AXA XL Introduces a Service That Compares Fleet Management to a Standard

AXA XL Introduces a Service That Compares Fleet Management to a Standard

AXA XL Introduces a Service That Compares Fleet Management to a Standard - The AXA XL's construction insurance team has implemented a service that compares fleet management to a loss-prevention benchmark.

The new service will allow contractors' clients to visualize the comparison of their corporate fleet programs and vehicle loss to their competitors.

Through this service, we intend to investigate the practices of fleet management in contractors in order to compare them to other insureds, said Greg Troxell, a senior risk engineer for the AXA XL team that specializes in construction insurance. The objective is to recognize the best practices while attempting to improve the clients' experience.

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"Fleet risk management is still a transitional risk for many of our clients," said Brian Lordson, a senior risk engineer at AXA XL. "A general awareness of roadway safety has been attained, however, as the cost of vehicles has increased, the cost of medical care has increased, and larger verdicts have been handed down, our insureds have shifted their focus to the development of their fleet management programs in a new direction. We hope that this service that compares businesses will provide feedback to our customers and suggest ways to enhance performance."

Troxell explained that the costs and losses associated with operating fleets are still increasing challenges for clients. We anticipate the benchmark process to facilitate increased competitiveness in their market by facilitating potential cost reductions.

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With the new benchmarking service, AXA XL clients will receive a risk engineer's assessment, after which they will receive a detailed report that includes a comparison that is anonymized. After reflection and agreement on the report, AXA XL will provide recommendations that will assist in the client's improvement to their fleet safety program.

As part of the service that calculates the benchmark, the engineering team that specializes in construction risk will evaluate five categories:

  • Corporate fleet program and operations: Written guidelines, procedures, and practices regarding the management of fleet risk.
  • Fleet vehicle management: Programs and practices intended to maintain fleet vehicles
  • Technology: The adoption and utilization of fleet technology and vehicle amenities
  • Loss experiences and exposures: The frequency and severity of losses in available data about loss experiences and high-risk exposures for different fleet and operations.
  • Safety and Fitness Electronic Records (SAFER) rating: Examination of Department of Transportation inspections, past history, and associated scores to compare with national averages

In December, AXA XL's North American construction business chose to appoint Meredith Baron to the position of Program Director for its Controlled Insurance Program.

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