“Through this service, we intend to examine contractors’ fleet management practices for the purpose of comparison with other insureds,” said Greg Troxell, senior risk engineer in the AXA XL construction insurance team. “The intent is to allow recognition of best practices while pursuing improvement opportunities for our clients.”
“Fleet risk management continues to be a transitional risk focus for many of our customers,” said Brian Lordson, Senior Risk Engineer, AXA XL. “There used to be a general understanding of road safety, but with increasing vehicle costs, medical costs and large judgments, our insurers have applied a new focus in developing their fleet management software. We hope this benchmarking service will provide feedback to our customers and identify opportunities for improvement.”
“The experience of costs and losses associated with operating fleets continues to be an increasing challenge for customers,” said Troxell. “We expect the modular process to provide them with an opportunity to be more competitive in their markets through potential cost reduction outcomes.”
With the new benchmarking service, AXA XL clients will receive an engineer’s risk analysis, after which they will receive a detailed report, along with an anonymous comparison with similar contractors. After debriefing and alignment in the report, AXA XL will make recommendations to help the customer improve their fleet safety program.
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As part of the benchmarking service, the AXA XL Construction Risk Engineering team will review five categories:
- Company fleet software and operationsWritten software, best practices and processes related to fleet risk management
- Vehicle fleet managementFleet maintenance programs and practices
- technologyAdoption and use of fleet technology and vehicle features
- Experiences of loss and exposureLoss trends in frequency and severity in available loss experience data and high-risk exposures for fleet types and operations
- Safety and Fitness Electronic Records Score (SAFER)DOT inspections, history and applicable SAFER score reviewed for comparison with national averages
In December, North American construction firm AXA XL hired Meredith Barron to lead the controlled insurance program.
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