Canal Insurance...Loss Analysis –Costs Involved $50,000.00 $100,000.00 $150,000.00 $200,000.00...
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Canal Insurance Risk Management Services
Transcript of Canal Insurance...Loss Analysis –Costs Involved $50,000.00 $100,000.00 $150,000.00 $200,000.00...
Canal InsuranceRisk Management Services
Risk Management Services
• On site meetings with insureds to assess overall operation in
relation to Safety, Compliance & Training.
• Provide Loss Prevention Services creating individual Action
Plans to address needs in an effort to reduce risk exposure
and loss.
• Open lines of communication to build a team relationship
with the insured.
Risk Management Insured Assessments
• Review of Operation
• Review of Operational Procedures
• Review of Loss Control Practices
• Review of Loss History & Accident Trending Analysis
• Review of Department of Transportation Compliance
Review of Operation
• Who
– Ownership, Management, Company and/or Owner Operator Based
• What
– Type of Carrier: Dry Van, Tanker, Reefer, Dump, Intermodal, Niche Carrier, Commodity
• Where
– Radius, Lanes of Operation, Dedicated Routes, Multiple Terminals
• When
– 24/7, Slip Seat, Teams
• How
– Customer Direct, Brokerage
Operational Procedures
• Industry Standards
– Best Practices
• Management of Telematics Data
– ELDs, Critical Event Records
• Maintenance
– In House, Vendors, Owner Operators, Documented PM Program
• Followed Hiring Guidelines
– Driver Standards on Experience, Moving Violation History, Accident History
• Enforced Written Policies and Procedures
Loss Control Practices
• Applicant Process
– Recruitment, Retention
• Company Philosophy
– All Involved & Responsible for Safety
• Orientation
– Clearly Defined Expectations
• Training
– Continuous, Remedial, One-on-One, Group Sessions, On-line Programs
• Documented Actions
Loss History
• Frequency Issue
• Severity Issue
• Direct Prompt Reporting
• Documentation of Scene
– Electronic Photos, Videos (Cell Phone)
• Driver History
• Driver Qualification File
• Vehicle Maintenance File
• Claims Management Assistance
Accident Trending & Analysis
Completed by RMS
• Analysis of Claim Activity Throughout Policy Periods
• Type of Event
• Day of Week
• Time of Day
• Location
• Cost Involved
Loss Analysis – Claims Reporting
Insured68%
Insured Agent1%
Claimant Attorney
2%
Claimant8%
Claimant Carrier21%
Who Reports Claims
Insured Insured Agent Claimant Attorney Claimant Claimant Carrier
0
5
10
15
20
25
Average Days to Report
Insured Insured Agent Claimant Attorney Claimant Claimant Carrier
Liability Claims Per Type of Accident
Lane Change/Merging or Sideswipe16%
Fixed Object Collision14%
Not at Fault15%
Rear End 13%
Rollover11%
Turning10%
Parked/Stopped5%
Vehicle Maintenance3%
Ran Off Road3%
Other3%
Backing/Parking3%
Rock/Road Debris2%
Cargo Securement/Load Shifted2%
Lane Change/Merging orSideswipeFixed Object Collision
Not at Fault
Rear End
Rollover
Turning
Parked/Stopped
Vehicle Maintenance
Ran Off Road
Other
Backing/Parking
Loss Analysis – Costs Involved
$-
$50,000.00
$100,000.00
$150,000.00
$200,000.00
$250,000.00
$300,000.00
Net Incurred By Type of Accident
Rollover Lane Change/Merging or Sideswipe
Rear End Fixed Object Collision
Ran Off Road Not at Fault
Turning Other
Vehicle Maintenance Backing/Parking
Parked/Stopped Cargo Securement/Load Shifted
Rock/Road Debris
$-
$5,000.00
$10,000.00
$15,000.00
$20,000.00
$25,000.00
$30,000.00
$35,000.00
$40,000.00
Average Paid Per Type of Accident
Rollover Ran Off Road
Rear End Lane Change/Merging or Sideswipe
Fixed Object Collision Other
Vehicle Maintenance Backing/Parking
Turning Not at Fault
Parked/Stopped Cargo Securement/Load Shifted
Rock/Road Debris
Loss Analysis – Day of Week
0
2
4
6
8
10
12
14
16
18
Number of Claims by Day of the Week
Sunday Monday Tuesday Wednesday Thursday Friday Saturday
$-
$50,000.00
$100,000.00
$150,000.00
$200,000.00
$250,000.00
Net Incurred by Day of the Week
Sunday Monday Tuesday Wednesday Thursday Friday Saturday
Loss Analysis – Month and Time of Day
0
2
4
6
8
10
12
Number of Claims Per Month
January February March April May June
July August September October November December
0
2
4
6
8
10
12
14
Number of Claims Per Time of Day
12am-2am 4am-6am 6am-8am 8am-10am
10am-12pm 12pm-2pm 2pm-4pm 4pm-6pm
6pm-8pm 8pm-10pm 10pm-12am
Loss Analysis – Location of Event
0
5
10
15
20
25
30
35
Number of Claims Per Road Type
Intersection Truck Stop Customer/Distribution Facility Highway Interstate City-Street Four Lane Divided
DOT Compliance
• SMS Basic Analysis
• Review of Road Side Inspection History
• Internal Documentation, Meet Requirements of the FMCSA
• Internal Policies & Procedures Current and Following
FMCSA Regulations
Safety Measurement System Review
SMS Basic Analysis
SMS Basic Analysis
SMS Basic Analysis – ISS History
SMS Basic Analysis History
Action Plans
• Recommendations Based off of Analysis of On-Site Meeting
– Clearly Defined
– Provide Services/Resources (we do not point fingers & just walk away)
– DOT Compliance Guidance
– Materials
– Safety/Training, Programs, Outlines
– Sample Manuals
– Share Best Practices
– Regulatory Updates
– Clear Line of Communication, Continuous Engagement
Value Based Partnerships
• Drive-Cam / LYTX
– Dashboard Mounted Video Systems
– Capture of Coachable Events
– Greatest Discount/Subsidy Program Offered throughout
Industry
– Purpose is to Correct Behaviors Prior to Collision Based
Event
– https://www.lytx.com/en-us/
Value Based Partnerships
• Vertical Alliance Group
– Infiniti-I Workforce System
– Online Training
– Specific Plan Created for Carriers Needs/Wants
– Continuous Update
– Orientation, Remedial, Continuous
– Discounted Rate
– https://www.infinitiworkforce.com/industries/trucking/over
view/
Value Based Partnerships
• Carrier Software
– SMS Analysis
– Daily Monitoring & Notification of Roadside Inspection
Events
– Program Provided at No Cost to Canal Insureds
– https://www.sms-analysis.net/
RMS Staff
• Marty Maroney– Manager of Risk Management
Department
– 20+ Years Claims and Risk Management Experience
– Extensive History in Complex Claims Management
– Directly Involved in Claims Review Conferences
– Personal Interactions with all Insureds
– Based in Greenville SC
• Christopher “Topper” Carsten– Loss Prevention Specialist
– 3 Years Experience in Claims and Risk Management
– Canal REACH Program
– Geographic Area of Responsibility includes: Alabama, Florida, Georgia, Mississippi, North Carolina, South Carolina
– Based in Greenville SC
RMS Staff
• David Kuehn– Sr. Loss Prevention Specialist
– 20+ Years in the
Transportation/Insurance Industry
– Experienced in all aspects of
Transportation Logistics
Management
– Geographic Area of Responsibility
Includes: Arkansas, Colorado,
Missouri, Oklahoma, Texas
– Based in Texas
• Bob Perew– Sr. Loss Prevention Specialist
– 40+ Years in the Transportation/Insurance Industry
– Landstar Fleet Owner & Safety Director for 20+ Years
– Served as V.P. of Risk Management Department of Carolina Casualty for 16 Years
– Geographic Area of Responsibility Includes: Illinois, Indiana, Iowa, Kentucky, Michigan, Minnesota, Tennessee, Wisconsin
– Based in Indiana
RMS Staff
• Paul Poplaski– Sr. Loss Prevention Specialist
– 12 Years Experience in the Transportation/Insurance Industry
– 20+ Years of Law Enforcement
– Geographic Area of Responsibility Includes: Connecticut, Delaware, Maine, Maryland, New Hampshire, New Jersey, Ohio, Pennsylvania, Vermont, Virginia, West Virginia
– Based in New York
• Susan Ogle– Sr. Loss Prevention Specialist
– 30+ Years Experience in the Transportation/Insurance Industry
– Specialty in Multiple Lines of Coverages Including Property, Liability, Workers Compensation
– Geographic Area of responsibility includes: Arizona, California, Idaho, Nevada, Oregon, Utah, Washington
– Based in Arizona
Who We Are
Canal Insurance Company
• Founded in 1939
– First Long Haul Transportation Insurance Company
• Aggressive Claims Management With 24/7/365 Response
• On-Line Services Include the Following:
– Claims Reporting & Portal to Canal Insured Risk Management 360 for Insured’s Access to Safety Materials
– https://canalinsurance.com/report-a-loss/
– Canal App at Apple Store & Google Play
– https://canalinsurance.com/safety-leadership/#rms
– https://canalinsurance.com/about-us/our-history/
Thank You
