risk Flashcards
why is it important that we handle risk in our business?
minimise the losses of the business
keep situations under control so they dont become a danger to the business
reducing losses to our assets by being accurate at the beginning and enf of the rental journey (ax/xx and underwriting)
what is the risk portal
online platform that shows all areas in which the business is put at risk and highlights
undoc damage
uncollected xs
underwriting issues
what is included in the health and safety report?
fire assembly point
fire evacuation process
fire drill log
accident log
what should new hires be made aware of in regards to safety?
fire exits fire evacuation points fire meeting point break room toilets where keys are stored where they can store belongings car park plan and where to park their own car
what insurance does erac have?
only 3rd party cover on all vehicles
aig provides the insurance on erac vehicles
sedgewick handles all 3rd party claims
excess 5 million
why are callbackk important from a risk perspective
controls the rental constant communication understand needs plan for upcoming maintenance always make sure balance is up to date
what is the renter caution program?
dnr list
abusive behaviour, previous violations, outstanding balance, breached contract
make sure customer is aware of why they cannot rent, all details placed on the list so we can communicate effectively
what are the basic needs for renter verification
name
dob
address
why is fnol important
not calling same day of accident breaches the contract
average cost if fnol not called is 14000
currently average of fnol called is below 70
whats the underwriting required for 17-21 year olds
transfer own insurance policy - need a cover note usually only roi need to know number plate need signatures rms approval 17 y/o a-b only 18+ up to a c 17 - parent must sign and be main driver
what is a conversion?
customer no longer has permission from ERAC to have the vehicle but is using it anyway
erac has lost control of vehicle
full value of vehicle hits the branch in one month
unless theft by deceit
what are the signs of a conversion
not answering phone, loss of communication
customer refuses to bring car back
employer doesnt know them
what do we do when theres been a conversion?
do a drive by look at previous rentals by customer notify bruce send a letter write an ax for conversion phone police as last option - devalues the car
what is the damage documentation process
first check ldr for previous claims for duplicates
photos of damage, clear photo, e tool, reg in context of surroundings
fill in necesary questions regarding passengers, police report
describe damage using measurements and where on the vehicle, where the vehicle is
description of what happen/facts of loss - how when where who and why if we cant include then why not
what coverage the customer has and what excess if applicable
what are collision comps?
any damage that occurs whilst the erac vehicle is in a revenue generating state
goes onto the 12 month roll - spread across 12 months
includes subrogatable bad debt (money we should have been able to collect from COI, ROI etc due to poor underwriting, no policy number, photos not clear enough etc)
includes other losses - amount above the customers excess that was collected to repair the ERAC vehicle
anything on rent hits over 12 months
