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Premium calculation tool

The Premium Calculation Tool helps agencies better understand Comcare’s premium model and how changes in agency claim experience flow through to their premium.

The Tool’s functionality allows users to re-create 2017-18 premium outcomes as well as vary agency claims experience and payroll over the reassessment window for the 2017-18 to 2021-22 premium years. It shows how changes in agency claims experience and payroll size, both for a single year and over a sustained period of time, can impact on prescribed amount and bonus/penalty outcomes.

The Premium Calculation Tool user guide explains how to use the Tool, including instructions on where to get the latest data on your agency’s claims experience. Before you begin, you will need up-to-date information about your agency’s incurred cost from either your agency’s Workers’ compensation performance report or from the Customer Information System (CIS).

Disclaimer

Comcare has developed this calculation tool as a guide only to assist agencies in better understanding Comcare’s premium model and how changes in agency claims experience flow through to their premium. In using this calculation tool, you acknowledgethe following:
  • Comcare does not give any warranties or make any representations in relation to the accuracy, reliability or completeness of the results generated by the calculation tool as it is a simplification of Comcare’s actual premium model.
  • There will be variation between the generated results and actual premium outcomes and in some instances the variation could be significant depending upon a number of factors including but not limited to the actual movements in scheme average premium rate, agency payroll for the premium year and agency average payroll and incurred cost over the reassessment window.
  • Agencies, in their decision making, should rely only on the formal notification of their premium outcomes which is sent by Comcare annually.

Please click below to indicate your acknowledgement and acceptance of these limitations.

In this section you enter the relevant inputs and assumptions for your agency for each premium year. You can access additional information on each input/assumption by clicking on the question mark icon next to it.

After you have successfully entered all required inputs for a premium year, the key premium outcomes for that year will be displayed and the subsequent premium year’s inputs will be unlocked. The detailed forecast outcomes for each year can be viewedby clicking the ‘Detailed calculations’ button.

Did the coverage commence after 1 July 2012?
Reassessment window details
to
Overview (excl. GST)
Performance adjustment
Prescribed rate
Prescribed amount ($m)
Reassessment window details
to
Overview (excl. GST)
Performance adjustment
Prescribed rate
Prescribed amount ($m)
Reassessment window details
to
Overview (excl. GST)
Performance adjustment
Prescribed rate
Prescribed amount ($m)
Reassessment window details
to
Overview (excl. GST)
Performance adjustment
Prescribed rate
Prescribed amount ($m)
Reassessment window details
to
Overview (excl. GST)
Performance adjustment
Prescribed rate
Prescribed amount ($m)

In this section you can view the detailed forecast premium outcomes for your agency and compare the movements between two sequential premium years (by selecting from the drop down menu). The detailed outcomes can be downloaded in a .csv or a .pdf format by clicking the ‘Download results’ button at the bottom of the table.

The outcomes below are indicative only and may vary from your agency’s actual premium outcomes. If you have specifically tried to re-create your 2017-18 premium outcomes, the tool may calculate slightly different outcomes to those previously advised by Comcare because your agency’s experience over the reassessment window is treated in the calculation tool as a single block, rather than as individual years, and because of the effects of rounding.

The 'Clear calculator' button allows you to clear all previously entered inputs/assumptions.

:
Premium Detailed Calculations
Item % Difference
Coverage
Reassessment window
Input Tax Credit
Input tax credit
Input tax adjustment
Previous Financial Year Initial Prescribed Rate
Previous Financial Year Initial Prescribed Rate
Pool Trend
Adjustment due to pool trend
Average scheme premium rate
Risk Relativity
Risk Relativity
Performance Adjustment
Average scheme incurred cost rate
Average performance benchmark
Average payroll over the reassessment window ($m)
Average incurred cost over the reassessment window ($m)
Incurred cost rate
Performance ratio
Agency size factor
Performance adjustment
Prescribed Rate & Amount (excl. GST)
Prescribed rate
Payroll ($m)
Prescribed amount ($m)
Bonus or Penalty
Bonus or penalty ($m)
Page last updated: 03 Apr 2017