5 Different ways to Strategical reduce workforce Insurance premiums

5 Different ways to Strategical reduce workforce Insurance premiums

26 March 2022
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Written by:
Sarah Johansson
Market Unit Lead with focus on the European logistics market

Sarah is a partner in Nortb Stockholm's office. She is an expert in Logistics. Sarah primarily advises clients in the Logistics industry, focusing on growth strategy and performance improvement for both logistics and supply chain clients.

Leaders are adopting new measures to reduce their liabilities and increase margins. Insurance premiums in the logistics market take a fundamental role in each company and enterprise budget due to the voluptuous size that they can assume. Reducing insurance premiums by strategically placing routines and automation infrastructures within the company is part of the focused work we produce at nortb and we would like to share a bit with you.

5 different strategic actions to reduce premiums.

1. Conduct workforce regular check-ups and workforce. A study from April 2021 proved that 40% of the accidents in ports or related with maritim freight and cargo transport happens due to poor health conditions from the workforce. Conducting regular mandatory check-ups allows HR and the enterprise to identify and forecast possible decease cases that can affect the permormance of workforce and lead to a work-related accident and as such increase the insurance premiums.

2. Antidrug / alcohol test regularly. Due to poor level of education and social backgrounds, a study by McKinsey during July 2020 revealed that 63% from the workforce deal with problems related to high volumes of alcohol intake as well addition to narcotics. Regularly testing allows the employee to activate work-related insurances.

3. Use sleeper monitoring watches to drivers Apple watch and samsung watch among others are more than just gadgets sold around. Leverage the 21st century technological advantage to monitor drivers sleepeness and hearth rate, transmitting it in real time to the cloud and alerting a central over possible accidents.

4.Wireless scan of containers Scanning containers can be done through RFID tags, IoT and Cloud. Avoid your workforce to have risks while scanning piled containers. Technologically speaking, it is possible to RFID tags installed in containers to communicate wirelessly with a central device (phone or tablet) that can transmit the data to the cloud and verify the interior of containers.

5. Optimise employee shifts and labour hours Installations like SAP allow to optimise HR and shifts assignment to employees. Prevent overtime from employees in order to diminish fatigue. Comply with a rule of 40-60 hours weekly and allow the cloud system to have control so no employee works until exhaustion.

Smaller changes can make the difference. At nortb our consultants focus on strategy to help different markets and sectors. If you want to make a difference please contact us at sales@nortb.com

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