Premium Forecasting
Knowledge is power in business, and managing your premium cost can provide this knowledge. The purpose of forecasting premium cost is to:
- Track progress during the year
- See the impact of individual instances
- Help set and track some performance indicators
- Provide ad hoc information as part of a program
- Highlight any unwanted trends
- Help implement a ‘user pays’ system so that good performers are rewarded
- Provide long term reductions in costs to businesses
Premium Allocation
For businesses with more than one division, WCD can provide a premium allocation, which ensures an equitable distribution of costs. Methodologies are based on the formula within each State, as well as established underwriting criteria.
Premium allocation helps to:
- Develop a reward incentive for good performance
- Create accountability, and thereby motivate behaviour
- Allocate costs on an equitable basis