For those businesses operating motor fleets, even before the pandemic, you will have seen costs escalating and investment in technology becoming essential.
Added to this, the insurance market is hardening and premiums are increasing. Insurers are becoming far more selective, demanding more information and wanting to see more technology utilised and you will need a plan to navigate your way through these conditions.
Taking a joined up approach
Within most organisations there is a disconnect between risk management, claims and insurance purchase. The lack of a collective, cross-organisational approach makes progress difficult.
At Lockton, we understand the challenges you face and have a unique approach and strategy to our peers in how we work with clients to focus on the areas that are affecting your cost within your fleet. Working in partnership with our clients, Lockton takes both a leading and coordinating role, setting in place performance improvement and cost control strategies.
Our joined-up approach to risk management, claims management and insurance market negotiations enables our clients to understand where the issues are. They can then take greater control of their motor fleet risk and cost to their business.
In this bulletin, we outline:
The five-step process we take to ensure our clients have an effective performance improvement strategy in place, while reducing costs
The subjects we will cover in subsequent bulletins will provide you with up to date information around key areas affecting fleets
Lockton’s five-step process to improve performance and reduce cost
Step One
Our starting point is to audit the existing processes (risk management and claims) along with your loss history. By doing this we can identify the issues and exposures that are most likely to impact your claims, insurance and retained cost.
Step Two
We use the output from the above audit to formulate a risk management strategy, in conjunction with your existing plans and team.
Step Three
We analyse your loss data to determine the optimum programme structure.
Step Four
With a new joined-up strategy across risk management and insurance purchase in place, we can take on negotiations with the insurance market in a stronger position. This helps to overcome some of the growing challenges posed by the hardening market conditions
Step Five
We ensure continued success of the strategy by working closely with you, ensuring that the focus on cost control is maintained.
The above approach is understood and respected by service providers (technology companies, insurance companies etc) within the motor industry. Lockton’s involvement means that you will receive an improved service with those providers.
Over the coming months, we will arm you with information around the following areas:
Recent Whiplash Reforms
The Impact of Covid-19 on the motor insurance market
Legislative changes affecting your fleet
Driver well-being
Managing ‘Grey fleet’
Benefits of sharing best claims and risk management practice
Technological development
For more information on this or to learn about the Lockton Motor Practice Group click on the button below:
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