Guardrisk, South Africa’s leading specialist cell captive insurance group, offers a new technology that will ensure the best cover and peace of mind, when it comes to insuring company cars and fleet insurance.
Guardrisk, in conjunction with Genasys Technologies, has installed a state-of-the-art integrated commercial insurance and reinsurance system, Ski. “This one-stop single platform system is literally changing the way we do business,” says Kevin Eales, managing executive at Guardrisk.
Now, with Ski’s capability to offer functional administrative assistance, Guardrisk offers products, services and useful tools for intermediaries to manage their client’s risks. Aggregate self-insurance is one of the offerings and serves as an option of convenience to the insured and is mostly suited for motor fleet insurance. It enables the insured to set aggregate level of claims, a way of offering protection from regular losses whilst also enabling the insured to retain their own funds to be managed as a float for future claims payments below a particular pre-determined threshold.
The concept of aggregate deductibles allows the insured to carry the predictable losses within an agreed threshold and then pass on the larger losses to the insurer. This also reduces pay away premium and improves claim cost control for the insured. The functional simplicity of Ski is the enhancement of service delivery to the insured and it also ticks all the required regulatory and compliance boxes, providing benefits two-fold. Aggregate arrangements also play a role of assisting the broker with tracking the loss ratio and portfolio performance in the interest of the insured.
Eales adds: “The new system will be a significant competitive differentiator for Guardrisk; providing a platform to communicate with all stakeholders and exchange data as required and offers a customised insurance programme to respond to specific risk exposures; which is what makes it a stand-out service.”
Through the Ski system, reported discrepancies between the insured and insurer are virtually eliminated due to nature of the intelligent work model. Automated updates and notifications regarding the Aggregate are sent to relevant parties at previously defined intervals and claims are managed by the system setup which includes own damage versus third party losses allocation.
The implementation of Ski demonstrates Guardrisk’s quest to keep abreast with the latest technology as it allows for system integration with the web, various stakeholder applications and in the future, mobile applications. A key feature within the system is the Aggregate module that simplifies complex claims administration and underwriting, and improves accuracy on reporting.
“There is no doubt that Ski will improve stakeholders’ experience with Guardrisk, allowing for better, faster and safer communication,” concludes Eales.