Survey reveals move to self-insurance and training to cut costs
Dramatic rate rises over the past year are forcing fleet managers to consider alternative solutions to their current insurance arrangements, according to a new survey.
The survey, conducted in April, shows that more than 75% of managers still have fully comprehensive insurance for their fleets.
But almost 70% are now considering proactive measures to reduce premiums, like increased self-insurance and better driver training.
The survey of 215 respondents was conducted by motor claims management company Town & Country Assistance, in conjunction with fleet industry publication Fleet News.
Town & Country chief executive Theodore Agnew said: "Many fleet managers are obviously facing severe pressure from their finance directors to reduce fleet cost.
"This means those service providers who enhance their offering can benefit from a longer, more profitable relationship with their clients."
The survey also reveals that more than 80% of managers prefer to handle their insurance through brokers.
Agnew said this was a good opportunity for brokers to add value to the risk management process.
"However, these issues cannot be left to the fleet manager and broker alone," he said. "Insurers need to take their share of responsibility by making sure their businesses are as streamlined and operationally efficient as possible in order to reduce the cost."