Understanding the Confirmed Claims Experience document

In the realm of fleet insurance, managing risk and understanding claims history are crucial for businesses looking to optimise their insurance coverage and costs. One important tool that fleet operators can utilise is the Confirmed Claims Experience (CCE) document. This article will explain what a Confirmed Claims Experience document is, its significance, and how it can benefit fleet operators.

What is a Confirmed Claims Experience document?

A Confirmed Claims Experience document is an official record provided by an insurance company that outlines a fleet operator's claims history over a specified period. This document details all claims made by the fleet, the amounts paid, and any outstanding claims. It serves as a comprehensive summary of the fleet's claims experience, which can be critical for both current and future insurance needs.

Key components of a Confirmed Claims Experience document

1. Claims listing: The document typically includes a detailed list of all claims made during the specified period, including dates, types of claims (e.g., collision, liability, theft), and the status of each claim (settled, pending, or denied).
2. Financial details: For each claim, the document outlines the financial implications, including the total amount paid or reserved by the insurer, any deductibles, and the expected or final cost of each claim.
3. Claims frequency: The document may also provide insights into the frequency of claims (i.e how often a claim is occurring within the fleet which can be a critical factor in determining future premium rates and coverage options.
4. Claims ratio: Insurers will use the claims experience document to calculate the performance of a fleet. If your claims are less than the premium collected, we should achieve a positive outcome. Conversely, if the value of your claims exceeds the premium, a rate adjustment will be necessary to ensure your insurer can adequately cover the costs of insuring your fleet.

Importance of the Confirmed Claims Experience document

1. Premium negotiation: A positive claims history, as reflected in the Confirmed Claims Experience document, can be a powerful tool during negotiations with insurers. Fleet operators with a low frequency of claims may be able to secure lower premiums or more favourable terms.
2. Risk management: In reviewing claims history, we can identify patterns or recurring issues that may need to be addressed. This insight can lead to improved risk management strategies, such as enhanced driver training or vehicle maintenance programmes, ultimately reducing the likelihood of future claims.
3. Insurance applications: When applying for new insurance coverage or renewing existing policies, insurers always require a Confirmed Claims Experience document. Providing this document can streamline the application process and help insurers assess the risk associated with insuring the fleet.
4. Compliance and record keeping: Maintaining an accurate and up-to-date Claims Experience document is essential for compliance with insurance regulations and for internal record-keeping. It ensures that fleet operators have a clear understanding of their insurance history and obligations.

Best practices for managing claims experience

• Regular review: Fleet operators should regularly review their Confirmed Claims Experience document to stay informed about their claims history and identify areas for improvement.
• Implement risk mitigation strategies: Use insights gained from the claims history to implement effective risk management strategies, such as driver training programmes, regular vehicle inspections, and safety protocols.
• Document everything: Keep thorough records of all incidents, claims, and communications with insurers. This documentation can be invaluable in resolving disputes and ensuring accurate claims reporting.

The Confirmed Claims Experience document is a vital resource for fleet operators, providing a comprehensive overview of their claims history and its implications for insurance coverage and costs. By understanding the significance of this document and actively managing their claims experience, fleet operators can enhance their risk management strategies, negotiate better insurance terms, and ultimately protect their bottom line. For fleet operators looking to optimise their insurance experience, leveraging the insights from the Confirmed Claims Experience document is a crucial step toward achieving long-term success.

If you need any assistance with regards to your CCE document please do not hesitate to reach out or speak to your Marsh adviser at any point.