What’s the issue with fleet insurance?
There is one certainty when operating a fleet of vehicles: incidents happen, often at a significant expense to the organisation. A key issue for many fleet businesses is how to manage these incidents efficiently and effectively. We use the word incident, because not all damage caused to a vehicle is a result of an accident, nor are they always passed to an insurer to manage as an insurance claim.
In reality there are limited software platforms that focus on incident management for fleets. These are systems that help a fleet organisation collect evidence and manage a work flow for different types of incidents. Many of these platforms are not affordable to most fleet businesses, so a lot of businesses manage incidents through spreadsheets or other ineffective methods.
Not only do these outdated systems make incident management difficult, they also offer no visibility into the initial cause, and what risk management measures could be taken to reduce both the frequency and cost of accidents.
The straw that breaks the camel’s back is the traditional way that insurance services are delivered. Most fleets are simply seeking to obtain the cheapest premium, which they do by shopping for insurance providers year on year. This type of behaviour and constant change of provider means Insurers are unable to effectively assist with risk management that could improve claims performance.
What change is needed?
Premiums are generally based on the fleets’ claims performance. With this in mind, isn’t it fair to assume that with better means and processes to control accidents, businesses could greatly reduce incident frequency, leading to significantly lower premiums and lower business expense overall?
This is such a familiar trap for commercial fleets in general, and particularly for fleets that have a naturally higher frequency of accidents like rental fleets. We are in a world where personal transportation is changing. Different rental models such as ride share, car share and subscription are constantly emerging. These types of organisations have very different and specific fleet insurance needs, and the traditional general motor insurance model fails to provide adequate business protection.
It is imperative for insurers and intermediaries who service these markets to ensure these businesses have the right tools to manage incidents, and to communicate with their customers who are ultimately the parties involved in the accident.
Insurers and intermediaries need to partner with such organisations to develop longer term strategies that add value across the full spectrum of incidents that a fleet business may suffer. This includes helping fleet organisations to develop the internal tools to identify ways to:
- better manage incidents
- reduce claims frequency and cost
- reduce insurance premiums
- improve a fleet businesses bottom line.
Imagine one digital claims management platform that does it all
Imagine a world where as a fleet owner, you had the means within one platform to:
- have a driver forward you a digital incident description along with evidence (photos, video, dash cam) at the scene of an incident from any media device
- view this information instantly and make decisions on the next best action
- communicate with suppliers to progress repairs through to file completion
- communicate with your driver regarding status of the repair through to file completion
- make decisions regarding the appropriate way to manage the incident; for example:
- manage files internally
- lodge a claim with your insurer
- outsource to a claim’s management service
- have all parties communicate progress through the platform to you.
Imagine all communications being controlled through a central source of truth.
Imagine having richness of data that allows you to understand how your incidents are occurring and allows you to use the information to reduce the frequency and cost of incidents to the business.
What solutions are available?
Insuret is a specialist provider commercial fleet insurance. Our core market is insurance to the rental fleet industry which includes:
- car rental
- peer 2 peer (P2P)
- ride share
- car share
- motor vehicle subscription.
Insuret has a history of offering specialist programs to the rental fleet industry and developing innovative processes that help our customers improve the ways they manage incidents.
In September 2020, we launched our digital claims product to the rental fleet market as part of our overall insurance program. Our customers can use the platform as a full end to end incident management tool which can be used across the full spectrum of incidents that can occur within their organisation.
Our platform delivers on the each of the key components mentioned earlier. This enables our customers to:
- have more accurate and transparent reporting of incidents into their business
- receive incident information instantly
- have capacity to triage incidents and make more informed decisions about next best actions
- share information with suppliers to progress repairs in a timely manner
- communicate actions among key stakeholders to the incident throughout the repair process
- reduce the lifecycle and cost of incidents
- gain insights about incidents and how to mitigate them
- work more strategically with key stakeholders
- reduce costs and improve bottom line.
We believe our Digital Claims Management platform will help your business build the confidence and internal skills to successfully scale their operations with back end systems that support better incident management.
What is the rub for Insuret?
As a specialist provider of insurance to a very niche market, we are committed to delivering true value to the organisations that place their trust in us, and developing richer relationships with them.
With our digital claims platform, we are able to work with our customers to jointly reduce frictional management costs by:
- eliminating duplicated processes and processing
- having central sources of communication, reporting and file access
- reducing communication touchpoints and improving the speed of actioning tasks
- reducing the claims lifecycle.
By helping our customers grow their business, we grow as well…. it’s a win-win for all parties.
Contact us today to find out how our Digital Claims Management solution can help your business stay relevant.