Take control of your motor fleet insurance expenditure

Traditional insurance aims to make a profit by charging premiums in excess of expected losses. Insurers provide claims assistance and you will pay an annual premium and revisit in 12 months’ time.

But how do you speed up the claims process and take more control in settlement and production of management information, so you can make informed decisions on the management of your motor fleet insurance?

The answer is a well-structured self-insurance programme that enables you to reduce claims, reduce insurance premium tax and remove yourself from insurance market cycles, only using insurance companies if a major accident or natural catastrophe occurs.

Benefits of a self-insurance programme
Underwriting	Claims		Finance	Risk transfer	Profitability
Long-term pricing		Improved FNOL claims reporting	Ability to build claims fund	Robust risk retention	Improved cash-flow
Better pricing		Claims data in one place	Insurer premium capped	Improved risk management	Improved profitability
Clear premium allocation		Improved claims management process	ESCROW account	Control of outstanding estimates	Reduced insurance premium tax
Monthly premium allocation		Quicker claims settlement	Long-term stability	Senior management visibility	Reduced claims cost
Better pricing		Reduced claims	Monthly payments	Fixed exposure	Reduced long term outstanding estimates
Increased oversight		Higher self-retention	Reduced interest charges	Less volatility	Option for full captive offshore

Improved claims management

A self-insurance insurance programme that is structured the right way will enable you to improve the speed in which claims are reported. This is key, as the faster claims are reported, the lower its cost. Quick reporting will also allow for improved analytical review of trends and possible areas.

At self-insurance protect, we can help you with building robust reporting systems and monthly management reports.

One simple dashboard across all your business

By investing in a self-insurance programme for motor fleet or liability, you are able to create a single system for analysis and risk reporting by linking information with incident, claim, depot, vehicle type, safety, policy and other exposure data.

Move the dial using risk retention and risk management

A traditional insurance programme is only as good as the insurer and their processes. Generally, these are slow and cumbersome, but by investing in a self-insurance programme you will be able to take control of your long-term insurance expenditure.

Managing all the potential risks a business faces can be complex and time-consuming. A well structured self-insurance programme provided by self-insurance protect can help many fleet operators benefit from considerable savings. Using real time risk analytical software and improving your management systems will enable you to benefit from this approach.

We can provide you with a free telephone consultation and, if of interest, can visit you to run through the financial benefits and present how this would operate for your business.

 

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

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