Ventiv Resource Library
Issue link: https://ventiv.uberflip.com/i/711165
Company Snapshot 1: Tesco A leading UK retailer, Tesco,'knew that by serving millions of PLC customers every week and employing over 300,000 staff members, the potential for accidents was ever present.' Tesco were looking at ways to effectively harness their data in order to uncover the causes of accidents in their stores and to pinpoint really specific things they could adjust. Trialled new produce packaging Advised third-party suppliers to adjust their policies REDUCED claim re-open rates and lifecycle 1 Revised maintenance schedules on refrigeration equipment 2 Encouraged managers to develop good rapport with claims handlers 3 Increased availability of grit to better align with weather changes 3 Implemented a new accident reporting system 2 05 Key takeaways Overhauling their systems allowed Tesco to generate and store richer data. This enabled them to: • Gain a deep understanding of patterns that had emerged • Set more realistic benchmarks • Anticipate and solve problems • Reduce the average cost of personal injury claims These changes have resulted in a significant reduction of accidents, which has also enhanced staff and customer experience and resulted in a reduced indemnity spend. Data insights also spurred Tesco to implement a new accident-reporting system, which has drastically reduced the claims lifecycle by speeding up the transfer of information to the handlers. "The insights we now have drive everything we do. We've trialled various types of packaging to reduce injuries in our produce section. We've revised our refrigeration maintenance schedules and increased grit availability so that they align with seasonal weather changes. These targeted actions have resulted in significant gains in reducing the occurrence of accidents." Neil Almond Systems and Data Manager in the Insurable Risk Team, Tesco PLC REDUCED number of customer accidents 1 Gaining Control Over Claims Data 05