“SeaChange have a number of sustainable safety services and solutions that have proven to reduce risk in key claim areas through proactively ensuring and monitoring safer behaviours and practices within business operations through their interactive approach”.
Arachas Corporate Brokers
An Innovative Risk Management Insurance Facility through SeaChange Solutions adds significant value to the Irish Retail Sector
Client Profile
Arachas Corporate Brokers is Ireland’s leading independently owned insurance brokerage and it operates from offices in Dublin, Cork and Waterford.
The Challenge
Arachas pride themselves on supporting their business clients by listening with an honest and personal approach. Through this process, they observed that some of their clients were unhappy with rising insurance rates as a consequence of a hard insurance market cycle with minimal available underwriters and high claim rates.
Arachas wanted to help their clients manage the risk they can control and mitigate exposure to expensive liability claims so that both the client and the insurance underwriter can benefit over time. Given that 85% of all workplace accidents are behaviour-based, Arachas knew that any solution that simply ticked the safety compliance box was not going to help reduce incidents and consequential claims.
As a proactive insurance broker, Arachas wanted to take a proactive approach – they chose to work with SeaChange to develop an insurance facility that focused on improving safety culture and safety behaviour so that accidents and claims could be mitigated, and all boats could rise as a result.
The Solution
In collaboration with SeaChange, Arachas developed an innovative insurance facility, grounded in behaviour-based safety management through the adoption of SeaChange solutions. This facility was designed to benefit proactive Irish retailers who were happy to invest in effective safety management. The facility was also designed to benefit their insurance underwriter partners who could see improved risk ratios as a result.
Given that slip, trip and fall was the leading cause of public liability claims, SeaChange agreed to provide their Slip, Trip and Fall Prevention System to proactive retailers who wished to participate in this novel facility. The innovative SeaChange Slip Trip and Fall Prevention System works on a user-friendly application that enables staff to schedule customised CAYGO© check intervals to mitigate the risk of slip, trip and fall across the business on a routine basis.
The system uses automated scheduling to maintain consistency throughout the day while ensuring that no scheduled CAYGO checks are missed. All staff are engaged in the process, which only takes 30 seconds per CAYGO check, and NFC tagging qualifies location, ensuring that the Staff Checker was physically present.
One of the key benefits of the SeaChange Slip Trip and Fall Prevention System is that it generates automated performance reports for the client-user on a daily, weekly, monthly and annual basis. This made it easy to see via digital dashboards if the participating member was implementing the system to manage slip, trip and fall hazards on a routine basis.
A large number of proactive retailers participated in this pioneering facility which was grounded in behaviour-based risk management practices to reduce accidents and claims over time. The goal was to ensure all stakeholders benefited by limiting the exposure to the key risks that lead to liability claims in the retail sector.
The Result
Based on an impact analysis, all boats did rise through this novel insurance facility, especially for the proactive retailers that performed well on a routine basis.
Participating retailers that proactively managed risk through the SeaChange Slip Trip and Fall Prevention System were rewarded by being quoted reduced insurance premiums.
The frequency and cost of liability claims were significantly reduced, which greatly benefited participating insurance underwriters.
Finally, Arachas provided this risk management-based facility to a large number of proactive retailers, thus growing their business as a consequence of listening to their clients.
The SeaChange solution, which was the key differentiator in this novel retail-focused insurance facility, resulted in the following market-leading results:
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23% reduction in reported accidents
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33% reduction in claim frequency
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50% reduction in claim costs
More importantly, this unique approach added value to a market that felt upset by the lack of support and understanding from their insurance partners in a challenging insurance market.
SeaChange added significant value to participating members who effectively separated themselves from the herd through adopting the proactive SeaChange approach to risk management. SeaChange also greatly supported Arachas in differentiating themselves within the market as an insurance broker who was able to offer a solution that worked, in increasing business development growth, and in maintaining client retention.
Billy Redmond | Group Development Director, Arachas Corporate Brokers
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