The impact of rising insurance premiums on business operating overheads is becoming a concern for New Zealand fleet operators.
The commercial fleet insurance market has toughened significantly with increases in premium and claims deductibles as well as restrictions on policy coverage and reduced insurance capacity.
Risgon has formed an insurance model, focusing on the integration of risk management and insurance across its clients’ businesses.
“The best way to curb a trend of risk based premium increases is to actively identify, mitigate reduce the risks, ensuring that the insurer is aware, and importantly involved,” says risk and insurance director Garry Bray.
According to Risgon, there needs to be a game changer in terms of fleet insurance, and this is where Risgon formed its insurance model and has already achieved increased value for the premium dollar paid.
Risgon specialists drive the risk analysis and design the risk management strategy, allowing the team to guide their clients towards precise reduction in risk.
Risgon regularly runs checks and balances on New Zealand risk management product and service providers using performance criteria as set out in its supplier contracts.
The model requires all key stakeholders to focus, work and communicate on the agreed strategy and targets.
“Forming and maintaining an open relationship with the client, product/service provider and insurer means that a guaranteed and measured decrease in the overall risk footprint is obtained,” says Bray.
“This reduction in risk is tracked, documented and shared via high level reporting on a regular basis between all parties.”
