Take control of your motor fleet insurance expenditure

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 in order that 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 and 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 then the lower the claims 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 and other exposure data. safety, policy, and 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 and 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 cam 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