Information Memorandum for Insurance Broking And Risk Manage

KENNARDS SELF STORAGE

Overview The purpose of the analysis is to provide a regular summary of claims to monitor the frequency and cost of risk and to identify and initiate the correction of adverse trends. The analysis compares fleet claims performance for respective 12-month insurance periods. All claims when reported are assigned 'liability' and 'cause' codes and the results are compared to the CGU Benchmarks for commercial motor fleets. While this report gives a comprehensive analysis of property damage costs as a result of vehicle collisions, consideration should be given to personal injury and other hidden costs associated with collisions. This will provide a greater understanding of the full impact fleet collisions. Also while it is necessary to implement strategies to reduce collision costs it is also vital these strategies are in place to assist in meeting responsibilities under the WH&S Act. CGU Fleet Claim Summary The CGU Fleet Claims Summary provides a ‘snapshot’ of your fleets’ claim performance through each insurance period using current claims data. The claims data for current insurance period is annualised to reflect a projection of claims should current trends prevail. Loss Identification CGU assign codes based on the description of loss when the claim is lodged, to determine responsibility for the loss and where to attribute costs. CGU also assign one of over 21 separate cause & circumstance codes according to how the loss occurred, based on the data recorded at the time of claim entry. Allocation of fleet claims to Cost Centres identifies performance of respective divisions within an organisation and assigns responsibility to that division. This assists in determining not only where losses are occurring but also where risk prevention strategies should be implemented to reduce and avoid future losses. If provided CGU assign cost centre codes to each claim according to the information completed on the claim form. NB: It is also more meaningful to relate incidence and costs to the composition of the fleet by division. Reports are provided to identify correlations of liability, cause and cost centre to provide a clear indication as to the exposure to risks of our clients’ fleet. Once identified, Fleet and Risk Managers can determine areas that require attention to reduce losses. Risk Management Our Motor Risk Management Team is focused on reducing your claims cost and improving safety through; trend analysis, risk reduction strategies, business performance surveys, performance reporting and risk training material. The team's aim is to help customers develop and maintain a safety first culture. For further information please contact the team at cgumotorrisk.management@cgu.com.au.

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