AXA XL adds Fleet Management Benchmarking service for Construction insurance clients
To help contractor clients see how their own corporate fleet programs and vehicle loss history compares to peers, AXA XL’s Construction insurance team has added a fleet management benchmarking service to its loss prevention services.
According to Greg Troxell, Senior Risk Engineer on AXA XL’s Construction Insurance team, “Through this service, we intend to examine contractor fleet management practices with the purpose of comparing to other insureds. The intent is to allow best practices to be acknowledged, while pursuing improvement opportunities for our clients.”
“Fleet Risk Management remains to be a transitioning risk focus for many of our clients,” explained Senior Risk Engineer Brian Lordson. “There has been a general understanding of roadway safety, but with increasing vehicle costs, medical costs, and large verdicts, our Insureds have applied a new focus in developing their fleet management programs. We hope that this benchmarking service will offer feedback to our customers and identify opportunities for improvement.”
“Costs and loss experience associated with operating fleets continue to be an ever-increasing challenge for clients. We expect the benchmark process to afford them an opportunity for improving the fleet risk management and position them to be more competitive in their market through potential cost reduction results.” Troxell added.
Following a risk engineer’s analysis, AXA XL clients receive a detailed report, along with anonymized comparison to other similar contractors. Following a debrief and alignment on the report, recommendations are provided where needed to assist with the client’s continuous improvement to their fleet safety program.
As part of the benchmarking service, AXA XL’s Construction risk engineering team reviews five general categories:
- Corporate Fleet Program & Operations: Written programs, best practices, and operations relating to fleet risk management. Overall program content, applicability, execution with relation to personnel, equipment, and their operations relating to fleet risk management
- Fleet Vehicle Management: Programs and practices to maintain physical condition of fleet vehicles
- Technology: Adoption and use of fleet technology and vehicle features.
- Loss Experiences & Exposure: Loss trends of frequency and severity in available loss experience data and high-risk exposures for type of fleet and operations
- SAFER Score: Review of DOT inspections, history, and applicable SAFER score for comparison to national averages