With recent calls for greater transparency of the financial services industry, regulators are struggling to publish data for the general public.
The NSW State Insurance Regulatory Authority (SIRA) regulates workers compensation insurance, helping workers in NSW. SIRA has just announced the launch of its new open data platform, to publish detailed statistics on the workers compensation scheme.
The scheme collects 3.6 billion dollars in premiums each year. It currently supports 76,819 workers with weekly benefits while assisting more than one hundred thousand workers with injuries each year.
“This changes the whole landscape of how we deal with our customers and stakeholders. Well done again Campbell Brown and Tyron J Diedricks and the team ABM systems.”
– Shane Morris, Program Manager, Data Analytics and Reporting (Contractor)
at NSW Department of Customer Services DCS
Data is fed systematically from SIRA’s operational systems through a robust governance procedure. SIRA’s implementation partner, ABM Systems, developed a mechanism to serve up the same metrics and reporting that are used by internal stakeholders to make decisions.
“New open data analytics tool making it easier to view workers compensation system performance. Tremendous digital transformation achievement, increasing transparency and accountability.”
– Darren Parker, Executive Director,
Workers & Home Building Compensation Regulation
Plans are to use the platform to improve insurer accountability and allow the citizens of NSW to better understand the support that the workers compensation scheme provides them.
“Using our transparency toolset, we’ve been helping our government clients drive more effective external reporting for the last five years.”
– Campbell Brown, Consulting Services Director, ABM Systems
ABM Systems is an Australian owned data and analytics business working with the government sector to drive better analytics for over 20 years.
“We are committed to meeting community expectations and believe that more transparency is in the best interest of SIRA’s customers and will ultimately help to deliver on our strategic goals of improving customer experience and results, maintaining scheme and policy affordability and building public trust.”
Read the full article on insurancenews.com.au