Insurance of fleets has been lacking transparency. Knowledge on how the premium and claims compare to the market benchmark provides an information edge in negotiations with suppliers and support business cases for cost saving initiatives.
Interpretation and integration of data from multiple suppliers is a challenge. Our specialized Business Intelligence software converts all data into a uniform format in order to enable assessment of baseline costs and like for like comparisons.
It is not only the premium or leasetariff. The costs also include insurance premium taxes (up to 40% in some countries), non-recoverable vat and most importantly deductibles. The Benchmark reveals the hidden costs
Claims costs consist of paid amounts, reserves for anticipated claims payouts and recoveries. The last two are not certainties and insurers have widely varying practices on the level of setting these amounts.