1,000 vehicle self-insurance motor fleet solution provided

The Problem:

We were approached by a large UK courier to provide a solution to their slow claims handling and increasing insurance premium cost. This included-:

Premium cost doubling
Poor visibility on claims trends
Unmanageable driving warranty
No long-term cost reduction plan

Solution:

We provided the client with a proposal to take over the management of their existing insurance arrangements. This then allowed us the opportunity to quickly:-

Address cover issues and agree a solution with insurers
Improve claims reporting systems
Provide a monthly claims report
Enable a detailed analysis of the existing claims trends
Begin a presentation to insurers on a self-insured basis for renewal

We were able to provide a solution that enabled our client to insure their vehicles on a more cost-effective basis and allowed them to manage all claims under £5,000, including third party injury. This approach reduced the insurer’s premium by £1m.

We achieved this by providing a 5 year analytical review of:

Claim trends
Paid and outstanding claims
Frequency
Severity
Probability
Impact of various self retention levels

We did this by using our detailed self-insurance motor fleet claims analysis software.

This demonstrated the improved cash-flow advantages that a self-insurance programme provides.

Conclusion

Self-insurance provides you with the ability to set aside a pre-agreed pool of money to be used to settle any motor fleet claims.

Over the long-term and with robust claims reporting and risk management processes, self-insurance may be more economical than buying insurance from a traditional insurer. We can predict the number of claims, the average size and the likely costs, enabling clients to choose to self-insure.

Please contact us for a consultation.

Any questions? Please don’t hesitate to contact one of our team.

Matthew.collins@ascendbroking.co.uk | Office: 01245 449 060