Provision of Actuarial Services for WorkCover Queensland

⁠⁠⁠WorkCover Queensland (WorkCover) is a government owned statutory body, providing workers' compensation insurance in Queensland since 1997. A self-funded statutory authority, WorkCover strives to maintain the lowest possible average premium rate by continuously investing in efficient online customer services, experienced in-house claims management capability and sustainable premium and return to work outcomes for employers and injured workers.

WorkCover is a customer focused insurer aiming for insurance excellence. Despite being mandatory for all Queensland employers to hold a WorkCover accident insurance policy (unless employers hold a self-insurance licence), WorkCover is committed to providing a customer experience and value propositions that are equal to or better than commercial insurers.

Suppliers are invited by the Customer to submit an offer for Invitation to Offer No. WCQ351 for the provision of Actuarial Services for a number of specific functions as set out in the Workers’ Compensation and Rehabilitation Act 2003 S461(2). Actuarial Services are a centralised service with the main internal customer being the Strategy and Finance Group. Detailed requirements are as specified in Part B – Contract Details document. WorkCover expects the initial contract period to run for 3 years, with two (2) further 24-month extension options at WorkCover's discretion (up to 7 years).

The scope of the potential Contract will cover the following requirements (see Part B – Contract Details – Schedule 1 Requirements for full details):

1. Regular six-monthly valuations
2. Setting and reviewing the scheme premium rate; and
3. Other actuarial services as required.