As specialist fleet scheme underwriters, we are often asked to quote competitive premiums for brokers’ fleets that have taken or will adopt good risk management steps.
What does it mean to us and does it change our decision to quote, and the premiums quoted?
Put simply, brokers sharing knowledge about how a client’s risk has changed, the reason for it and when it took effect can make all the difference. It’s always good for us to know how risk management steps have flowed through into incident costs and frequency.
Quite often however it is too early to tell, so our recognition of fleet risk management good practice is more a leap of faith rather than relying on history alone. In this scenario a strong client knowledge is key.
What are some of the most effective changes we’ve seen from fleets in turning around their claims experiences or working hard to maintain excellence?
- Introducing CCTV cameras; especially connected systems, providing camera capability is known by all drivers and is positively supported from the top down.
- Stronger recruitment practices; extra vetting checks and pre hire driving assessment
- Clear incident reporting (FNOL) procedures to get the best evidence reported in the fastest time. Immediate notification with all the facts can make a massive difference.
The attitude of fleet managers varies significantly from businesses having to take steps to those wanting to take them. Like most things there is rarely any gain without pain so whatever action is agreed needs to be given the chance to succeed.
Despite years of searching across thousands of fleets there is sadly no single silver bullet.
Our message on risk management is simple. We need to know what has changed, why and when.
If you want to discuss the positive risk management steps taken or planned by your client, or to obtain a quote for Taxi Fleet, Truck Mini Fleet or Business Mini Fleet, please don’t hesitate to contact us.