In an increasingly tough business environment operators are desperately searching for every possible cost saving, both large and small.
For no upfront investment, NTI customers can engage in-house risk engineers to undertake a complementary risk assessment of your operations.
Customers who have undertaken the insurance provider’s risk assessment process and taken on board the recommendations have experienced marked reductions in vehicle downtime as well as a reduction in claims and claim costs.
In an industry where time truly is money, customers saw both the number of vehicles off road – and time off road – decline.
The total number of days off road was reduced by a whopping 77 per cent, dropping from 37 vehicles off road for a total of 1940 days to 13 vehicles off road for a total of 442 days.
Average days off road per vehicle dropped from 52 days to 34 days.
What’s more, 73 per cent of customers had fewer accidents and 67 per cent experienced a reduction in average costs per claim (down by an average of $200,000) following the risk assessment.
“We have also seen that customers who engage our risk engineers generally have improved overall business performance,” said NTI heavy motor risk engineer Paul Bressan.
What’s involved?
Originally focused on customers experiencing higher claims and/or claims costs, NTI offers free risk assessments to eligible customers as part of its broader commitment to supporting industry.
To kick off the process NTI’s risk engineers meet with relevant managers and team members to understand the business’ details and requirements.
This meeting can be virtual though the preference is to visit the customer’s site and meet face-to-face.
Bressan says this “diagnostic” generally takes 60-90 minutes and includes a post-loss examination to identify contributing factors to previous incidents.
The NTI team also looks at other key risk factors, including education and training of staff, asset management (including whether any technologies have been retrofitted to vehicles), incident investigation processes, and site security, etc.
“Once we unpack all the information we identify any gaps in the customer’s safety compliance framework and make recommendations for addressing them, bespoke to the customer’s needs. In many cases we provide the tools to do this, given the resources that we have available to us as industry specialists,” Bressan said.
Key risks commonly identified include a shortage of experienced drivers; and the time and cost constraints for operators when it comes to training and development. The latter is often attributed to deadline-dependant carriers and client expectations regarding Direct In-Full On-Time (DIFOT) obligations from the carrier.
“Additionally, we find many customers don’t have the luxury of dedicated training and safety staff to address training requirements and investigate incidents thoroughly enough to identify the contributing factors, root cause and desired correcting action impact,” Bressan added.
“Overall, carriers and drivers alike are working hard, doing the best they can to meet requirements and keep up with the demands they face on a day-to-day basis.”
What are the benefits?
At the end of the process, NTI completes a risk assessment report that they share with the customer. This report will typically include a customer overview; engagement offered and its expected content; recommendations and collateral as required; and timeframes for any follow-up actions.
The tailored report also includes practical steps operators can apply to make operations safer, leading to better staff retention, improved efficiency, and reduced repair and insurance costs.
Importantly, as industry specialists the NTI team can help businesses not only manage risks but improve safety, optimise processes and operate more efficiently.
“We believe our risk engineers are unique. Not only do they understand risk management and insurance, they’re also industry specialists. This knowledge helps them better understand your business and create appropriate solutions to address the unique challenges you face,” Bressan said.
“The NTI team will also aim to identify the business’ strengths to extend its competitive advantage and grow in those areas.”
*This article contains general information only and you should obtain your own professional advice based on your personal and business circumstances. NTI bears no responsibility, and shall not be held liable, for any loss, damage or injury arising directly or indirectly from your use of or reliance on the information in this article.