Lumley General Insurance (N.Z.) Ltd

Their business

Lumley develop, underwrite and market insurance. In addition they offer their transport and logistics clients a suite of fleet risk management support services for the purpose of reducing crash rates by identifying and limiting risk. These services are prepared and delivered by a specialist team at Lumley, the Torque Fleet Risk Management team.

Their challenge

The Torque team wanted to be able to effectively establish a true assessment of the risks their clients faced on a day to day basis. In most cases, client companies had health and safety policies, but the Lumley team found it difficult to assess how effectively these policies were being executed at ground level This knowledge was imperative if effective strategies were to be put in place to improve performance, reduce claims and minimise risks.

Their framework in action

A "Formula for Excellence" was created to measure current fleet management performance by Success Formula in conjunction with the Torque team.  The formula defines best practice for the management of vehicle fleets, which is then supported by Torque’s Traction programme of support tools and services to manage a client’s fleet more effectively.

Selected clients now regularly get their staff to rate the businesses effectiveness at managing their fleet against the Formula for Excellence. The results of this online measurement provide reports which enable the Torque team to effectively support their clients, with the desired outcome being a long term reduction in client claims. They are now in the enviable industry position of collecting meaningful and significant fleet risk management benchmark data, and will be able to use the information for greater industry knowledge and innovation.

Through the operation of their best practice Formula for Excellence in Fleet Risk Management, Lumley will be an industry leader generating greater client engagement and, more effectively, reduce their risks efficiently.  They are providing a high value-add service to their clients, further differentiating Lumley as an insurer of choice.

Comment from Lumley Fleet Risk Management Team Member.

“Using the formula means I have the right information to help my clients.  What is exciting for me is that their own staff have  identified the risks and opportunities for improvement, not an outsider, and this I believe is more meaningful for the management team.

The formula gives us [Lumley] an overarching umbrella that pulls together the components of our support offer.  We get a comprehensive snapshot of what is going on and we can focus and prioritise to support change management.  Previously we could highlight the risks but had difficulty identifying if effective actions had taken place.”