Agreed Resolution: 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.
Outcomes: 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% over the last 3 years 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 and are considered and recast as necessary to ensure that they continue to deliver in line with the continued growth of the organisation.