AXA XL launches fleet management benchmarking service | Insurance Business America
AXA XL’s construction insurance team has added a fleet management benchmarking service to its loss-prevention services.
The new service will allow contractor clients to see how their corporate fleet programs and vehicle loss history compare to their peers.
“Through this service, we intend to examine contractor fleet management practices with the purpose of comparing to other insureds,” said Greg Troxell, senior risk engineer for AXA XL’s construction insurance team. “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,” said Brian Lordson, senior risk engineer at AXA XL. “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,” Troxell said. “We expect the benchmark process to afford them an opportunity to be more competitive in their market through potential cost reduction results.”
With the new benchmarking service, AXA XL clients will receive a risk engineer’s analysis, after which they will be given a detailed report, along with an anonymized comparison to similar contractors. After a debrief and alignment on the report, AXA XL will provide recommendations to assist with the client’s improvement to their fleet safety program.
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As part of the benchmarking service, AXA XL’s construction risk engineering team will review five categories:
- Corporate fleet program and operations: Written programs, best practices, and operations related to fleet risk management
- Fleet vehicle management: Programs and practices to maintain fleet vehicles
- Technology: Adoption and use of fleet technology and vehicle features
- Loss experiences and exposure: Loss trends of frequency and severity in available loss experience data and high-risk exposures for types of fleet and operations
- Safety and Fitness Electronic Records (SAFER) score: Review of Department of Transportation inspections, history, and applicable SAFER score to compare with national averages
In December, AXA XL’s North America construction business appointed Meredith Baron to lead its Controlled Insurance Program.
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