How FMG uses data to better understand and manage risk.
As a mutual insurer the on-going availability of affordable insurance is the single most important issue to FMG’s clients and employees.
While a traditional insurer has three levers—product, pricing, and underwriting—that it can use to manage its insurance profitability, at FMG we also use a fourth: advice. Our specialist advice helps you better understand and manage your risks, ultimately leading to less disruption to your lives and livelihoods; and supports a better deal for rural New Zealand.
For nearly two decades FMG has been analysing our claims data to understand the disruptions faced by our clients. As New Zealand’s largest rural insurer, and with over 107,000 clients, we have access to thousands of records each year. These support our understanding of the common loss causes, geographic or seasonal patterns, similarities between clients, and other patterns that help generate valuable insights for our clients. Alongside in-house and industry experts, we seek to understand what’s causing the loss to occur and what could be done to prevent these disruptions and claims in the future.
We know each region is different, which is why we released regional advice guides; helping you better understand the risks you're more likely to face, and what you can do to prevent them. Across 13 regions we’ve identified nine areas where you can prevent disruption and the need to claim.
When you look at these insights at a regional level, different patterns emerge and it’s easier to see how the disruption could happen to you.
For example, in Manawatū-Whanganui over 60% of tractor accident claims involve damage to the underside of the tractor, in Southland it’s only 20%. The advice remains the same—check the ground before you do the rounds. Tree stumps, waratahs or uneven ground can really cause significant damage to your tractor. Unfortunately, it happens more often than you think. With the current supply chain issues, losing a tractor or implement can take months to fix or replace—delaying your whole season.
In Northland, Auckland, Waikato, and Otago, at least one in four house claims are due to water damage so it pays to check the pipes each year and keep an eye out for flaking paint, or stains on the walls or ceilings. For Bay of Plenty, Taranaki, the top of the South Island, Canterbury, and West Coast, at least 15% of house fire claims involved fat or oil from the kitchen. This is why it’s so important to keep an eye on your cooking at all times. And finally, around a third of contents claims in the Wellington and East Coast regions occur during summer, so make sure you lock it away before you head away.
If you’d like to learn more about common claims having an impact in your region, head to our Regional Advice information, give us a call on 0800 366 466, contact your local FMG Representative, or email [email protected]