Challenge

After operating for 20 years, a large provider of road safety patrols and automotive safety services had outgrown its insurance program. Now operating in multiple states, it had seven different workers' compensation programs written individually within each state's assigned risk pool, making them inefficient and costly. In addition, each policy had a different effective date, resulting in an administrative nightmare.

Due to the high-hazard nature of this company's operations, many carriers shied away from insuring the business. The company had heavy on-the-road exposures coupled with high-severity risks from the workers' compensation and automobile liability perspective. They asked Hylant for help.

Solution

Knowing that the client needed insurers to view its business favorably, Hylant guided the executive team in creating a presentation that highlighted its safety culture. The presentation focused on the client's strong fleet management processes through the use of innovative telematics, as well as its efforts to provide robust data to proactively respond to and control losses.

Then, Hylant approached more than 25 insurers to find the best fit for the organization. With the chosen insurance partner, we explored two program options for the client? one to mirror the guaranteed-cost basis they were currently using, and one using a loss-sensitive approach.

Together with the insurer and the client, we were able to unify seven workers' compensation programs into one, with a single effective date. The final solution also resulted in cost savings for the client.

Focusing insurers' attention on this client's safety orientation yielded not only bids for their business, but also a more efficient and less expensive program. Let Hylant help you put your best foot forward in the business insurance marketplace.