1,000 vehicle self-insurance motor fleet solution provided

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 for a more cost effective basis and allowed them to manage all claims under £5,000 including third party injury. This approach reduced insurers 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 provided.

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 which enable 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