“Through this service, we intend to study contractors’ fleet management practices to compare them to other insureds,” said Greg Troxell, senior risk engineer for the construction insurance team at AXA XL. “The intent is to enable recognition of best practices while pursuing opportunities for improvement for our customers.”
“Fleet risk management remains an evolving risk focus for many of our clients,” said Brian Lordson, senior risk engineer at AXA XL. “There was a general understanding of road safety, but with rising vehicle costs, medical costs and high judgments, our policyholders have taken a new focus in developing their fleet management programs. We hope this benchmarking service will provide feedback to our customers and identify areas for improvement.”
“The costs and claims experience associated with operating fleets are becoming an increasing challenge for customers,” said Troxell. “We expect the benchmarking process will provide them with an opportunity to become more competitive in their market through potential cost reduction outcomes.”
With the new benchmarking service, AXA XL clients receive a Risk Engineer analysis, after which they receive a detailed report along with an anonymous comparison with similar contractors. After debriefing and customizing the report, AXA XL will provide recommendations to help the customer improve their fleet security program.
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As part of the benchmarking service, AXA XL’s construction risk engineering team will review five categories:
- Fleet program and operations of the company: Written programs, best practices and operations related to fleet risk management
- Management of fleet vehicles: Fleet vehicle maintenance programs and practices
- technology: Adoption and use of fleet technology and vehicle functions
- Loss Experiences and Exposure: Claims trends in terms of frequency and severity in available claims experience data and high-risk positions for types of fleets and operations
- Safety and Fitness Electronic Records (SAFER) score.: Review of Department of Transportation inspections, history and applicable SAFER rating for comparison to national averages
In December, AXA XL’s North American construction business appointed Meredith Baron to lead its controlled insurance program.
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2023-03-16 09:00:00
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