Motor Fleet. Your guide to mid-market. Motor Fleet

Transcription

1 AXA Vantage Vantage Motor Fleet Your guide to mid-market Motor Fleet

2 Contents AAXA Vantage our mid-market proposition...3 Motor Fleet Market Insight...4 Why choose AXA for mid-market Motor Fleet?...5 What risks are we keen to write?...6 Our mid-market Motor Fleet proposition...7 How can our Risk Management enhance the service you offer? Claims Excellence and Transparency Value Added Services...14 Your key Motor Fleet contacts

3 AXA Vantage Our refreshed mid-market proposition What is AXA Vantage? We understand that when you place your client s mid-market business, you need more from your insurer than just a good product at a competitive price. AXA Vantage is our exciting sector specific proposition for midmarket commercial business between 10k and 100k. Here we outline the key components of our proposition which we believe demonstrate our significant appetite and expertise in mid-market. Branch Network Trading Tools Risk Management Claims Excellence Value Added Services Specialist mid-market knowledge across a variety of trade sectors. Unprecedented levels of empowerment to make decisions. Desire to support mutually beneficial tripartite relationships. A commitment to having a meaningful dialogue with you within 48 hours of receiving your mid-market enquiry. Our branches are empowered to apply a number of trading tools including: Exclusives Net Rating Low Claims Rebates Tripartite Service Agreements Long Term Agreements Risk Management Fund Flexible Instalment Plans Rate Stability Agreements. 50 in-house business resilience experts. 12 chartered liability specialist surveyors. 15 in-house specialists delivering motor fleet surveys. AXA is ranked 1st amongst its peer group of large composite insurers for mid-market claims service quality by Gracechurch Consulting. Dedicated Claims Relationship Managers. Trusted external partnerships. Transparent approach to claims. Comprehensive case level support to win and retain business. Range of technical training events for supporting brokers. Access to market-leading digital tools and apps. Support from Ignition (AXA s in-house marketing agency). 3

4 Motor Fleet Market Insight The commercial fleet market is worth around 2.5 billion and makes up two thirds of the total commercial vehicle market. The last few years have been tough leading to a downturn in investment in commercial vehicles. Claims costs have risen sharply and insurers have struggled to make a profit. In fact, the last time motor insurers made an underwriting profit was in 1993.* However the strengthening UK economy has begun to spur an increase in commercial vehicle registrations, with the Department of Transport forecasting that goods vehicles will be the fastestgrowing category of road traffic over the coming years.** The role of technology The sector is going through a period of dynamic change. Technology has the ability to improve fleet risks and reduce reporting times following an accident. The drivers of commercial vehicles fitted with telematics and vehicle monitoring systems are likely to become safer drivers if they know that information can be pulled from their vehicles. Vehicle monitoring systems can help to improve driving skills and cut down on the risk of accidents. Following an accident, reporting times are quicker, information clearer and decisions around liability can be reached quickly, which can cut down the cost of the claim. As well as technology that gives fleet managers information about driving, there have been advances in technology that will increase safety, such as autonomous braking systems and the option to add technology in retrospect, like alarms and alerts. Over the coming 15 years the introduction of new technologies is likely to have a dramatic impact on the way fleets are managed, allowing managers to keep league tables of the safest drivers. Despite these advances, challenges remain in the form of claims costs and fraud as well as the threat of fines under the Corporate Manslaughter Act. Claims uncertainty 2013 and 2014 were good years for claims inflation but the long term trend is upwards. There is general uncertainty around large loss claims due to the issue of periodical payments. Insurers often won t know the extent of a liability for many years and compensation levels may increase over time, especially in cases where medical and legal costs are involved, costs that have been increasing faster than inflation for some time. Repair costs can be controlled and negotiated, but third party injury claims have increased and continue to do so despite recent reforms. The UK continues to have the highest level of injury claims in Europe, despite having some of the safest roads. Credit hire and credit repair costs are also beyond the control of the industry. Fraud touches all areas of commercial vehicles and there is the danger that employees can be drawn into it. Ghost broking and staged accidents are not limited to personal lines. Brokers have an important role to play in helping their clients to understand where the risks to their fleets lie. They can make their mark by helping their clients to understand and modify management culture to improve driver safety and, of course, help them to choose insurance cover that represents best value for their risk. Sources: HSE, Institute of the Motor Industry *Ignition market analysis **ONS Labour Force Survey, August

5 Why choose AXA for mid-market Motor Fleet? We have proven expertise and experience in mid-market Motor Fleet. We are a stable insurer with a significant knowledge of the Fleet market and we currently provide cover for over 250,000 vehicles and 15,000 customers. Unlike other insurers, we have invested in, and continue to be committed to the Fleet segment. Brokers have recognised our commitment by continuing to place Motor Fleet business with us. In fact, our GWP has more than doubled in the last five years with over half of our GWP generated from mid-market cases between 10k and 100k. Why should you place mid-market Motor Fleet business with AXA? Winner of Brokers Insurer of the Year 2017 at the UK Broker Awards. Motor Fleet specific underwriting expertise and knowledge. A desire to trade, with increased local empowerment to write, trade and provide tailored customer service. Valuable broker support and tailored Motor Fleet training available. Award-winning claims service delivering award-winning initiatives. Ranked the largest insurer in the world by gross written premium by global ratings agency AM Best. AXA was one of the first insurers to achieve Chartered Insurer status from the Chartered Insurance Institute (CII) in AXA, ranked the No.1 global insurance brand by Interbrand from 2009 to

6 What trades are we keen to write? Our core mid-market Motor Fleet product accommodates larger Motor Fleet risks with premiums of 10k and above. Here we give you an insight into our risk appetite for Motor Fleet business. We will consider almost all trade sectors, so if you require any further information on our appetite or if you want to discuss a specific mid-market Motor Fleet risk, please contact your local AXA branch. We re very keen to write more of these trades Trades We have a broad appetite across almost all trade sectors including Haulage risks with good claims histories. Vehicles We write a wide range of vehicle types other than those outlined in the other tables. Other We will always try to accommodate customers who are willing to embrace good Fleet and risk management practices. We re interested but need more underwriting information from you Trades Waste Recycling or Removal Time critical delivery / Multi-Drop /Catalogue or Mail Order Delivery Breakdown and Recovery Vehicles Risks with large numbers of buses, coaches and mini-buses Skip Loaders Tankers (unless carrying water or food) carrying exclusively nonhazardous goods Vehicles equipped with Blue Lights which are not Emergency Services. Other Risks with predominantly Young Drivers or Agency Drivers Extensive carriage of hazardous goods New Ventures We would decline these trades Trades Emergency Services (Police, Fire and First Response Ambulances) What we deem high risk trades Couriers, Parcel delivery, Self- Drive Hire, Credit Hire, Accident management, Labour Gangers, Weapons Manufacture and Distribution, Tobacco Manufacturing, Animal Testing, Private Military or Personal Security Consultants. Vehicles Vehicles regularly carrying highly hazardous goods like toxic substances, petro-chemicals, explosives or radioactives Risks carrying passengers for hire and reward bus, coach and taxi Vehicles normally based at hazardous locations Refineries, Chemical Plants, Power stations, Nuclear Sites, Mines. Other High Risk Persons A list celebrities (Sport, Music, Film or TV). 6

7 Our mid-market Motor Fleet proposition Our priority is to understand your needs and the needs of your clients. We recognise that each Motor Fleet client is different and we tailor our approach accordingly. That s why we ve shaped our mid-market Motor Fleet proposition to use our expertise to provide flexible solutions. This means that you ll get the right cover at a competitive price all serviced to a high standard. Underwriting Approach & Policy Wording Ability to customise our offering to incorporate rate stability agreements, profit share and risk management funds. Clear and consistent underwriting philosophy. Long term commitment to the Fleet Market. Service Standards Dedicated Underwriters who specialise in Motor Fleet and understand both you and your clients needs. A consistently high level of service delivery incorporating Service Level Agreements where required. Clear and jargon-free policy wording. Ability to apply flexible limits to many extensions of cover. No mis-fuelling exclusion. Flexibility to adapt quickly to changing market needs (e.g. legislation and emerging risks). Claims Dedicated Claims Handlers to aid and track claims service. Nationwide coverage from our approved repairer network comprising of 392 repairers all holding PAS 125 certification. Added Value Services European Assistance package available free of charge. Flexible Residual Value cover on leased vehicles available. 7

8 Our mid-market Motor Fleet proposition product overview Our Motor Fleet product is designed with your mid-market clients in mind. The information presented is not exhaustive but provides a flavour of some of the covers, limits and options available as part of our Motor Fleet offering for mid-market clients. For further information on our Motor Fleet product, please contact your local AXA representative or visit axaconnect.co.uk to download a full summary of cover. Legal Liability to Third Parties Loss of or Damage to your vehicle Free European Assistance Cover including: Death of or bodily injury to anyone Damage to property up to: 20m (excluding costs and expenses) if the vehicle is shown in the schedule as a Private Car 5m (excluding costs and expenses) for any other vehicle shown in the schedule 5m for costs and expenses for any one claim or number of claims arising out of one event 5m in respect of terrorism 5m to defend a charge under the Corporate Manslaughter and Corporate Homicide Act 2007 Options Increased Property Damage limits for vehicles other than Private Cars Unlimited Audio Visual Communication and Guidance equipment where manufacturer fitted Up to 1,000 for Audio Visual Communication and Guidance equipment where not manufacturer fitted Loss or Theft of Keys cover up to 500 Replacement Vehicle cover where the cost of repairs exceed 60% of the manufacturers list price Private Cars within 12 months of registration as new Commercial Vehicles up to 3.5 Tonnes Gross Vehicle Weight within 6 months registration as new Options Flexible residual value cover on leased vehicles (GAP). Emergency Assistance and Towing Provision of Spare Parts Completion of journey cover Provision of alternative driver Repatriation of driver and passengers Repatriation of your immobilised or recovered vehicle Options Flexible residual value cover on leased vehicles (GAP). Free Uninsured Loss Recovery and Motor Prosecution Defence cover 100k limit where manufacturer fitted 8

9 Our mid-market Motor Fleet proposition Management Liability As a true Management Liability specialist, our cover offers your clients comprehensive coverage significantly beyond the market standard and exclusive access to expertise to prevent and/or mitigate claims. We have teamed up with law firm rradar to offer free expert legal, regulatory and risk management advice for MLP clients. Our comprehensive Management Liability Policy (MLP) provides any one claim sections for D&O, EPL and CLL and includes cover for: All regulatory investigations and prosecutions Fees for intervention (FFI) charges Employment claims (unfair dismissal, harassment, discrimination etc.) Defence and pursuit of contract disputes Pollution defence costs and clean up costs Employee dishonesty claims Pension claims rradarlegal rradar s experienced legal experts offer support and representation in all specialist areas, giving clients the best advice when they need it the most. UK wide coverage Full legal privilege Qualified solicitors and specialist practitioners All investigation, prosecutions and defence coverage 24/7 crisis service rradargrace For legal questions on the go or in the office, rradar s voice activated legal support app rradargrace can answer an ever-expanding range of legal FAQs at the click of a button. rradarstation rradarstation: rradar s team of sector specialists and legal resource website, provides clients with bespoke legal advice via telephone or and access to online guidance pages, downloadable templates, how to guides, helpful videos and podcasts, covering all major topic areas including but not limited to: Human resources and employment Health, safety and environment Risk management Company, business and commercial rradarreport The rradarreport app enables businesses and their employees to record incidents and accidents in real time, wherever they are working. Real time data collection can make a huge difference to risk recording, management and evidential procedures under claims, potentially minimising claim damage. For further information on our Management Liability product, visit axaconnect.co.uk/mlp or contact your AXA representative. 9

10 How can our Risk Management proposition enhance the service you offer? Our Risk Management team is highly experienced in all aspects of Motor Fleet Risk Management. What we can offer you Specialist People 50 Business Resilience experts located throughout the UK supporting single, multisite or European location programmes. One of the most experienced loss prevention teams of any UK insurer with more than 875 combined years of experience. 12 chartered liability specialist surveyors with Level 3 food safety qualifications, 90% of the total survey team hold formal Health & Safety qualifications. 3 fully trained and qualified sprinkler engineers that are backed up with an additional 10 team members who can also undertake annual sprinkler testing. Specialist Service You will have the same Business Resilience Manager expert for the duration of your policy which means that we can respond quickly to any process modifications or location changes your business may encounter. Bespoke specialist services to provide high quality risk solutions, such as electrical inspection, reinstatement valuations and protection of vacant buildings. We offer advice on areas such as fire, business interruption, weather, security, motor and liability risks. Our 15 in-house motor fleet specialists make things easy for you by delivering standalone or combined surveys. Clients can access a multitude of online assessments and training courses as well as a legal helpline where all advice is provided under privilege. Health and Safety and Driving at Work Driving remains one of the most challenging activities we can do at work. According to the Health and Safety Executive, more than a quarter of all road traffic incidents may involve somebody who is driving as part of their work. There are also numerous activities within motor loss prevention that have become legal requirements. We understand that the compliance surrounding these requirements can be daunting. Our Risk Management team has the expertise to support your client s compliance, reduce claims frequency, improve fuel economy and whole life vehicle costs. 10

11 Claims Excellence and Transparency Our award-winning Claims service Our dedicated Relationship Management and Handling team truly understand your clients needs in the event of a claim. This is the service you can expect from AXA if one of your Motor Fleet clients needs to make a claim: Services 75% of repairs are completed within 10 days We give you 24hr/365 days a year access to claims assistance with an easy and flexible notification process. You will have access to our trusted external (local and international) partnerships including solicitors, loss adjusters and mediation specialists. By teaming up with Feefo, your customers can publicly post their rating and comments online about the service and experience they received from AXA when making a claim. Making Claims Clear is our award-winning transparency initiative. We ve developed a library of documents to help your customers understand what is and isn t covered by our policies. Courtesy cars and vans are provided when using AXA approved repairers. A mobile repair service including catalytic converters is also available 285 is the average saving per claim when using the Approved Repairer Network 83% of all vehicle total loss claims agreed and settled within 10 days All engineers hold the appropriate industry professional qualification People We have an award-winning Large Loss team as well as dedicated Claims Handlers who deal with specialist Motor Fleet. Your dedicated Claims Relationship Manager will ensure the smooth-running of the account. Universally accredited fraud technical experts with recognised qualifications within the insurance and anti-fraud industries. Nationwide coverage from our approved repairer network comprising of 392 repairers all holding PAS 125 certification 80% of repairs are inspected and authorised within 3 days via our in-house engineers, upon receipt of a non-approved repairer estimate Over 13,000 repairs managed through our approved repairer network in % of all AXA Approved Repairer cases are auto authorised Tools We ll supply you with bespoke monthly claims MI, enabling us to analyse performance and trends around an individual client s claims portfolio. eserve, our online Claims tracking tool, allows you to see how your customer s claim is going, as it s going. Faster payments pays within 2 hours when a settlement is made directly to our policyholders bank account to reduce inconvenience and enhance customer service. Awards 2015 Insurance Times Awards Claims Initiative of the Year 2015 CII Public Interest Awards Best Campaign in the Public Interest (Marketing or Advertising) category Claims Transparency 2015 British Insurance Awards Insurer Claims Initiative of the Year 2015 National Agile Awards Best Agile Team, eserve Claims team 11

12 Claims case study 1: Fraud The claimants alleged they had become stuck on a grass verge after skidding due to snowy weather when the insured vehicle lost control on the same corner, collided with the rear of their car and shunted the Claimant s vehicle forward into a lamp post. Claims were made for vehicle damage and injury to the third party driver and a male and female passenger totalling 80,000. Our insured driver confirmed he had skidded and collided with the rear of the third party vehicle but it had already hit the lamp post. He stated he was travelling at low speed (5-10 mph) prior to the impact and advised that when speaking to the occupants at the scene they advised that the RAC had already attended and that the RAC had refused to move the vehicle as it was wrapped around the lamp post. In light of the circumstances and our insured s insistence that he was not responsible, AXA carried out extensive investigations with all relevant parties and submitted disclosure requests for copies of the call recordings between the third party and the RAC. AXA received recordings of the calls between the first Claimant andthe RAC which confirms that they were contacted prior to the insured colliding with the rear of their vehicle. In the first instance at the first Claimant advised that he had collided with a street light, he was stuck and he thought that it was a write off. He then called back at advising that the vehicle had now been hit in the back. It is noticeable upon listening to these calls that the claimant s attitude and story changes. During the second conversation the claimant states that his car was fine before and that he was simply stuck, and he asks about getting a courtesy car because the driver had admitted liability. Proceedings were issued and the case was defended on the basis of exaggerated claim for injury and loss and a bogus additional passenger claim. Fraud was pleaded within the defence and the case was set down for trial. It should be noted that our insured driver resides in the Virgin Islands and took time and effort out of his busy life to assist AXA Insurance with the defence of this claim. AXA paid for his travel expenses to fly over to the UK for the trial. Despite numerous discussions with the third party and their Legal team where we highlighted the inconsistencies in their case, they insisted on proceeding, hoping to call our bluff and expecting a settlement offer. AXA stood firm and no such offer was provided. On the day of the trial the claimants asked for a few minutes which was granted and at this time they issued a notice of discontinuance. The judge approved this notice but awarded the defendant indemnity costs in the sum of 15,500 payable within 21 days to AXA Insurance. Unsurprisingly, the costs payment was not received, so AXA decided to proceed to bankruptcy hearings with the third parties as they had no known assets. On the day before this hearing was due to take place the claimants paid our costs in full. Our full file of papers was passed to the CPS to consider committal proceedings against all three claimants as we gathered such good evidence against them all. The client and broker were delighted with the outcome, and particularly with the fact that AXA had supported them and maintained a firm denial of this case all the way to trial, reaffirming our zero tolerance approach to fraud. 12

13 Claims case study 2: Theft The insured vehicle was stolen and reported to AXA on 28 November The validation process began on 1 December 2014 and no concerns were highlighted. The brokers had advised this was a difficult time for the insured, as a loss of vehicle severely impacted his ability to trade. In light of this information, a Senior Claims Handler took ownership of the claim and liaised with both the brokers and the policyholder to finalise the claim validation as quickly and efficiently as possible. On 12 December, the insured contacted AXA advising he wished to hand deliver documents to AXA as he feared they would get lost in the mail. When the insured arrived at the office, the Handler took the time to listen to his concerns about the vehicle itself amongst various other associated details. The Claims Handler explained the process, clarified some of the theft circumstances again and also explained that we would value the vehicle on market evidence, in turn settling the claimants concerns regarding the vehicle valuation. The insured left the office extremely impressed with the service he d received and thanked the Handler for taking the time to speak with him. The claim was settled on the 17 December with the insured accepting our first valuation offer. The insured was very complimentary about the Claims service to his brokers who were also incredibly impressed with the service both they and their client had received. 13

14 Value Added Services We ve introduced a host of additional services for brokers who are actively committed to working with us to grow our mid-market Motor Fleet book of business. It s not just brokers who benefit; clients will also have access to a range of valuable services. Business Interruption Calculator Designed to simplify a BI sum insured/limit of indemnity periods. Can be used by the broker or the client/accountant. Broker value added services support for the right risk Extensive support will be made available to all brokers to secure the right Motor Fleet mid-market case: AXA risk control/broker pre-quote on-site customer review Prior to the provision of underwriting and trading terms this enables your customer to meet with a local AXA Risk Control Surveyor to better understand our pragmatic approach to risk management. Involving the customer from inception has proven to increase conversion through better pricing and more certainty regarding the suitability of their current risk management programme. Client value added services support for the right risk Preferential instalment plans to support cash flow planning Risk management contribution to support agreed risk Low claims refund rewarding clients who have superior claims experience (as an alternative to a rate stability agreement) Rate stability agreement to enable clients with a superior loss ratio to accurately budget for their insurance premiumss Riskhelp designed to assist UK businesses to gain a better understanding of their legal responsibilities, common business hazards as well standard market business insurance policy wordings. Access and support from local AXA Motor Fleet experts including help with joint pipeline prospecting, benefit selling AXA policy and extension wordings, plus local risk management training such as alarm specifications. 14

15 Value Added Services Grow your people (CII accredited structured learning) Grow your business (Delivered by Ignition NBS Ltd.) AXA Vantage app Supporting mid-market brokers will have access to a range of additional benefits designed to develop your people: Mid-market Motor Fleet specific technical, risk management and claims training plus regular market briefings Local team skills training on topics such as price negotiation, customer segmentation and contact planning Access to leadership training events such as our popular leadership seminars in Bordeaux, Paris and the UK Funding support for CII Regional Broker Academy workshops (with top up funding if also Chartered) Invitations to mid-market specific broker events and seminars with access to the Senior AXA Leadership team. Supporting mid-market brokers will have access to a range of additional benefits designed to develop your business: Subsidised access to new AXA digital tools such as the awardwinning endcustomer.co.uk, which provides brokers with real time desktop access to a range of client data sets to help you profile and win customers Access to data and profiling services to help validate and enrich your local mid-market pipeline and undertake joint prospecting Marketing consultancy and execution across the complete range of marketing services, including; lead generation, training, web and social media design and build, video production, creative design services such as brand or campaigns/print solutions and access to the Ignition CRM bulk campaign tool AXA Motor Fleet specific marketing campaigns. We ve developed a new mobile app which offers you personalised news and knowledge at your fingertips. The AXA Vantage app is available to download via the App Store for free. The Vantage app offers you multiple benefits, including: Rolling news from a range of UK industry sectors including Motor Fleet A My news section to personalise your experience and only see the industry news that interests you The latest insurance trade news Keep up to date with the latest AXA Vantage developments Refreshed content every 15 minutes, so you ll never miss the latest stories Users can share articles by , Facebook and Twitter Favourite interesting articles to read at a time that suits you. Apple and the Apple logo are trademarks of Apple Inc., registered in the U.S. and other countries. App Store is a service mark of Apple Inc., registered in the U.S. and other countries. Download the app today via the App Store. Search AXA Vantage 15

16 Your key Motor Fleet contacts Our branches want to talk to you about AXA Vantage. To discuss specific midmarket Motor Fleet opportunities, please contact your local branch specialist. Leeds Branch Kay Nicholls National Trading Centre Bolton Michael Peacock Manchester Branch Yaz Umarjee Birmingham Branch David Smith Darren Lancashire Bristol & Cardiff Branches Nick Milton Scotland Branch Gary Anderson Newcastle Branch Lee Makin Reading Branch Andy Krasnik London Branch Richard Gregory Lee Fairbrass Ipswich Branch Graham Unsworth Maidstone Branch Rita Swords

17 AXA Vantage Motor Fleet AXA Insurance UK plc Registered in England and Wales No Registered Office: 5 Old Broad Street, London EC2N 1AD. A member of the AXA Group of companies. AXA Insurance UK plc is authorised by the Prudential Regulation Authority and regulated by the FinancialConduct Authority and the Prudential Regulation Authority. FCA number Telephone calls may be monitored and recorded.